2 Peter 2:19 – “While they promise them liberty, they themselves are the servants of corruption”
Taxed To Oblivion
They’ve set out trying to tax and spend the country into oblivion. Trillions more in spending and borrowing at a time of rising inflation.
The tragedy is that the power that be want to inflict all this pain on middle class families.
This reckless spending would further bankrupt the country and exacerbate already-high inflation that is subjecting workers to a “Biden pay cut” in the form of reduced real wages.
The federal government has already reached the borrowing limit. That should come as no surprise.
Americans are already being taxed to death, and proposals by the current administration would raise federal income tax rates.
The average American will soon end up paying over 50 percent of his or her income in some form of taxes.
Building permit tax, capital gains tax, court fines, federal income tax, dog license, gasoline tax, food license tax, liquor tax, utility tax, telephone state and local tax, real estate tax. sales tax, and so forth.
These are just a “few” that American taxpayers fork over each year.
It is hard to read this list without feeling overwhelmed and frustrated. The United States lets you keep part of your income.
Why the tax increase
The goal of the tax increase proposal is to put more of the economy’s resources under the control of politicians and bureaucrats.
A tax hike on corporations and middle class to fund an investment in the “social” safety net and climate policy that could reach $3.5 trillion.
The plan calls for top corporate and individual tax rates of 26.5% and 39.6%, respectively.
The proposal includes a 3% surcharge on individual income above $5 million and a capital gains tax of 25%.
It’s unclear how much the tax increases would raise. A 21% rate would apply to corporate income between $400,000 and $5 million.
The plan would invest nearly $79 billion in IRS tax enforcement to increase revenue raised.
It would hike taxes on certain tobacco products. Whenever the government spends money, it spends somebody else’s money.
It would reduce wages, cost jobs, harm economic growth, cut investment, increase prices, and harm working families.
The current administration made a pledge not to increase a tax hike on earnings of $50,000! He lied.
The Build Back Better Act would in fact raise taxes on middle-income Americans.
Under the proposal, taxes would go up for families bringing home $50,000 or more per year, far below what Biden promised.
What you need to know
These tax increases will only take more money out of the private sector and harm the economic recovery.
By increasing the top marginal income-tax rate, the bill would also dramatically increase taxes on American small businesses.
The bill would increase the top capital gains tax rate from 20% to 25%.
These are not actually taxes on wealthy Americans.
These taxes directly harm the efforts of Americans to save for their retirement.
The bill would increase the federal corporate tax rate to 26.5%, more than the European average of 19.99% and more than even the 25% rate of china.
Business taxes necessarily show up through reduced wages and increased prices to consumers!
The tax code treats many legitimate costs of doing and expanding business as though they were profits and taxes them.
The bill would heavily penalize international trade, including the imports of vital raw materials to U.S. industries.
the legislation would dramatically reduce the Global Intangible Low-Taxed Income and Foreign-Derived Intangible Income tax deductions.
This pair of tax deductions offset the burdensome U.S. tax system so that firms are less incentivized to park assets and do business outside of the U.S.
The bill would give the IRS a lump sum payment of $79 billion, which it would be allowed to spend over the next decade on undefined “strengthening tax enforcement activities”?
My concerns
They want you to believe that these taxes are far enough away from you that you’ll never see them.
In reality, these tax burdens will fall on every American family and business.
The unavoidable truth is that all these taxes will be felt through diminished purchasing power, slower economy, job, and wage growth.
Finally, these taxes will strike at the heart of your ability to live in a free and prosperous society.
Genesis chapter 28:22 is how I feel about taxes. The churches follow this verse but the government does not!
Why is the government excluded from following the word of Yahweh? They are not and this is why Babylon is falling.
DISCLAIMER: I am not a financial adviser. This site is for educational purposes only. It is imperative that you do your own research. I am sharing my opinion from personal research and experience with no guarantee of gains or losses on investments, finance etc.
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