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Originally Posted by REDCLOUD
Commissioner v. Glenshaw Glass Co., the Supreme Court laid out what has become the modern understanding of what constitutes 'income' to which the Sixteenth Amendment applies, declaring that income taxes could be levied on "accessions to wealth, clearly realized, and over which the taxpayers have complete dominion." Under this definition, any increase in wealth—whether through wages, benefits, bonuses, sale of stock or other property at a profit, bets won, lucky finds, awards of punitive damages in a lawsuit, qui tam actions—are all within the definition of income, unless Congress makes a specific exemption (as it has for things like gifts, bequests, and certain scholarships).
{Under This definition "income" includes checks endorsed with DEPOSITED FOR CREDIT ON ACCOUNT OR EXCHANGED FOR NON-NEGOTIABLE FEDERAL RESERVE NOTES OF FACE VALUE. It also includes Federal Reserve Notes, US Notes, seashells, bushells of wheat, baseball trading cards, and gold pulled from the earth. }
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Agreed. It is still the event of applying for (endorsement) and accepting private credit with the Federal Reserve that creates the taxable event/taxable income.
The scenario you describe eliminates the right to execute financial affairs with public money. One has to be involved with private credit to create the irrecusable obligation to file a Return for instance.
http://www.brillig.com/debt_clock/
Understand? The Congress cannot pay off the national debt but as long as the Congress will pay some of the debt (interest) and continue raising the debt ceiling, they stave off default. The same is allowed private credit to individuals. The Federal Reserve again just emulates a loan by honoring the paycheck in FRNs drawn against the bonding on the birth certificate of the taxpayer. Then the Fed makes the taxpayer pay back part of the FRNs loaned private credit. I am tired of posting the links. If the Reader is reading here, then look a couple posts above.
Regards,
David Merrill.