Watched Biden on TV the other day. A lot of happy talk about taxes. The Democrats want to pass some $4-5 TRILLION dollars of welfare spending and get away with calling it Corona virus relief. Even the Democrats fear that just printing that much new money might crash the US currency. Right now the US greenback is respected all over the world. If you have greenbacks you can spend ‘em and buy stuff anywhere. The US has never reneged on its debts. The greenback is accepted worldwide because the Americans have plenty of stuff to sell, at reasonable prices. But if we print too many new greenbacks, people might get the idea that since there are so many greenbacks floating around that each one is worth less. Once that idea gets around people will stop accepting greenbacks and the US currency is crashed. Nobody, not even Democrats, wants to risk that. So Biden was talking about this little tax hike here and that little tax hike there would be enough to raise $4-5 TRILLION. Somehow I had trouble believing these stories. I am thinking that raising $4-5 TRILLION of new tax revenue is going to crash the economy and raise my taxes a lot. And I don’t make anything near the $400K tax hike floor that the Biden people keep talking about.
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