by Michael Snyder, The Economic Collapse Blog:
Most Americans don’t know that for much of U.S. history there was no federal income tax and there was no central bank. But now everyone assumes that we must have a federal income tax and a central bank in order to have a functioning society. Today, there are just a handful of nations that do not have an income tax, and more than 99 percent of the entire population of the globe lives in a country that has a central bank. Of course the two work hand in hand. A central bank creates a spiral of borrowing that is meant to be unbreakable, and an income tax is necessary to service payments on that debt spiral. It is not a coincidence that a federal income tax and the Federal Reserve were both established in 1913. Since that time, we have piled up the biggest mountain of debt in the history of the world, and that is precisely the outcome that the system was designed to produce.
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So what is the solution to this colossal mess?
The answer to 1913 is 2025.
This year, we are seeing things get proposed in Washington D.C. that once would have been unthinkable.
For example, Commerce Secretary Howard Lutnick just told Fox News that President Trump wants to “abolish the Internal Revenue Service”…
More details have emerged from the Trump administration about alleged plans to get rid of the Internal Revenue Service (IRS) and utilize tariffs so the “whole economy explodes.”
“His goal is to abolish the Internal Revenue Service and let all the outsiders pay,” Commerce Secretary Howard Lutnick said Wednesday on “Jesse Watters Primetime.”
“As the president said, reciprocal tariffs, either you bring yours down or we’re going to bring ours up. If we go to their level, it will earn us $700 billion a year to be equal to everybody else,” he expanded Thursday on “America’s Newsroom.”
And it appears that the Trump administration is already taking concrete steps toward that goal.
In fact, it is being reported that “approximately 7,000 probationary workers” at the IRS are about to be hitting the bricks…
The Internal Revenue Service (IRS) is planning to slash approximately 7,000 probationary workers in Washington, D.C., and across the U.S. starting Thursday, according to reports.
The layoffs will affect probationary workers who have been employed for one year or less and have not been able to secure full civil service protection, The Associated Press reported, citing a person familiar with the plans.
Wow.
Meanwhile, the Federal Reserve is also being targeted by the new administration.
In fact, Elon Musk has suggested that the Federal Reserve could soon get visited by the Department of Government Efficiency…
Musk wrote on X in response to a user’s post about the billionaire’s support for an audit of the Fed that the central bank isn’t above scrutiny from DOGE.
“All aspects of the government must be fully transparent and accountable to the people. No exceptions, including, if not especially, the Federal Reserve,” Musk wrote.
Musk is a longtime critic of the central bank and has called out its decisions on monetary policy as well as claiming the Fed’s workforce is bloated.
This is wonderful news.
Because what we have been doing for decades is clearly not working.
The Federal Reserve system is designed to create debt, and the income tax is designed to service that debt.
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