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What was the greatest trick ever? Was it the devil who convinced the world that it did not exist, as Charles Baudelaire said and Keyser Söze repeated? Or perhaps it was the Soviet Socialists and their cronies who persuaded the world that the National Socialists were right-wing? Maybe it was one of those. But in America for several decades, it’s surely the Democrats who are fooling people into believing they are on the little guy’s side.
President Joe Biden touts his proposal for an additional $ 5.5 trillion in social spending, saying it is “an ambitious plan to create jobs, cut taxes and cut costs for working families – the It all paid off by making the tax code fairer and by making businesses richer and bigger. pay their fair share.
The White House website masquerades as Robin Hood taking from the rich to give from the poor. The claim is so laughable that there should also be a photo of Joe shrunk in a forest green doublet and a pipe just to clarify the joke.
The idea that Biden’s policies are helping ordinary people by digging deeper into the pockets of the rich is bullshit. Like Phil Gramm, former Chairman of the Senate Banking Committee, and Mike Solon
wrote
in the the Wall Street newspaper recently Democrats want the richest to once again be able to deduct the exorbitant taxes levied by the debauched governments they elect in the Blue States and pass them on to other federal taxpayers and public debt. If Biden had really planned to prevent wealthier taxpayers from using sophisticated accounting to avoid debt, he would have proposed reinstating the alternative minimum tax rather than lifting the cap on state and local tax deductions.
Not that I’m a fan of AMT; I am not, in part because wealthy Americans already contribute a greater share of tax revenue than their counterparts in any other country. The problem with our tax code is not that the rates are too low, but they are too high and discourage wealth creation and job growth. It is infuriating to see a blatantly bogus advertisement from Biden and his colleagues as they attempt to trick voters into believing they are watching out for the poor and downtrodden.
The tireless and tireless claim that the President’s plan would raise taxes only on those earning more than $ 400,000 is false. It is already drawing deeper into the pockets of everyone in this country, right down to those living below the poverty line.
Here’s how. By handing out unnecessary federal checks, supposedly to stimulate the economy, and pushing for the biggest additional spending increase in history, Biden is fueling inflation. Because of him, more and more dollars are chasing goods whose supply is dwindling, in part because there is a record 10 million job openings nationwide.
Prices are rising faster than wages – 5.4% year over year and over 6% so far this year – which means unless you get a pay rise of 6%, the value of your take-out check decreases. As many economists – for example Thomas Sowell – have pointed out, inflation is essentially a tax that disproportionately burdens the poor.
Federal taxes take purchasing power out of everyone’s pocket and put it into the Consolidated Revenue Fund to pay for welfare programs. Inflation, likewise, takes the purchasing power out of your pocket to pay for federal spending. What is the difference? Only that the first is official and the second is stealthy. But both intentionally do the same.
Inflation is the most regressive tax of all. The “rich†– those well-off enough to benefit from SALT, for example – spend a smaller proportion of their income on food and energy than the poor. They have capital investments, like in homes, whose prices have skyrocketed by inflation when the dollar collapses. Inflation is the borrower’s friend because it reduces the value of debt, whether it is the debt accumulated in treasury bills by Biden & Co. or the mortgage debt of the upper middle classes and the most rich.
Inflation does not benefit people who live from hand to mouth or those who have no investments. Little guys don’t own their own homes or second homes and spend a lot more of their income on the goods and services needed for everyday living. Inflation therefore hits them the hardest. A government that lets inflation explode, like the Biden administration did, is not on the side of the poor. He taxes them even though he continues to insist that this is not the case.
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