Taxation Breach of Contract
Do you believe the current wage deductions are fair and just?
Breach of Contract
Remember when you received your first paycheck? I do. I was 15 at the time and had been told I would have wages at $5.00 an hour. When I received my check, I was mortified; you too? For as long as I can remember I have received a check with a gross amount of what I thought I had contracted to earn, and a net far below that amount. Of course, I complained about these deductions probably like you. This is essentially what I was told:
FED - Federal taxes on the money we earn. This amount is collected in advance as part of our Federal Income Taxes. If they collect too much, they will return the rest next year, or if we pay too little, they will collect the rest once we file our tax form next year. There is nothing that a person can do to fight Federal Government taxes.
Side note here: The Commissioner of the Internal Revenue Position was created under President Lincoln who appointed the first commissioner. Revenue Act of 1862 copied the 1861 British Income Tax. Enacted as an emergency and temporary war-time tax.to pay off Civil War expense, the Internal Revenue Service began taxation of wages in 1862. The Supreme Court ruled Income Tax Unconstitutional and Income Tax was repealed 10 years later in 1872. Congress reenacted Income Tax in 1913 with the Sixteenth Amendment to the constitution. This granted Congress the specific power to create a direct income tax, and they continue to this day. Are we getting what we are paying for or is there an implied Breach of Contract?
STATE - State taxes the money we earn. This amount is much like the Federal funds we already discussed. If they collect too much, they will return the rest next year, or if we pay too little, they will collect the rest once we file our tax form next year. There is nothing that a person can do to fight State Government taxes. These taxes I was told are collected to pay the officials who run the State Government and help fund the programs they create to help the people in the State. Are we getting what we are paying for or is there an implied Breach of Contract?
FDIC - Federal Deposit Insurance Corporation was created in 1933 and started in 1934 to promotes public confidence in the U.S. financial system. Why did we wage earners pay this fee? Because in 1933 there were large numbers of bank failures that caused individuals with deposits to loose all their money, remember the first Depression? I was informed again that this tax was enacted to protect wage earners money they imposed an insurance fee that is not debatable since you cannot fight the US Treasury Department. The wage earner is paying for insurance to cover their deposited funds; the standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. So the wage earner is paying insurance to the government with each paycheck to keep our money safe in when we put it in the bank. Are we getting what we are paying for or is there an implied Breach of Contract?
Side note here: Breach of Insurance Contract proposed: There is currently a bill in congress HR4646 known as "Debt Free America" that has not been passed for the last 3 years. The idea is for the US Government to impose a 1% tax on every transaction done in financial institutions. This would affect all banks, credit unions, savings and loans, etc. If passed by the Congress and signed into law this would mean that any deposit made, every transfer within your account, or a withdrawal of funds, will be charged a 1% tax. You deposit $1000.00 net you earned after taxes, you pay $10.00 the 1% fee to deposit your money. remember the reason for the development of the FDIC?
What happened to the reason for FDIC, "to promotes public confidence in the U.S. financial system?" Haven't I paid FDIC enough money over the decades to protect my money against this type of double, triple, quadruple taxation?
FICA - Federal Insurance Contributions Act started Social Security's Old Age, Survivors, and Disability Insurance (OASDI) program and Medicare's Hospital Insurance (HI) program are financed primarily by employment taxes. A U.S. law requires employers to take a deduction from workers paychecks to go toward the Social Security program and Medicare. Interestingly, both employees and employers equally share the FICA payment based on your wages. This is another non-debatable charge taken away from your wages. Are we getting what we are paying for or is there an implied Breach of Contract?
Side note here: Breach of Insurance Contract proposed: Currently and for the last 3 years, there is a Congressional movement to deny or alter this system. The threat of losing all the money we have deposited to the Treasury for decades should be covered with the backing of the US government. What happened to the reason for promoting confidence in the U.S. financial system and allegedly providing old age insurance?"
Breach of contract is a legal cause of action in which a binding agreement or bargained for exchange is not honored by one or more of the parties to the contract.
We all paid into the system. We all paid for Insurance to ensure our money was kept safe. Now they want to charge us on our already taxed money? We still continue to pay taxes on wages earned. A Breach of Promise?
We paid expecting to get a retirement and now are being told the government loaned out our money and there might not be enough left for us when we retire, the money they held in trust is not secure. What is our return? Where are our protections? Where is our money and the interest on our funds? A Breach of Promise?
We paid in to Insurance funds to keep our money safe entrusted the government. I have been providing funds for my retirement without consent for decades, as have most people. The fact that the US Treasury have been poor managers of the money they had entrusted to them does not negate the fact that they have taken deposits for decades with the contracted agreement that the wage earner was to receive a pension for their old age.
What happened to the reasons for the mandatory Insurance Programs? Isn't this a National Breach of Contract?
- Read The Bill: H.R. 4646 [111th] - GovTrack.us
Text of U.S. federal legislation on GovTrack.us
- Financial Management Service: A Bureau of the U.S. Department of the Treasury
- FICA & SECA Tax Rates
- » Tax Reform - Big Government