Financial Armageddon forward – if we proceed on our present path we’ll be ready for our pilot to begin screaming ‘put your seat backs and tray tables up, decrease your heads, and brace for influence!’ – NaturalNews.com

It’s an election yr, and the Dems are warming up their “tax the wealthy” refrain.  Talking on the Senate Finance Committee, Senator Mark Warner (Commie-Va.) said:

The principle aim right here is this may’t simply be a debate concerning the 2017 tax cuts. That is going to be Tax Armageddon. It’s time to go well with up

(Article by John Inexperienced republished from AllNewsPipeline.com)

The Dems need the most important tax enhance in historical past, they usually threaten that if the Republicans don’t comply with tax the wealthy into oblivion, they’ll permit the Trump tax cuts to run out.  Warner is throwing a tantrum and threatening financial “mutually assured destruction.”  In the event that they’re not allowed to choose the pockets of a minority of residents (the evil wealthy), we’ll all go down.

Anybody who realized his multiplication tables and is aware of what number of zeros are in a trillion is aware of that we’ve got a spending (and debt) downside, not a tax downside.  Our federal debt now approaches $35T, and it’s anticipated to high $50T by the top of this decade.  That’s over $100,000 of debt for each man, lady, and little one legally in the USA.  We’re means past having the ability to repair this downside with a tax enhance.

When politicians demand tax will increase, they aren’t speaking about rising tax revenues.  They’re demanding a rise in tax charges — which doesn’t essentially equate to extra money for our “public servants” to spend.

Economist Arthur Laffer posited that past a sure level, tax price will increase trigger declining tax collections.  His concept is that past some essential peak within the price/income curve, tax will increase set off financial slowdown, leading to much less earnings to be taxed and decrease deposits to the federal checking account.  When tax revenues went up after each the Reagan and Trump tax cuts, it hinted that Artwork may be on to one thing.

The query is, are we at present previous the height within the Laffer curve, the place tax will increase are counterproductive?

The federal authorities is at present including $1T of debt every 100 days.  Which means our “public servants” in D.C. are spending $300B greater than they’ve, each month.  If we had been to stability the finances with a flat price enhance throughout all earnings brackets, the taxes for a mean household of 4 would wish to extend by $4,000 per thirty days (over what they at present pay)!  That may merely make the typical taxpayer a felony tax evader.  Folks in jail don’t pay taxes, so tax revenues would go down, not up.

However Senator “Tax the Wealthy” screams: However wait!  We’re solely going to boost taxes on those that can afford it, the filthy wealthy.  I’ve a query for our math-challenged senator: how did the wealthy get wealthy?

They acquired their wealth by offering a services or products that others needed, they usually usually use their wealth to do extra of the identical.  What the “tax the wealthy” crowd hates to listen to is that the wealthy use their cash to create jobs for different folks — by using folks of their companies, investing in different creators of employment, or shopping for merchandise from corporations that make use of folks.  The truth is, the wealthy are rich solely as a result of they’re probably the most environment friendly growers of the economic system among the many inhabitants.

Learn extra at: AllNewsPipeline.com