Welcome to Extreme Investor Network, where we provide unique and valuable insights into the world of economics. Today, we are diving into the alarming rise of the US deficit and the government’s controversial solution to tackle it.
Recent reports have revealed that the US deficit has reached the third-highest on record, exceeding $1.83 trillion. Shockingly, the government’s response to this deficit spike includes plans to collect $2 trillion in unpaid taxes from citizens. Treasury Secretary Janet Yellen has expressed little concern about the widening deficit, as the Internal Revenue Service will be tasked with hunting down taxpayers to close the gap.
A closer look at the situation unveils a troubling pattern – the middle class is the main group being audited by the IRS, despite popular beliefs that major corporations and billionaires are the primary targets. This approach raises ethical concerns and hints at a desperate government seeking funds through its citizens.
Furthermore, the Inflation Reduction Act, which was touted as a measure to combat inflation and support Americans, is revealed to be a front for pushing climate change initiatives that ultimately serve as a pretext for collecting more taxes and exerting control over the population. The IRS Commissioner himself has lauded the Act for providing resources to target high-income individuals, partnerships, and corporations in the pursuit of revenue.
This relentless pursuit of taxation extends even to those who have paid their taxes, with the IRS finding ways to penalize both overpayment and underpayment. The Treasury’s claim of recovering $1.3 billion in taxes from the “wealthy” only scratches the surface of the broader issue of taxation squeezing the average American.
As the focus shifts towards higher earners, there is a looming threat of a tax on realized gains that could impact every individual, regardless of their income bracket. With inflation outpacing GDP and the specter of stagflation looming, the need for strategic investment in private and tangible assets becomes increasingly evident.
At Extreme Investor Network, we recognize the importance of understanding these economic dynamics and navigating the evolving landscape of taxation and government policies. Stay informed, stay ahead, and join us in exploring the intricate world of economics with a fresh perspective.