(Fox News) The Democrats are telegraphing their next financial move: they want to tax your wealth.From provisions of President Joe Biden’s budget proposal to Massachusetts Democrat Senator Elizabeth Warren’s re-proposal of a wealth tax only for the wealthiest, it’s clear that we need to remain vigilant against this nefarious obsession.
Last fiscal year, the U.S. took in as “revenue” (primarily in taxes) north of $4.4 trillion. This is a staggering amount that is hard to get your head wrapped around, so let me provide some context. This amount is more than the entire GDP of every single country on earth other than the U.S. and China.
With $4.4 trillion in revenue, if the government had kept their spending levels equal to FY 2019 spending, the U.S.’s yearly financial position would be about break even; FY 2018 spending levels would put us in a surplus.
The reality is that the government does not need any more money. It does, however, need to be severely restructured and downsized.
Sen. Elizabeth Warren, D-Mass., is pushing for a tax on the super wealthy. But it won’t stay that way. (AP Photo/Jacquelyn Martin, File)
Despite that, the government keeps spending trillions of dollars in excess of the trillions they take in each year and are looking for more ways to pay for their spending wish list.
When entities get bigger, there should be some economies of scale — in layman’s terms, getting more bang for your buck. With our government, as it gets larger, we use more buck for very little bang. While their spending has created an unsustainable fiscal path and a severely fractured financial foundation, you and your family are not made better off by this spending.
As spending has increased, the safety of our country has been threatened by a porous border, which has let more than 7 million illegals into the U.S. under Biden’s administration alone. Dangerous drugs are also making their way into the country, accounting for more and more deaths. Our infrastructure remains in disrepair.
Financially, the policies enacted by the government and the Fed have continued to destroy your purchasing power, with Americans suffering through the effects of inflation that reached a 40+-year high in the last couple of years and continues to run above the targeted level.
All the while, the government continues to rack up debt, and it was estimated late last year by the Heritage Foundation that 40% of personal income taxes are being consumed just by interest payments on that debt.
