You pretty much just described what happened in Venezuela. This is a tree festooned with its worthless currency to protest the Hyperinflation there.
Posted on 06/21/2021 11:22:20 PM PDT by knighthawk
New analysis of President Biden's tax proposals has suggested that nearly 60 percent of Americans may still face bigger bills, despite his continued promise that no one earning less than $400,000 a year would be impacted.
The findings from the nonpartisan Tax Policy Center show that the majority of the burden would be placed on America's richest families - also known as the one-percenters - earning more than $800,000.
Around 99.8 percent earning between $500,00 and $1million will pay more an average of $8,810 more in taxes each year.
(Excerpt) Read more at dailymail.co.uk ...
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Well, fairly large Roth Conversions in the face of higher tax rates could end up raising a fair amount of revenue.
Peace be upon him....
Everything is up since Biden took office.
And inflation is a run a way.
“Well, fairly large Roth Conversions in the face of higher tax rates could end up raising a fair amount of revenue.”
The day will come when the amount of money in Roth accounts will be too tempting for Democrat politicians. Congress can change the law, and it’s financial provisions, with future legislation.
The goal is to buy the votes of the dependent class with confiscation of savings and income from the productive middle class, while siphoning off enough to feed the growing appetite of the state bureaucracy. The “needs” of the dependent class can never be satisfied. Consider how we have moved from the “social safety net” of the 1960’s to government provided health care, housing, education, food, communications (free cell phones and computers), and transportation for life with no accountability. When transgender surgery for infants becomes an entitlement, there are no limits to state compelled redistribution.
The supreme irony is the current obsession of the left with condemning slavery hundreds of years ago while they apply more chains to, and reduce the rations of, the declining number of producers.
Hopefully the Federal Reserve/Central Bank gives Biden/Harris, about 10 interest rate hikes over the next 3.5 years.(it won’t happen)
Then we jam Trump/Desantis into the Oval Office in 2024.
Next step start “jaw jaw”ing the central bankers to cut rates, while growing the economy.
“And inflation is a run a way.”
Inflation is another tax, imposed through government fiscal policy. It forces the productive to work harder to offset the declining purchasing power of the currency paid for labor. It also discourages savings when costs of necessities discretionary purchases rise at an accelerated rate, far beyond increases in wages. Ultimately producers loose confidence in the currency as a store of value. Then comes hyper inflation, destruction of the economy, loss of faith in institutions, anarchy and finally tyranny to bring order.
With the real inflation rate for food, energy, building supplies, and many consumer goods increasing at double digit rates, critical shortages in many supply chains, and money printing at unprecedented levels, it appears we are well on the road to hyperinflation.
Your analysis is more dyspeptic than well rounded. In dollar terms, the big federal budget killer is Medicare, the politically untouchable linchpin of the Great Society safety net. And the least defensible categories are federal outlays and rules-rigging that enrich Wall Street and the US Chamber of Commerce member businesses reliant on imports from China and cheap labor, both legal and illegal. With jobs and opportunities for the working class thereby diminished, is it any wonder that many of those harmed look to the federal budget as a source of relief?
Junta Joe lied to us? Say it’s not so! /s
You pretty much just described what happened in Venezuela. This is a tree festooned with its worthless currency to protest the Hyperinflation there.
Will be? Heck at this writing his policies are costing me $200-300 more per month in energy and food costs
during brazil’s hyperinflation they mixed coins in with the asphalt to pave roads
Peruse later.
Roths will eventually be taxed in the same manner as traditional IRAs. Congress can change the law easily when they get hungry for the money.
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