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$1K Tax Deduction for Coins and US notes
DavidMerrill
Posts: 18
About five years ago I discovered an Article from the Freedom League (1984) that describes a $1000 tax deduction possible for the use of "lawful money". The Article describes the lawful money found at Title 12 USC §411 to be US coins and US notes.
"Today, we have two competing monetary systems. The Federal Reserve System with its private credit and currency, and the public money system consisting of legal tender United States notes and coins. One could use the public money system, paying all bills with coins and United States notes (if the notes can be obtained), or one could voluntarily use the private credit system and thereby incur the obligation to make a return of income...
"A taxpayer is allowed to claim a $1000 personal deduction when filing his return. The average taxpayer in the course of a year uses United States coins in vending machines, parking meters, small change, etc., and this public money must be deducted when computing the charge for using private credit."
This makes perfect sense when you look at any generally circulating coins and see there is no designation tying the coins to Federal Reserve notes issued by the Federal Reserve System.
I am curious with this being a coin collector's forum if anybody here has more direct experience with getting this deduction?
Regards,
David Merrill.
"Today, we have two competing monetary systems. The Federal Reserve System with its private credit and currency, and the public money system consisting of legal tender United States notes and coins. One could use the public money system, paying all bills with coins and United States notes (if the notes can be obtained), or one could voluntarily use the private credit system and thereby incur the obligation to make a return of income...
"A taxpayer is allowed to claim a $1000 personal deduction when filing his return. The average taxpayer in the course of a year uses United States coins in vending machines, parking meters, small change, etc., and this public money must be deducted when computing the charge for using private credit."
This makes perfect sense when you look at any generally circulating coins and see there is no designation tying the coins to Federal Reserve notes issued by the Federal Reserve System.
I am curious with this being a coin collector's forum if anybody here has more direct experience with getting this deduction?
Regards,
David Merrill.
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Comments
<< <i>I think we thoroughly blew holes in this option in another thread yesterday or the day before. >>
We did, but I think it must have gotten poofed. I'm guessing the OP won't stop until he gets the boot too.
-Paul
P.S. I doubt that never having heard of a tax deduction means that we have "blown holes" in it. It really makes sense when like Congress, you make a distinction between Federal Reserve notes and lawful money:
"They shall be redeemed in lawful money on demand..."
David, as a collector I've never heard of that tax deduction for coins until that Freedom League article, so most here probably don't have a handle on this. And I've yet to see any official mention of it. Why should they? People would begin to think and ask questions ... "why are they allowing a deduction for coins?" "What's so different about coins?" "Do you suppose the Income Tax is really an excise on use of Federal Reserve money?"
Heaven forbid! That would mean we've been lied to our whole lives.
It's a difficult thing for most people to realize and admit things aren't as they appear, aren't what you've been led to believe by influential people. If pressed, all these people, attorneys, CPAs, & judges will admit that Social Security, W4s, and Tax IDs are all optional. But respond with something like "You just gotta have 'em. It's just the way it's done, son."
<< <i>Wow, did the DrRevBlimer really just blow-up the other thread? What's up with that, are we really that scared of the international bankers' IRS ... or is it just that the moderator is a mason?
David, as a collector I've never heard of that tax deduction for coins until that Freedom League article, so most here probably don't have a handle on this. And I've yet to see any official mention of it. Why should they? People would begin to think and ask questions ... "why are they allowing a deduction for coins?" "What's so different about coins?" "Do you suppose the Income Tax is really an excise on use of Federal Reserve money?"
Heaven forbid! That would mean we've been lied to our whole lives.
It's a difficult thing for most people to realize and admit things aren't as they appear, aren't what you've been led to believe by influential people. If pressed, all these people, attorneys, CPAs, & judges will admit that Social Security, W4s, and Tax IDs are all optional. But respond with something like "You just gotta have 'em. It's just the way it's done, son." >>
I love viewing this topic from various mental models. Your post brings this one to mind, that is all. I don't mean to distract from your gist but I always consider there is an order to things and a rule of law. It is all there - either you are in contract with the Fed or like me, you are not. Making your Demand for lawful money is the prescribed method of making it clear that you do not endorse the Fed.
This fascinating case links to dozens of other cases explaining how the Fed is not an agency of the US government at all. In fact, the only thing that makes it an instrumentality is that Congress condones that its private corporation stock certificates (Federal Reserve notes) can depreciate over time (inflation) by design! This is the basis of the whole criminal syndicalism you speak of; and the reason for §16 of the Fed Act providing a remedy from the whole syndicate. Read on for yourselves. Especially if you have a Lexis Nexus subscription, grab us the linked cases too.
I would descrie further actions here as fishing for suitors.
My Rec: These postings won't stop until there is a perm. bamming on 2 members who are more concerned about tax deductions than coins.
<< <i> or is it just that the moderator is a mason? >>
There is no secret pro-tax society inside the Masons.
and your slur only brings the two of you down, too.
Always expect the unexpected to happen, as it will anyway no matter what you do
<< <i>There is no secret pro-tax society inside the Masons. >>
And you know this ... how?
MsMorrisine, are you looking for $1 presidential coin boxes? While cleaning I found a sealed box of 2008 John Quincy Adams dollars (Y01) that I'd part with. This one: John Quincy Adams 250 box
<< <i>there are laws on the books that aren't used this is one of those laws as simple as that >>
It is a law that would be used by the taxpayer while filling out the 1040 Form, agreed. Thank you. Can you tell me where in the volumes of Title 26 it can be found?
<< <i>
<< <i>there are laws on the books that aren't used this is one of those laws as simple as that >>
It is a law that would be used by the taxpayer while filling out the 1040 Form, agreed. Thank you. Can you tell me where in the volumes of Title 26 it can be found? >>
"I would descrie further actions here as fishing for suitors.
My Rec: These postings won't stop until there is a perm. bamming on 2 members who are more concerned about tax deductions than coins."
Pretty flimsy dude! It is so much easier to take referrals from family and friends. What? - with full refunds of withholdings happening I am more worried that your protectionism of the Fed and Income Taxation will swamp me rather than me being fishing for you infantile and insulting children to become suitors. Do you even try to imagine how you come off to the readers around here?