US had no income tax and no Federal Reserve in 1912 and managed to generate a $3 million surplus

by James Quinn 

And they still manage to run $600 billion deficits while extracting over $3 trillion in taxes from the American people. How is it that this country had no income tax and no Federal Reserve in 1912 and managed to generate a $3 million surplus? Within a few years of implementing the income tax and creating the Federal Reserve the country was running $9 billion to $13 billion deficits to fund World War I. It’s pretty clear that wars and depressions are good for debt peddlers and the beneficiaries of debt. See for yourself.

https://www.gpo.gov/fdsys/browse/collection.action?collectionCode=BUDGET&browsePath=Fiscal+Year+2016&searchPath=Fiscal+Year+2016&leafLevelBrowse=false&isCollapsed=false&isOpen=true&packageid=BUDGET-2016-TAB&ycord=822

101-years-of-the-income-tax

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