Washington’s reckless spending comes with a cost to US taxpayers. While the fed may simply roll over their debt and issue new debt to pay off the old, the American public is on the hook for immediate liquidity every single year via taxation. The misconception that Biden would only target the wealthy needs to be dispelled as a recent study reveals that 63% of new audits targeted Americans earning under $200,000.
Now, Biden initially claimed he would send his troop of IRS agents to target Americans earning double that amount. The billionaire class was not targeted, as 80% of all audits were on filers earning under $1 million. Yes, there are far more taxpayers in the middle and lower brackets. However, the IRS merely claimed they would prioritize hunting higher earners; they never explicitly said they wouldn’t come after ALL Americans.
The entire hunt for taxation has been a war on the middle class, who is unable to file massive write-offs and cannot afford to continue paying Uncle Sam on every incoming and outgoing transaction, plus savings, income, and everything else from birth to death. Washington effectively lowered our purchasing power by fueling inflation through absurd fiscal and social policies, and now they are asking people to give them even more of whatever money that remains. Washington continues to spend taxpayer funds on initiatives that the people have never once voted on, and ahead of election season, Biden is going on yet another spending spree with your money to buy off voters.
The highest earners know how to avoid taxes. Trump famously told Hillary during a debate prior to the 2016 US Presidential Election that he obviously used the loopholes in the tax system, as do all financially savvy businessmen. “Her donors took massive tax write offs… and other things that Hillary as a Senator allowed,” Trump stated during the debate. “So do Warren Buffett, so does George Soros, and so do other people Hillary is supported by,” he added. Note that the Democrats in control have never repealed restrictions on these tax loopholes that only help their wealthy donors.
Every new war, aid package, climate change package, social program, and migrant who crosses the border is now the responsibility of the US taxpayer. They wrongly believe that our money belongs to the federal government, with the state also taking out their share. Then, they create new taxes, such as targeting capital gains, to ensure that every American is stretched thin. Did anyone vote for this nonsense? We do not live in a Democracy and anyone who says otherwise is either misinformed or lying.
It will become far easier for governments to extort the people when they introduce CBDC in January 2025. Uncle Sam will think you have hidden any cash on hand from him, cash that belongs to him, once they force us to digitize our dollars. Inflation will continue to rise above GDP and we will enter a period of stagflation. This is why I have warned countless times that private and tangible assets are a safer bet compared to cash as we move into 2028.
The problem with people’s attitudes toward the national debt is that everyone has forgotten why we borrowed in the first place. The theory was that if you borrowed rather than printed money, you were NOT increasing the existing money supply, and therefore, in theory, it would not be inflationary.
However, the Democrats forgot how to run for government without their Marxist agenda of bribing the people to vote for them. This led to always creating deficits. Add to this the NEOCONS who have done nothing but wage wars ever since World War II to defeat Communism and have spent money lavishly on trying to conquer the world.
During the Presidential Third Debate of 1960, the question about the outflow of gold from the USA reserves arose. This sparked a Gold Panic in the London gold market, whereby gold rallied to $40 for the first time, showing that the Bretton Woods System was beginning to collapse. The United States’ outflow of gold was not really from a trade deficit but from the fact that the USA was defending the world with its military establishing bases everywhere. That meant capital was leaving. Gold rallied again to $40 in the late 1960s, and finally, it forced the collapse of the convertibility of gold under the Bretton Woods System in 1971. Kennedy’s words were:
“Now, on the question of gold. The difficulty, of course, is that we do have heavy obligations abroad, that we therefore have to maintain not only a favorable balance of trade but also send a good deal of our dollars overseas to pay our troops, maintain our bases, and sustain other economies. In other words, if we’re going to continue to maintain our position in the sixties, we have to maintain a sound monetary and fiscal policy. We have to have control over inflation, and we also have to have a favorable balance of trade. We have to be able to compete in the world market.”
The dollars were being spent not to benefit our economy but to fulfill the dreams of the Neocons; when Communism fell, they refused to accept any real change.
Rome takes care of widows and orphans.
We borrow, which is worse than printing because we have to pay interest on constantly rolling the debt. This year, we will spend about $1 trillion on interest, the total national debt when Reagan took office in 1981. At times, 70% of the national debt is accumulative interest. That means it went nowhere to improve society or care for widows and orphans, at least as the Romans did. Had we printed the money instead of borrowing, it would have been less inflationary and the capital would have created more jobs instead of investing in government debt which has only funded the Neocons’ wildest dreams.
Posted originally on the CTH on May 9, 2024 | Sundance
Marjorie Taylor Green and Thomas Massive together brought a motion to the House floor to remove Speaker Mike Johnson from office. However, a considerable number of Democrats joined Republicans in a 359-43 vote to table the motion and protect Johnson’s speakership.
Paul Gosar (R-Ariz.) aligned with MTG and Massie. Eight Republicans including Andy Biggs, Chip Roy, Eric Burlison (R-Mo.), Eli Crane (R-Ariz.), Warren Davidson (R-Ohio), Alex Mooney (R-W.Va.), Barry Moore (R-Ala.) and Victoria Spartz (R-Ind.) all voted to remove Johnson and create an unknown outcome, perhaps even a Democrat speakership.
After the failed effort to remove him, Republican Speaker Mike Johnson spoke to the media. WATCH:
.
I do not see any way this effort to remove Mike Johnson would benefit candidate Donald Trump, the MAGA movement, or the semi-supportive/passive-aggressive Republican Party that genuine MAGA has to contend with.
It also seems strange that many Democrats did not relish supporting the stupid effort and making a mess out of Congress in an election year. Factually, the only beneficiaries of this chaos scenario, a scenario that could have resulted in legislation to block Trump from office, would be Democrats and perhaps Ron DeSantis or RFK Jr. {BACKGROUND}
Posted 0riginally on May 7, 2024 By Martin Armstrong
Blue states that implemented minimum wage hikes are seeing a drastic rise in food prices. Fast food chains like McDonald’s, Chick-fil-A, Chipotle Jack in the Box, Burger King, Domino’s, and more have reported menu item hikes in places like California that now require a much higher minimum wage.
This comes at a time when fast-food establishments are struggling to make ends meet. Last week, numerous establishments like Taco Bell, Starbucks, KFC, Pizza Hut, McDonald’s, and others noted a downtick in quarterly earnings. Fast food was once a cheap and quick alternative to the grocery store before inflation turned any outside dining experience into a luxury. Fast food chains that tend to attract upper-middle clientele like Chipotle have not seen as drastic of a reduction, but value clients earning >$45,000 annually, the core base that these establishments relied on, are not able to eat out.
McDonald’s said it has adopted a “street-fighting mentality” to attract new clients, but that will be a hard target to achieve domestically due to supply chain constraints, food inflation, and now minimum wage requirements. Fast food restaurants saw a 5% price increase overall in March, but states like California are witnessing prices surpass anything that the value client could once afford.
Effective April 1, fast food workers in California now receive a minimum wage of $20 thanks to a new law, AB 1228, signed by Governor Gavin Newsom. California already had one of the highest minimum wage brackets in the country at $15.50.
Chipotle, one of the few establishments that did not post a quarterly loss, was forced to raise prices between 6% and 7% across all 500 California-based locations. “The state isn’t making it easy,” Chipotle Chief Executive Brian Niccol reportedly said. The Wall Street Journal reported that menu items at Chic-Fil-A in California have risen by as much as 13% since mid-February.
Expect companies to begin issuing much smaller portions and automating their workforce. These measures are always passed down to the consumer, and in this instance, the target consumer is already priced out. McDonald’sis already looking at expanding internationally in places like China where it has become more profitable to conduct business. Politicians like Newsom pass these laws that sound great when spoken to the crowd but they are never properly executed because they go against the free market.
Posted originally on May 6, 2024 By Martin Armstrong
Eleven states may face capital gain taxes to comply with theBiden Administration’s 2025 budget, in which the government must hunt the people for taxes to pay for a fraction of their spending. The concept of capital gains was not within the original Constitution. The Founding Fathers established a completely new nation in an attempt to flee government tyranny, but yet again, Democracy has fallen into a Republic where the people have no say.
Capital gains were introduced in 1913, The 16th Amendment granted US Congress the power to levy income via taxation, which remained at around 7% until 1921. Congress quickly determined that they needed to extort citizens for more money and created two brackets. The 7% tax became a standard for income tax, but investors who held for over two years, an insignificant amount of time, were punished for saving and forced to pay 12.5% to Washington. Fast forward to 2025, and we are looking at the top marginal rate rising to up to 57.9%! The current capital extortion rate is around a quarter of one’s capital.
This idea of hunting down the rich is utter nonsense as it becomes an excuse to eliminate the middle class. The big money can take the risk, but the average investor cannot. This will deter small business investment and entrepreneurs who greatly contribute to innovation as they bring creativity and imagination to business.
Naturally, the 11 states are primarily blue. Californians really destroyed their state by voting for Gavin Newsom, and now they may face a top tax of 57.9% to cover the state’s excessive spending and growing deficit. New York and New Jersey, two states that should have stayed red, will face the second-highest capital gain taxation at a rate of 55.5%. These states already pay astronomical taxes on things such as property. Minnesota is looking at a tax of 55.45%, Oregon 54.5%, and Maine 51.75%, with the remaining states (Iowa, Kansas, Nebraska, Georgia, and Idaho) all facing capital gain extortion rates above 50%.
Why on Earth would anyone want to conduct business in these states? If Biden remains in power, it will be a wonder if major corporations continue to choose to do business in the United States at all. Businesses could go literally almost anywhere else and face lower rates of taxation. Additionally, the American consumer has been stretched so thin through dollar devaluation, inflation, and taxation that they are not spending the way they once did. Capitalism is under attack; success is a punishable offense.
America’s consumer economy will continue to decline while places like China see their middle class grow and the consumer economy rise. China is not creating worthless spending packages on climate change. Remember, they told us clear as day that the goal is to destroy America’s standing as the world’s leading superpower. Klaus Schwab has been aiming for 2030, but the computer has been honing in on 2032 before Schwab released plans for Agenda 2030. Unfortunately, this is all precisely on schedule as America enjoys its final time in the spotlight as the world’s financial capital.
I have created this site to help people have fun in the kitchen. I write about enjoying life both in and out of my kitchen. Life is short! Make the most of it and enjoy!
This is a library of News Events not reported by the Main Stream Media documenting & connecting the dots on How the Obama Marxist Liberal agenda is destroying America
Centinel2012 