Recently, president Biden proposed a number of tax hikes that will make up for his trillion dollars budget plan which is yet to be passed in Congress. Financial experts believe that this tax increase is an ineffectual idea concocted by the president’s advisers, as it would put much of the burden on taxpayers, investors and businesses. Majority of businesses are just coming back from a year-long pandemic, imposing bigger taxes will hurt them and the entire U.S. economy.
“President Biden’s proposal to tax capital gains at higher, ordinary income tax rates would lead the U.S. to have the highest top marginal tax rate on capital gains in the Organisation for Economic Co-operation and Development (OECD). The proposal would tax long-term capital gains as ordinary income for taxpayers with taxable income above $1 million and raise the top marginal income tax rate to 39.6 percent,” policy institute Tax Foundation stated in a recent report.
“Higher tax rates on individual shareholders reduce the return to savings and higher taxes on corporations raise the cost of investment, reducing saving and investment. Lower investment levels and reductions in capital stock translate to lower work productivity, reduced wages, and lower economic output,” the report added.
Biden’s tax hike will burden every American because companies will just simply increase prices to compensate for the losses that they will incur from paying bigger taxes. In the end, it’s not just the rich who will suffer, but also the struggling middle class and the poor. Actually, the stock market has already started to go down as soon as Biden announced his idea to increase taxes.
“The direction of travel for corporate taxes, even though the outlook is uncertain, is higher. We think the Democrats are going to use this open window during the summer and fall, ahead of campaigning for the midterms, to advance their legislative agenda,” Kurt Reiman, North America’s senior strategist for the world’s largest asset manager BlackRock told CNBC last week.
This is why a vast majority of Republicans are against the tax increase and hopefully, they can still disapprove this proposal in congress. Meanwhile, lobbyists and pro-business groups are getting ready to do their part to try to defeat the looming burdensome tax hike.
“I’m going to target 10 or 20 of the most vulnerable House Democrats. I’m going to go into those districts and say that first of all this is a bad deal, then say that Democrats have dealt in bad faith,” said King and Spalding’s Tom Spulak.
Religious liberty is one of America’s most important freedoms
Religious liberty, the freedom to practice one’s faith, is a vital component of American society. Our founding fathers ensured generations to come that our great nation will always respect every individual’s right to adhere to a certain belief.
“Although no one in America is forced to go to church, we have had more churchgoers in our history than any nation in the world. Religious liberty – meaning we can chose any faith or none – was a wild concept when the Founders decided to try it 250 years ago,” Eric Metaxas, author of the new book, “Is Atheism Dead?” wrote in his recent opinion piece.
“So it was America’s founders who uniquely understood that religious liberty was the key to all other liberties. Liberty – or self-government – required a virtuous people, which was usually the result of freely held faith. Those who answered to a “higher power” didn’t need government to coerce them into doing the right thing. They did it on their own,” Metaxas added.
We are said to be more fortunate than those who are living under extreme Sharia Law in countries such as Saudi Arabia and Afghanistan, where other faiths are totally outlawed. One would be hard pressed to find a single catholic church in the city of Riyadh as the only accepted religion there is Islam. Even though the prophet Muhammad taught cultural and religious tolerance, some of his followers have become too austere in their interpretation of the Holy Quran and mandates that only one religion be allowed in their respective domains.
The United States constitution however is vastly different from the authoritarian laws and principles of other countries as it grants total freedom to exercise one’s belief, as long as it corresponds with the basic tenets of morality.
On the other hand, Muslims and Buddhists in China are suffering under the repressive atheist communist regime, as the people continue to face the assault on their religious liberties. Non-believers should understand that embracing atheism or agnosticism is in itself, a personal freedom that can only thrive under a legitimate democracy.
“And while a free nation cannot and should not try to coerce atheists toward belief, people of faith, while we still have a voice, have an urgent duty to alert our fellow citizens that, although religious freedom protects atheists, atheism itself nonetheless has an inherent and – alas – well-established tendency to work not only against religious freedom, but against all freedoms,” Metaxas said.
Rep. Drew Ferguson blasts the Dems for bank account surveillance plan
In a recent press conference held by House Republicans, Georgia congressman and chief deputy whip Drew Ferguson lambasted the Biden administration for their ineffective economic and financial policies.
Ferguson, who is a member of the Committee on Ways and Means, put a spotlight on the government’s proposal to grant the IRS unlimited power to conduct surveillance on bank accounts with at least $600 worth of annual deposits.
“Probably the most egregious provision in the Democrats tax and spend plan, the largest in American history, is a provision that would allow the IRS to spy on your bank accounts. To put that in perspective, if you spent $28 a day, you would get caught up in the IRS drag net. $28 a day, and this is wrong,” Ferguson stated.
“Americans do not want the IRS looking in their bank account and the federal government has no business looking at your private bank accounts and your money,” Ferguson stressed.
The draconian proposal sparked widespread outrage among the public as the topic went viral on social media and various community forum boards. Republican politicians strongly resisted and swiftly introduced the Prohibiting IRS Financial Surveillance Act in an attempt to block the repressive agenda that is being put in motion by the Biden administration.
“So we introduced a bill to prevent this treasury secretary from implementing rules that would allow the IRS to tap local banks, credit unions, and other entities to spy on your bank accounts,” Ferguson said.
“I can’t imagine a single American, Republican, Democrat, independent, rich, poor that wants the IRS looking into their bank account and for good reason. If you look at the recent history of the organization, they have failed to gain the trust of the American people,” he added.
The Democratic Party’s plan to violate the people’s privacies, clearly resembles the laws that are being enforced by some of the world’s most oppressive totalitarian governments. There is no logical explanation behind their proposal, save for the glaring fact that liberals are simply hungry for more power.
“The Democrats want control. They want control of your life. They want control of your finances. They want control of everything. And we’re here to stand up against that, to push back, and we’re going to continue to raise awareness about this. It is wrong, we think it’s unconstitutional,” Ferguson said.
“It is your private business. It is not the business of the IRS. So with that, we stand committed to blocking this horrible provision and to make sure that we maintain freedom in America’s lives,” he reiterated.
Rand Paul thinks crypto could become the reserve currency of the world
When one of the most severe global economic meltdowns hit the world more than a decade ago, the United States was at the forefront of the uphill struggle. The 2007-2008 financial crisis was often compared by experts to the Great Depression in terms of the magnitude of damage.
The catastrophe subsequently put world governments – including America – on the hot seat. Financial experts and the entire populace started to question the capability of our leaders to handle the fate of our economies. After all, we are the ones who put these public servants in power, giving us every right to demand what’s best for the future of our families.
Fuelled by the frustrating financial system, Bitcoin was developed in 2008 by a certain Satoshi Nakamoto, as a solution for the problems created by unreliable governments and untrustworthy central banks. “Satoshi Nakamoto” is an alias used by a person or possibly a group of people involved in the creation of the world’s first cryptocurrency. The secretive nature of Bitcoin’s origins is a reflection of the decentralized financial system that it wants to promulgate.
Today, America is at the cusp of autocracy as Biden and his cohorts continue to propose harsh policies that mirror the ones that Xi Jinping and the communist party has put in place in China. While the Democratic Party constantly attempts to utilize the “tax the rich” card, the Federal Reserve just keeps on printing cash like there’s no tomorrow. Soon we will all be caught in a tough financial predicament with the continued devaluation of our hard-earned cash. For some, a hedge such as a digital asset, is the only viable option to protect one’s wealth from further depreciation.
Recently, GOP Sen. Rand Paul expressed his bewilderment towards the vigorous growth of cryptocurrencies. The Kentucky senator believes that virtual coins like Bitcoin and Ethereum can become global reserve currencies.
“I’ve started to question now whether or not cryptocurrency could actually become the reserve currency of the world as more and more people lose confidence in government,” Paul said in a recent interview on HBO.
“I’ve been amazed at the growth of it and I’ve always been, you know, more a person who believed that our currency should be backed by something of real value like gold or silver or commodities, and always was wondering well crypto is not backed by anything either,” Paul continued.
“But here’s what I’ve started to believe now is that the government currencies are so unreliable, they’re also fiat currencies, they’re not backed by anything. The dollar has been more stable than most other countries and so it is the reserve currency,” he added.
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- Religious liberty is one of America’s most important freedoms
- Rep. Drew Ferguson blasts the Dems for bank account surveillance plan
- Rand Paul thinks crypto could become the reserve currency of the world
- Supply chain problems will be harsh on consumers and small businesses alike
- NBA center Enes Kanter blasts China for its inhumane treatment of Uyghur minorities
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