This article is opinion. The views expressed within are not necessarily the views of the author, Money Daily, Downtown Magazine or any of its reporters, editors or publishers or their associates or partners.
It's official, though it is illegitimate. Joe Biden and Kamala Harris were sworn in by Chief Justice John Roberts as president and vice president of the United States.
Being that Justice Roberts is a compromised individual incapable of rendering sound judgements and the Biden/Harris ticket won the 2016 presidential election only by using underhanded, illegal, fraudulent means, this presidency is wholly illegitimate. In other words, about half the people who voted in the election - and plenty more who didn't bother to vote - believe it was a fraud, the votes cast for the various candidates were never audited or verified, and the legislatures which sent the electors to the electoral college were blindsided with phony voting records. The US Senate, which is full of scoundrels, thieves, liars, grifters, and common crooks verified the bogus slates of electors not because they believed them to be true but because doing so was expedient towards covering up a boatload of crimes against humanity and the American people who they are sworn to represent, but don't.
All of this has been well established in the alternative media, since the mainstream media issues only propaganda and chooses to cover only stories which are palatable to their chosen narrative. The courts - full of judges who can easily be bought off, threatened, or otherwise compelled to render rulings favorable to a chosen side - failed to do their duty to render justice without prejudice, so they're likewise disqualified on any and all moral arguments in terms of fairness, knowledge of facts, equity, or law.
Now that it's understood that within the federal government exists a dazzling amount of deceit and corruption, making sense of the new administration's policies and how to deal with them in a fashion beneficial not to them, but to individuals, corporations, trusts, and estates which will be affected can be fleshed out in a logical manner.
The overall thrust of the Biden administration's economic policies will be more favorable to the government than to the people. Those policies which are not favorable to individuals may, to a large extent, be favorable to huge, uncontrolled, publicly-held corporations, many of which are listed on the major US stock exchanges.
It should be noted that the term "publicly-held corporation" is somewhat of a misnomer, as shares of these corporations are not widely held by the at-large public, but by financial firms, banks, insurance companies, mutual funds, ETFs, and other investment vehicles which are the playthings of extremely wealthy (billionaires) individuals who are mostly shielded by shell corporations designed to evade or inhibit taxation.
There is overwhelming evidence that legacy legislation - that which has been on the "books" for years, decades, or longer - has been, as suits its needs, altered, molded, revised, and otherwise distorted to benefit mainly the government or its friendly conspirators. This is easily recognizable by the volumes of legislation, laws, rules, regulations, codes, and citations routinely churned out by congress and agencies operating under it or the executive branch.
The US income tax code (Title 26) under which the IRS operates is nearly 17,000 pages long and contains an estimated 5.5 million words. It would take an average reader, reading non-stop, 24 hours a day, more than 16 days to read the entire monstrosity. Understanding it would take orders of magnitude longer, so it would take an individual somewhere around a year to have a comprehensive understanding. Since doing anything 24 hours a day for a year is impossible, even reading the document, taking notes and understanding it all, working on it a mere eight hours a day, would comprise the better part of three years and during that time, congress and various agencies would have added, changed or annotated much of it. The complete US tax code is more than 90,000 pages long. Comprehending all of it would take 20 years or longer.
Basically, it's hopeless, but one still cannot argue ignorance of the law as a defense for not paying your taxes properly.
Biden's team, with plenty of help from congress, is sure to raise taxes on individuals in a manner which the ordinary working man or woman cannot escape. This is well known and yet another rationale that the general public did not vote for them as doing so would constitute illogical acts in opposition to self-interest. The people who will be hurt the most by Biden's tax hikes will be the middle class, those earning between $20,000 and $150,000 a year, with most of the damage occurring at the upper end of that range. Currently, there are seven tax brackets. Biden's people may want to decrease that down to five, because of science or fairness or some other lame excuse. What they're likely to do is jack up the lower end (currently 12% for people earning between roughly $10,000 and $40,000) to 15 or 18% and then combine the next two brackets ($40,000 to $185,000) into one, at 27 to 30 percent, and after that, everybody pays 34 to 40%.
Yes, it's going to be wonderful for the government until they realize the level of straight-up, honest compliance will slip considerably. More people will cheat, hide income, or just refuse. There's likely to be so many people refusing to pay taxes that the IRS won't be able to keep up with the non-filers, late filers or tax protesters.
Never mind that no matter how much revenue the government receives in taxes it will never be enough to satisfy their voracious appetite for other people's money. The Biden administration, along with congress, will likely manage to make the fiscal 2020 budget deficit of $3.1 trillion look like child's play.
The 2021 deficit is already approaching $600 billion in just the first three months of the fiscal year and that figure does not include the $900 billion recently approved by congress in December's COVID relief bill. President Quid Pro Joe has proposed another $1.9 trillion stimulus package, so once congress gets back to work - ostensibly around or after the Super Bowl (Feb. 7) or the State of the Union (SOTU) speech (Feb 2 or 9) - expect the budget deficit to at least double just on one piece of legislation.
Some good news here is that the SOTU speech is expected to be one of the shortest ever, given that aging Joe Biden can't stand upright for more than maybe 30 minutes. There's also a good chance that he might just skip it, being that he's so new to the job.
Small businesses, those that remain following the repeated lockdowns and other enterprise-killing restrictions imposed as remedies to the hated (but still non-lethal) coronavirus, will be taxed and regulated to death. Hardest hit will be LLCs, only because they are the most popular form of business entity, but upcoming tax legislation will also negatively affect sole proprietors, partnerships, and small corporations, whether they be C or S or professional corporations. Non-profits are likely to be hoovered up into the corporate tax nightmare because they traditionally have been afforded many loopholes and the Biden administration purportedly can't have that. You may give $100 to a charity, but at least $20 to $40 of it will go to he government by the time Biden's team is done.
Any other federal tax that can be raised, will be. That means gasoline tax, FCC tax on cell phones and all those other taxes hidden in your utility bills, insurance policies, cable bills, and so forth will all go up anywhere from 10 to 30 percent.
Expect all the various federal, state (let's not forget them), and local taxes to eat up a good 45 to 65% of an individual's income, depending on state and city of residence. After the income taxes, hidden taxes and fees, state sales taxes and property taxes will take another huge chunk.
At the top of the heap are the big corporations, to which Biden has raised a middle finger, promising to raise corporate tax rates to 28%. Naturally, there will be various loopholes and exemptions for favored entities. Any company claiming to be "green" or "LGBTQ" will get breaks. The rest will get bricks.
And let's not forget that it was Joe Biden who originally helped create legislation to tax seniors via Social Security, and then later to increase that tax. Even though he's a senior citizen himself, Joe doesn't actually like old people, other than as tax slaves. Joe's only interest is in fattening his own wallet, and that's best accomplished by taking it from you.
On the bright side, Biden's nominee for Treasury Secretary is former Federal Reserve Chair, Janet Yellen. In addition to loose bowels, Yellen offered loose monetary policy during her stint at the Fed and promises to fulfill her role as chief destroyer of the value of the US dollar with the most dovish fiscal policy in the history of government. She's already advised the president and congress to "go big" on the stimulus package and she recently spooked the markets with talk of 50-year treasury bonds. If Yellen lasts more than a year on the job, she'll be lobbying for UBI (Universal Basic Income) and digital currency (FedCoin) along with negative interest rates.
Janet Yellen will be an absolute disaster for the US in terms of fiscal policy. Nobody will want to buy US bonds. The Fed will own them all, which, actually, could be the plan anyway.
So, overall, the federal government is going to take a wrecking ball to the US economy while at the same time skimming as much as possible from income producers and wage earners.
Advice? Good luck.
Anybody who gets a regular paycheck is completely screwed. The money comes right out of your paycheck before you even see it.
Own a business? Close it. Thinking of starting a business? Either go all cash or get a frontal lobotomy because you're insane. Investors should also be on the lookout for falling stock prices. They're at record levels already and the Biden administration is out to destroy every aspect of financial prosperity in America, though, admittedly, the stock market may offer some vestige of relief because that’s where the oligarchs play.
Anybody with the welfare of themselves and/or their family would do well to move to a "red" state with low taxes, out of cities and away from population centers greater than 50,000. Escaping to another country may be a preferred route should one have the ability.
Times up here. Gotta go.
At the Close, Wednesday, January 20, 2021:
Dow: 31,188.38, +257.86 (+0.83%)
NASDAQ: 13,457.25, +260.07 (+1.97%)
S&P 500: 3,851.85, +52.94 (+1.39%)
NYSE: 15,097.28, +109.94 (+0.73%)
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