The hunt for taxes is in high gear and is entering its final and most destructive phase which has caused the final economic collapse of most of the great civilizations in history once they ultimately found themselves perched on the brink of insolvency: Americans are about be taxed just for owning things. George Washingto, Ben Franklin and other founders stated very clearly that freedom cannot exist unless personal property rights are kept sacrosanct. Nonetheless, angry Lizzie Warren’s plan to tax the rich based on the mere fact that they are rich is moving into law. If you live in a blue state, keep an eye out for these confiscatory wealth taxes, along with other asset-stripping moves like slavery reparations transfers, which would seize wealth from white people based on the mere fact that they are white and hand it to black people based on the mere fact that they are black. We’ve come along way since Martin Luther King’s dream for a color-indifferent society, but in the wrong direction. He must have been rolling over in his grave 3 days ago on the national holiday enacted to commemorate him and to enshrine his post-racism ideals.
In addition to the new wealth taxes, we are looking at the advent soon of a digital dollar CBDC working in-tandem with a social ‘credit scoring’ system. If these things are implemented as people fear they may be (and like they are working in China now), government might haircut or freeze your money not only for donating to conservative causes like the Canadian truckers or Donald Trump, but merely for you using it on eating, traveling, and consuming energy in ways that big brother prefers you didnt. In-effect your money could become a government-surveilled voucher that comes not only with restrictions on what you may spend it on, but also with time-limits on how long you can save it before you must spend it; if you hold it in savings longer than that expiration time, you’d lose it. All digital dollar transactions would be transparently viewable and recorded by government. This transparency is supposed to be so it can eliminate money laundering and black markets – a principle reason the feds have given for wanting to establish the new US CBDC. If that is true, then as soon as digital dollars become the legal tender in America, the fentanyl epidemic will end overnite. Let’s watch and see.
These two financial innovations, a federally-overseen CBDC and a new wealth tax will destroy the remaining economic prosperity of the USA. We’ve reached the point where the parasite (govenment) has become so voracious that it has begun to kill its host (the private sector). Very few will choose to work hard to gain an education and high-paying employment when the fruits of their effort can be taken away at a whim and they are penalized for haaving acquired said fruits. History shows how stupid and destructive it is even for even a completely self-interested government to impose these types of taxes and financial controls. These are the types of socialist policies that have collapsed economies, standards of living, and tax revenue bases through South America, and have brought European governments and their centrally-operated social finance systems now to the point of collapse.
If consumption were the only type of capital utilization that was taxed, the incentives among the citizenry to work hard, be ever-more productive, and to save would be preserved. Taxing income (peoples’ productive activity) and capital gains (their success at determining the most promising sources of new business productivity and placing their savings to work financing them) have already been anchors that have dragged-down our GDP growth. But this move to further take wealth away from the most independent, successful people just because they have it (or use it in ways the government disapproves of) to give it to the people who are the most indolent and compliant is clearly a formula for an irreversible and secular decline of economic prosperity and of personal freedoms.
These new taxes are directed at investment, entrepreneurship, and existing wealth. They are said to target only the top 0.1% of the most-wealthy (I am not certain, but I beleive the CA threshold is a $15 million net worth; something quite troublesome in-itself to estimate when it includes illiquid assets, antiques, art, heirlooms, etc.). But watch how quickly that wealth threshold declines once these laws are on the books. So with this in-effect, creating new business value through investing, innovation, and hard work will be pecuniarily punished, as will acquiring, holding, and passing-down wealthy assets. That does not portend a more properous future for our young and yet-to-born Americans.
Today, lawmakers in seven states (California, Connecticut, Hawaii, Illinois, Maryland, New York, and Washington) that collectively contain around 60 percent of the nation’s wealth are introducing wealth taxes, and other states like Massachussetts appear eager to promptly follow suit. A wealth tax is a property tax that applies not just to housing but to all of your possessions. Ever year you must pay the government just because you acquired and (still) own your stuff. Fully owning a home during one’s retirement years while living off of one’s fixed investment income, which up to now has been a keystone in the personal ‘American (retirement) Dream’, will become more difficult, as will bulding wealth and growing businesses. Notably, it will also force people nearer to following the WEF’s maxim that “You will own nothing…”.
To all my friends, family, and ex-colleagues who still live in the once-great state of California: take heed – this will hit you first (in latter 2024). If you own property there, consider selling and reinvesting the equity elsewhere, even if you dont move to another state. For after this tax takes-effect, only the braindead or the just-too-wealthy-to-care will be buying California real estate. To those of you who have gone to less-predatory, freer states: Write/email your local government now and emphasize that if they ever go along with such ideas, they will destroy their local economy, tax base, investment markets, and your future there. And if you think ‘predatory’ is to harsh a descriptor for me to use here, consider this feature that is included in the new tax bill for California: It would impose the wealth tax upon you for 10 years after you have sold your home in the Golden state and taken-up residence elsewhere. That is not only ‘taxation without representation’, but also ‘taxation without even being a participating citizen nor a tax-beneficiary of the tax domicile.
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