The Phaserl


We Have a Moral Obligation to Starve the Beast

from Sovereign Man:

On August 5, 1861, facing rapidly deteriorating economic conditions and a horrible defeat at Bull Run, President Abraham Lincoln signed the Revenue Act of 1861 into law.

It was the first time in US history that the federal government would charge an income tax on its citizens. But Lincoln felt that it was vital to fund what would become one of the most unconscionably costly conflicts in US history.

The original law in 1861 set a flat tax rate of 3% on incomes above $800. (Using the gold price as a benchmark, this is equivalent to 42.26 ounces, or roughly $50,500 in today’s dollars. Not that there’s any inflation.

The income tax was tweaked occasionally throughout the war, and it lasted for a few years afterwards to help fund reconstruction.

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1 comment to We Have a Moral Obligation to Starve the Beast

  • rich

    Ben Bernanke Will Work With Citadel, a Hedge Fund, as an Adviser
    BERNANKE, CITADEL’S NEW ADVISER In the latest and most prominent move by a Washington insider through the revolving door into the financial industry, the former Federal Reserve chairman Ben S. Bernanke will become a senior adviser to the Citadel Investment Group, the $25 billion hedge fund founded by the billionaire Kenneth C. Griffin, Andrew Ross Sorkin and Alexandra Stevenson report.
    Mr. Bernanke “will offer his analysis of global economic and financial issues to Citadel’s investment committees. He will also meet with Citadel’s investors around the globe,” they write.
    Mr. Bernanke said he was cognizant of the public’s concerns of undue influence of Wall Street on government and chose to join Citadel, in part, because it “is not regulated by the Federal Reserve and I won’t be doing lobbying of any sort,” he said in an interview. He said he declined offers by other banks that were under the purview of the Fed. “I wanted to avoid the appearance of a conflict of interest,”he said.
    Without getting into specifics, Mr. Bernanke said he would receive an annual fee but would not own a stake in the firm or receive a bonus based on its performance. He said his arrangement with Citadel allowed him to take on other consulting roles.
    Other top government officials have gone on to Wall Street and investment firms. Mr. Bernanke’s predecessor, Alan Greenspan, was recruited as a consultant for Deutsche Bank, the bond investment firm Pacific Investment Management Company and the hedge fund Paulson & Company. And last month, Jeremy C. Stein, a former Fed governor, agreed to join the $20 billion hedge fund BlueMountain Capital Management, where he will advise managers on issues like financial regulation.

    is he serious?…Citadel?avoid conflict of interest?

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