Armstrong Economics Blog/The Hunt for Taxes Re-Posted Oct 20, 2021 by Martin Armstrong
I have direct contact with many pilots at Southwest and they were reporting that weather had nothing to do with the 1,000 flights that were canceled. Now, the airline was forced to back down and unvaccinated employees can remain. Pilots have been concerned that those who were vaccinated developed blood clots and could no longer work. I have personal friends who were vaccinated and developed blood clots without flying.
Meanwhile, Janet Yellen has been lying to the American people about the lowering of bank reporting to $600. She testified saying: “We have a tax gap that over the next decade is estimated at $7 trillion, namely a shortfall in the amount that IRS is collecting due to a failure of individuals to report the income that they have earned.” Even if the Democrats confiscated all the wealth of the top 100 richest people, they would not collect $7 trillion. This is a deliberate lie and the real objective was to (1) declare cryptocurrencies banks, and then (2) report $600 or greater transaction.
While Babylon Bee made a funny satire out the Yellen’s $600 proposal, this is really no joke. It is technically not illegal to send cash through the mail as long as the (1) source was legal, and (2) the purpose is legal. Of course, there is civil asset forfeiture, which means the government can confiscate whatever it wants and it is your burden to prove it was legal. When I tried to send an ancient Roman coin through the mail and marked it as a coin, they refused to allow it and claimed it was money. No explanation that Rome fell in 476 AD mattered. I had to repackage it and call it a simple antiquity.Now, Janet Yellen has somewhat changed course, supporting a rise in the reporting threshold from $600 to $10,000. Their clever trick to go after the cryptocurrency market and the ridiculous claim that there is $7 trillion in uncollected taxes over the next decade has made the Biden Administration look like not just liars, but fools. Yellen is an absolute disgrace showing a total lack of integrity that she is supposed to be there for the people – not Biden’s agenda which is really that of Klaus Schwab.