Biden Promised No Taxes for the Poor- But That’s Who He is Taxing the HARDEST
While on the campaign trail, Joe Biden promised that he wouldn’t raise taxes on any American making less than $400,000 a year. Not only was that a total lie, his administration is hitting the poorest Americans the hardest.
Lying Biden is taxing you, your family, your friends, everyone you know. And although you might not be immediately of exactly how you’re being taxed, you are likely aware of what’s going on.
You’ve saved some money, want to put a down payment on a house, ready to propose, settle down have a family. What’s this? The price of the house you were looking at up 20% in the past year. You can’t afford it now.
Take those savings, go to the grocery store, you get a lot less cart for the same Benji.
Hire someone to do some work for you, they want more money because everything costs more. INFLATION.
All those trillions of dollars the Biden administration is printing, while shutting down the economy, the supply chain, having your local small competitor close down while allowing Amazon and Walmart stay open, all are a part of the escalating prices. All are controlled to one degree or another by the elite Democrats who are pulling Joe’s puppet strings.
Those rising costs will spiraling rapidly into the stratosphere, while they air drop trillions into the economy.
Take that house our marriage minded friend wanted to purchase as a surprise for his future fiancee.
He saved up $60,000 to put a down payment down. Suddenly, the Biden administration just literally hands puts a million dollars every bank account, of every individual in the country, illegal aliens included of course. What happens to the price of housing with all that, literally made-up monopoly money chasing it?
It rises dramatically of course.
And what is the value of the blood, sweat and tears our friend put into saving that $60,000. All the immediate gratification that most people spend their hard earned dollars, forgone.
In this scenario, he’d have had a better losing it at the roulette table than having the Federal Reserve silent steal its value.
So why is this primarily a tax on the poor? A couple reasons.
1. Wealthy people generally have assets, like the aforementioned house that shot up in value, or ownership/stock in companies whose prices inflate with the printing of money.
2. Even better, like the Federal government, they have debt. While this poor guy put all his effort into saving for that down payment, they borrowed against their assets, which have risen with inflation, are paying back that fixed amount with dollars that are worth far less than when they borrowed them. So, if the house price went up 20% and I had borrowed the $60,000 from you at 5% interest a year ago, you made $3,000 while the price of the house rose at 4x that rate.
And that goes of course for all the gigantic corporations with massive amounts of debt, zombie companies that are being bailed out by the debasement of the currency.
The debtor wins, the lender loses.
It’s a large part of the reason the government is forced to print, aka, monetize the debt, because, maybe you’ve heard, the US owes a few dollars to people.
3. When gas hits $4 a gallon where before it was $3, it hits much harder the guy who is struggling and barely getting by, versus the guy whose house and stocks shot up 20%.
So, Biden promised no new new taxes for the underdog; no new new taxes for anyone making under 400K a year, yet the fact is, the elite Democrats are taxing them the hardest. Would you expect anything less?
Have a thought, comment below.