By Cristina Laila
Biden is quietly taking money out of people’s paychecks with his inflation tax.
Bloomberg: Your paycheck is now worth 3.1 percent less than last year thanks to Biden’s inflation tax pic.twitter.com/coxeAFZi7O
— Tom Elliott (@tomselliott) May 28, 2021
Biden proposed a $6 trillion budget for 2022 after spending trillions of dollars on Marxist pet projects and redistribution of wealth schemes.
Joe Biden repeatedly claims he will not be raising taxes on people making under $400,000 a year, but he is quietly taxing the poor and lower middle class through inflation.
If only this could be suffered exclusively by supporters of the idiot Biden. We could be having economic growth and health now, but nooooooooooooooooo.
“What has been will be again, what has been done will be done again; there is nothing new under the sun.” (Ecclesiastes 1:9)
Shades of the WONDERFUL years of the Carter administration. I was active duty Air Force in the 4 years that President Peanut was in the WH and, despite annual cost-of-living pay increases, by the time Reagan was sworn in I (and everyone else serving) had lost 25% purchasing power! That’s right. At the end of those 4 years my pay had effectively been CUT by a quarter. And it is already happening all over again. In January a haircut cost me roughly the same as 6 gallons of gasoline for my automobile. Now the same haircut only costs me 5 gallons of gas. No, the price of haircuts hasn’t gone down. Gas has gone up that much since Dopey Joe and Kameltoe took office! I filled up yesterday with just under half a tank showing. Cost me over $30 and my car does NOT have a huge tank.
Democrats! Crudding things up for over a century!
Thats the way is is with the Democrats Inflation and Highe Taxes Proving you should never vote for anyone supported by the M.S. Media
to better understand what his mythic, paranormal tax is, the following is offered :
Inflation tax is not an actual legal tax paid to a government; instead “inflation tax” refers to the penalty for holding cash at a time of high inflation. When the government prints more money or reduces interest rates, it floods the market with cash, which raises inflation in the long run. If an investor is holding securities, real estate or other assets, the effect of inflation may be negligible. If a person is holding cash, though, this cash is worth less after inflation has risen. The degree of decrease in the value of cash is termed the inflation tax for the way it punishes people who hold assets in cash, which tend to be lower- and middle-class wage earners.
Thus, the lower and middle class gets SCEWED AGAIN. Trump tried to save the lower and middle class as a businessman, pedophile joey and his handlers, racist rice and gay muslim terrorist obama, have no idea of who made America.
Enjoy the weekend.