Armstrong Economics Blog/The Hunt for Taxes Re-Posted Sep 13, 2021 by Martin Armstrong
The Democrats are simply insane. Every study on taxation has shown that the lower the tax rates, the greater the economic growth. The Reagan tax cuts resulted in people paying more in taxes because they earned more. The new tax hiked will push NYC to 61.5%. Anyone who lives there has got to be insane to stay. The Super-Rich set up trusts, foundations, and every sort of vehicle that skirts the high taxes. The Democrats always allow those because they themselves use the same tricks. Obama had little when he entered the office and now has a multimillion beach house when he was claiming the oceans were rising.
The one thing everybody better do is call your accountant. The Democrats CANNOT be this stupid. Raising taxes of this magnitude, going after businesses, and trying to end inheritance which is what they REALLY want to do – make it all now normal income, can set in motion the worse liquidation in modern history.
This is AOC wearing a dress to celebrate the occasion of trying to destroy society. She fails to understand that it takes money to start a business and to hire people. Under their plans from reliable sources, they really want to tear the country apart. They see nothing but hatred in capitalism for everything to them is just money. If you love what you do, you will be successful in life. If it’s just a job, then that is all it will ever be.
Twenty years ago if you bought a house you could just put your kid’s names on it as well – no big deal. Today, if you try that, they have to declare it as income and pay taxes on it which is not even cash. This is the new world order. You may have to sell assets this year and buy them back for selling next year of an accumulated profit may be devastating.