Grace Commission Quote - Liberty Quotes Blog

"100% of what is collected is absorbed
solely by interest on the Federal Debt ...
all individual income tax revenues are gone
before one nickel is spent on the services
taxpayers expect from government."

by:	Grace Commission
Source:	report submitted to President Ronald Reagan on January 15, 1984
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Categories:	Banking, Debt, Deception, Economics, Taxation
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Reader comments about this quote:

An unpayable debt forever and ever. This is economic slavery. -- E Archer, NYC 1
Give them just a little more rope, and the debt will disappear. -- David L. Rosenthal, Hollywood
Being that no individuals, or group of individuals in government have ever been able to have the IRS audited; the figues are tenuous at best, but by numerous reports state that the IRS absorbs the vast majority of all funds collected. It is the paltry remain that goes to pay the interest on the Federal Debt. -- Mike, Norwalk
What's to rate? This was during Reagan's reign. To review: Reagan's Social Security reform commission's plan increased government revenues by raising social security payroll taxes, a tax increase that left the poorest 40% of income earners with higher federal taxes than before Reagan's income tax cuts. To cover the budget deficit which was exacerbated by Reagan's military buildup, the administration borrowed heavily both domestically and abroad, and by the end of Reagan's second term the national debt held by the public rose from 26% of GDP (1980), to 41% in 1989, the highest level since 1963. By 1988, the debt totaled $2.6 trillion. The country owed more to foreigners than it was owed, and the United States moved from being the world's largest international creditor to the world's largest debtor nation. - source: Wikipedia. -- Terry Berg, Occidental, CA
Wikipedia, huh? -- Anonymous
Yes, you're familiar with it I presume. LMFAO - "The tax cuts did not produce the additional tax revenues based on increased productivity that Reagan had promised. The nation's private wealth grew by only 8 percent in the last six years of the Reagan administration. During the Reagan years, the gap widened between the rich and the poor. According to a 1989 survey by the Census Bureau, the wealthiest 40 percent of Americans had their largest share of national income (67.8 percent) and the poorest 40 percent had their lowest share (15.4 percent) in the more than five decades that these statistics had been compiled. Partly because of Reagan's massive defense buildup, the national debt tripled to $2.684 trillion. The trade deficit quadrupled during the Reagan years. He never came close to delivering on his promise to balance the federal budget." - http://www.suntimes.com/special_sections/reagan/special/CST-NWS-rrecon.html -- Terry Berg, Occidental, CA
-- david, miami
Now let's get this information into the thick skulls of those who profess to be aware but aren't. -- Terence Alan Wade, medford lakes
Terry the increase in spending was on domestic giveaway programs. The military was only increased about 90 billion while domestic was increased over 400 billion. The taxes created by the tax cuts more than paid for the necessary military increase but did not come close to paying for the domestic increase. If you find different then your source is full of it. -- warren, olathe
I heard the same Mike. Read that with out the IRS and its expenditures that the budget could be balanced with less than a 20% reduction in expenditures. Of course does not take into consideration of the incredible increase in the economy which probably would more than make up for the missing revenue in other taxes paid. Of course the improved economy would also reduce the amount of dependence on government which would also reduce government expenditures. Of course this is understood by the left and would make it an absolutely inconsiderable option for them. -- warren, olthe
The statement speaks for itself. Its an immoral criminal scam designed to enslave and control. So much for "Liberty and Justice for all" eh? -- J Carlton, Calgary
The IRS does not cost it PAYS! The 2006 IRS budget was $10,679,261,000. The US Federal Budget was approaching $3 trillion. That is a ratio of 10/3000. Boost and support the operations of the IRS and cut spending elsewhere and we will solve our borrow and debt problems. Again guys like Carlton, Mike (misinformation Mike that is) and Archer will follow men who kick and beat up on the hated IRS just like their ilk followed Hitler for kicking and beating up on the hated Jews. Somethings never change. Terry again great stuff. Reagan financed his tax cuts for the rich by increasing social security taxes on the rest of us. Now we have to not only pay the Chineese and Russians but also the Social Security System. It is great to find someone on here with facts for a change. -- Waffler, Smith
Waffler, Where do you get these numbers? And why in hell would anyone believe them? Especially if they are produced by the IRS crime syndicate? -- J Carlton, Calgary
Go to IRS.gov and where it says search, type IRS Budget. The exaxt figure I stated was for 2006. The 3 trillion is like the last several budgets of W. Anyway you cut it the American people do a respectable job at paying the taxes under the law as written. If you take away enforcement, it would be like taking away plumbers. The result in your house is that eventually the water would stop running, get it, eventually the funding of the governemnt would dry up. Now lets get real, pay off our debt, and then cut taxes. -- Waffler, Smith 2
So we are to take the IRS (criminals) at face value? I don't think so. And the debt will "never" be paid off...that's the problem. Its a forever debt...by design. -- J Carlton, Calgary 2
Waffler, if we are to believe the IRS is treated the same way as the jews where are the cattle cars filled with IRS workers? Is this holocaust yet to happen? I suppose if what the posters on here say is taken in your context there ought to be a law against antisemi....I mean anti IRS speech and behavior. Your comparison is feeble though I suppose your masters give you a pat on the back for trying anyway. -- Anon 2
Waffler, what does income tax have to do with the U.S. Federal budget except it pays some of its interest. Going back to a tangible based monetary system with intrinsic value and Constitutional limits on spending would solve most of your concerns. -- Mike, Norwalk 2
Waffler, as a Jewish man who lost many family members to the Nazi death camps, I must say I find your comparison bewildering and utterly unfounded. The IRS is a criminal government organization charged with knowingly misapplying the written law to bilk the American people out of trillions of dollars they do not owe. It is the fascistic war-dog of a tyrannical, monolithic, collectivist state which has, through crime and subversion, burst it's constitutional chains to prey on the people who created it - this is the entity which can and should be aptly identified with the Nazis; It is the American People who may be likened to the holocaust's victims, countless and diverse. -- HumanLiberty, Stamford 3
The next logical questions are, From whom does the Government borrow the money? And where does the lender get that money? Answer: The (so called) Federal Reserve lends the money out of thin air. And we pay interest on that? Criminal Enterprise at its finest... -- J Carlton, Calgary 2
This quote is just a relevant today as it was in 1984. Now this nation is much further along in unsustainable debt for which every American is victimized for being the collateral for all of the U.S. Debt! -- Mary - MI 2
-- jim k, Austin
As to my above statement, the IRS has been audited but not thoroughly. Mostly, just general guesses. I have spoken to an accountant at a major IRS center and he mentioned that what went on there would almost be impossible to audit. -- Mike, Norwalk 1
-- Ronw13, Yachats OR
The "National Debt" is the MONEY SUPPLY. AKA Monetized Debt... -- Money Changer, Lucifer NY
With the exception of trade deficits (with other nations) which ultimately must be settled with real tangible goods such as Oil, or Wheat, Or Gold Bars. -- Money Changer, Lucifer NY
Waffler, by your figures, the IRS operation's cost was over $10B (which is of course a greatly understated lie by patrons of the occupying statist theocracy infesting this land) AND, they paid nothing. We The People, being enslaved under the 2nd plank of the communist manifesto were forced to divide their expression of involuntary servitude. Where did the IRS get the near $3 trillion to pay the U.S. Treasury? (I say hmmm, Waffler's word salad is a pile of misdirection and misinformation.) Waffler, what a sick and twisted misinformation — The IRS has / had no relation ever to your hated Jews. Guys like Carlton, Archer and myself kick against the rank enslavement, theft and mayhem of socialist demons like Hitler and the IRS. -- Mike, Norwalk
-- jim k, Austin

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