Tax man cometh or goeth?

[Last hard class]

As our country hits the debt limit of 30 plus trillion dollars politics is showing its teeth.

The republicans are getting behind a national sales tax with a 30% markup. The major upside would be dissolving the IRS.

However, this is a regressive tax. Along with no IRS, capital gains and corporate taxes would be eliminated. Some preliminary numbers show that only the top 10% would actually receive a tax cut. Everyone else would pay the same or more of a percentage of income as you climb down the economic ladder.

On the flip side:
8 states ( all blue I believe) are countering with a wealth tax proposal. of course the pitch is its just the 1%. They need to pay their fair share. Blah blah blah.

CA as an example would impose 1.5% on assets above 1B and a threshold of 1% at the 50m level.

Like a boulder gathering speed as it rolls down hill, the top 1% are accumulating more and more of the new wealth created in this country. That does not bode well for future politics IMO. Progressives will cling onto this as they endeavor to fund all of their socialist agendas. Republican's will sell out their constituents to the billionaires for the right price. While the middle class get's bent over the table.

Human nature hasn't changed in forever. Just less testosterone. You have something I want. Give it to me or I'll take it from you. Just look at the last 3 years. It's why we outspend everyone else on defense.
Except at our borders.

Luckily for our politicians, we can kick this can down the road by printing money until we have garnered the same trust level as FTX and some bankrupt central American juntas.






LHC