Unintended Consequences of New Proposed Taxes

I'm specifically talking about new proposed taxes such as the new proposed Wealth Tax, By-the-Mile Tax and Increasing Corporate Taxes.

This is the 2nd video I've made for the Paradise Lost Financial youtube channel (here's the 1st if you missed it, focused on the Economic Timebomb of the $4.515 Trillion "COVID Relief" Packages: www.youtube.com...).

This time, we analyze unintended consequences of such proposed taxes, as well as the major hypocrisy we are witnessing by lawmakers (per usual), such as the White House terminating staffers for use of cannabis (even though Kamala Harris can joke about her own past use on interviews, and others like Bush, Clinton, Obama admitted to the same), Elizabeth Warren who has an estimated net worth of $12 million proposing additional wealth taxes for households worth $50 million and above (how convenient!), etc.

Also how a low of these "temporary" or "emergency" government programs such as Quantitative Easing become permanent programs, and proposed taxes such as the Federal Income Tax typically start out by applying to a small percentage of the population before being expanded as government gets bigger/more wasteful.

On a related note, the Federal Income Tax was initially supposed to "soak the rich" in 1913, now we all pay it.

Lastly, we analyze how the powers that be continue to layer on new taxes, on top of existing taxes, and hurting those in poverty and the middle class more than anyone else (and the indirect price increases as a result of things like increasing the corporate tax rate).

One quick anecdote - I pay taxes on my income, then I pay taxes for my driver's license, registration, inspection, gas taxes every time I buy gas, sales tax on the vehicle itself and now they want to tax mileage as well. Another example, they are proposing taxes on the purchase or sale of stocks, in addition to the capital gains tax on any profits you make when you go to sell (and again, my income I used to buy those stocks was already taxed before I could even deposit it into my brokerage account).

I'm hoping that over time I can build up a library of content and even do shorter mini-clips that are purely educational (focused on personal finance & economics). The podcast is more educational but these types of current events/topics tend to come up in the podcast episodes as well, but videos in general seem more appealing to the general public. These 1st 2 videos were more focused on current events and the big picture of self-enriching lawmakers who are putting all of our financial security at risk with their decisions.

Closing statement, as I mentioned on my previous thread about the $4.3 billion in "COVID cash" going to illegal immigrants, again Happy Sunday to my ATS friends and I can't wait to wake up early tomorrow and go to work as I continue paying more and more in taxes while the millionaire lawmakers continue to waste our valuable resources, get us into trillions of more debt, debase our currency and then blame the wreckage on capitalism SMH

At least I can keep a bit of a sense of humor about it.. and this hopefully this content helps ignite more public discourse and awareness of the precarious situation Americans are currently in.

Reminder - each US taxpayer owes $225,000 due to our current $28.1 trillion national debt

Here's "Unintended Consequences" (under 15-minutes this time):


Links to stories/references mentioned:

Elizabeth Warren fuels class warfare with new wealth redistribution ideas:
www.msn.com...

Warren Buffett and Bill Gates agree that the rich should pay higher taxes:
www.cnbc.com...

The Income Tax in 1913: A Way to ‘Soak the Rich’:
www.pbs.org...

Five staffers let go over marijuana use, White House says:
www.nbcnews.com...

Top 10% of Earners Pay Over 70% of Income Taxes:
www.ntu.org...

Millions of illegal immigrants set to get $4.38 billion in Biden COVID cash:
www.msn.com...

A By-the-Mile Tax on Driving Gains Steam as a Way to Fund U.S. Roads:
www.msn.com...

Like the video. I think I am your first 2 views.
If you keep it up, and get more information out there, you will flourish.

Problem is, as soon as the US gov't realized the potential gain from income tax in the early 1920's, they soon made everyone pay 1%. Soon after, subsequent increases made them rich beyond any country in the world.

Keep it up man.

a reply to: havok

Thanks for giving it a chance, the production quality and content will get better over time but for now I'm learning as I go.

You are spot on about the income tax - the problem in general is the government will continue to move the goal posts like that and at this point in the US the government has grown so large that it's almost like a beast that needs to keep growing in order to keep up with the pace of WASTE and economic issues the lawmakers THEMSELVES are responsible for creating.

Then they "propose" solutions that make the problems worse, and make them and their buddies more powerful and more wealthy.

^ That description might help give others an idea of why I am so passionate about economics, economics seem (to me) to be one of the most important topics for all citizens, and a reckless government in power makes me want to understand the intersection of politics & economics even more so in order to try to maintain my standard of living and persevere...

a reply to: FamCore

Well presented.

The only critique I would have is your use of the phrase "unintended consequences."

All of their actions since installing the Federal Reserve Act have been quite intentional.

The complete transfer of all actual wealth from the citizenry to themselves.

a reply to: Lumenari

It's true, the Fed knows exactly what they are doing.

I wish I had elaborated on the bigger picture about how "the path to hell is always paved with good intentions" and how the voters & supporters of these policies are causing unintended consequences

Thanks for the input, that's super helpful.

Another thing I forgot to mention in the OP was how Bill Gates & Warren Buffet both claim "the rich should pay more in taxes" but then they hire the best tax experts & attorneys, and likely have offshore bank accounts they don't disclose on their taxes in order to minimize their tax burden. A fitting parallel for the disingenuous talking points of politicians who propose certain taxes/regulations/etc.

originally posted by: FamCore
a reply to: Lumenari

It's true, the Fed knows exactly what they are doing.

I wish I had elaborated on the bigger picture about how "the path to hell is always paved with good intentions" and how the voters & supporters of these policies are causing unintended consequences

Thanks for the input, that's super helpful.

Another thing I forgot to mention in the OP was how Bill Gates & Warren Buffet both claim "the rich should pay more in taxes" but then they hire the best tax experts & attorneys, and likely have offshore bank accounts they don't disclose on their taxes in order to minimize their tax burden. A fitting parallel for the disingenuous talking points of politicians who propose certain taxes/regulations/etc.

You can’t blame a guy for playing by the rules. The firm I use charges good money to help me save on taxes.

a reply to: Nickn3

No, you can't. But that's exactly what the "woke" crowd said about Trump not paying much in taxes, and my point was that Gates/Warren Buffet are disingenuous about saying the rich should pay more in taxes since they personally pay as little as possible and are not voluntarily writing extra checks to the IRS

originally posted by: FamCore
a reply to: Nickn3

No, you can't. But that's exactly what the "woke" crowd said about Trump not paying much in taxes, and my point was that Gates/Warren Buffet are disingenuous about saying the rich should pay more in taxes since they personally pay as little as possible and are not voluntarily writing extra checks to the IRS

If memory serves...

Warren Buffet dropped the line about "my secretary pays more taxes than I do" while at the same time had a bunch of lawyers working with the IRS to get him out of paying 2 Billion in back taxes...

Government right now wanting to raise taxes of any kind right after a devastating economic lockdowns is the most criminal, negligent reckless, and asinine thing that could happen right now, but these seem to be Joe Biden and whoever else behind him egging on this country wrecking theme they got goin'. Joe

a reply to: NoCorruptionAllowed

I 100% agree - the central planners & lawmakers are taking credit for "saving everyone" even though they're the ones who destroyed our economy and as the dumbed-down masses cheered on stimmy checks and false promises, people like myself and many others said Day #1 that they would go and raise taxes significantly later on in order to pay for this crap.

And now here we are...

UNintended?

Really, you think these consequences are UNintended?

Bless your silly little heart!

a reply to: incoserv

I mentioned in a previous reply that I should have tried to better explain where that title is coming from... MOST of my peers think that things like higher taxes, canceling student debt, universal basic income, etc. are all great and do not realize the unintended [economic & social] consequences of supporting these lawmakers & policies

And a lot of these lawmakers aren't bright enough to even realize the long-term economic consequences of many of the things they propose (they don't even understand basic economics in general, if you haven't noticed lol)

originally posted by: Nickn3

originally posted by: FamCore
a reply to: Lumenari

It's true, the Fed knows exactly what they are doing.

I wish I had elaborated on the bigger picture about how "the path to hell is always paved with good intentions" and how the voters & supporters of these policies are causing unintended consequences

Thanks for the input, that's super helpful.

Another thing I forgot to mention in the OP was how Bill Gates & Warren Buffet both claim "the rich should pay more in taxes" but then they hire the best tax experts & attorneys, and likely have offshore bank accounts they don't disclose on their taxes in order to minimize their tax burden. A fitting parallel for the disingenuous talking points of politicians who propose certain taxes/regulations/etc.

You can’t blame a guy for playing by the rules. The firm I use charges good money to help me save on taxes.

You can if they help make the rules.
Dontcha think?

originally posted by: GraffikPleasure

originally posted by: Nickn3

originally posted by: FamCore
a reply to: Lumenari

It's true, the Fed knows exactly what they are doing.

I wish I had elaborated on the bigger picture about how "the path to hell is always paved with good intentions" and how the voters & supporters of these policies are causing unintended consequences

Thanks for the input, that's super helpful.

Another thing I forgot to mention in the OP was how Bill Gates & Warren Buffet both claim "the rich should pay more in taxes" but then they hire the best tax experts & attorneys, and likely have offshore bank accounts they don't disclose on their taxes in order to minimize their tax burden. A fitting parallel for the disingenuous talking points of politicians who propose certain taxes/regulations/etc.

You can’t blame a guy for playing by the rules. The firm I use charges good money to help me save on taxes.

You can if they help make the rules.
Dontcha think?

a reply to: FamCore

After each Democrat presidency, MAGA is needed again...

They are simply trying to keep everyone poor and beholden to them. Even if you by some miracle manage to make a lot of money just one year. They intend to confiscate it with the wealth tax before you ever become financially independent.

And if you aren't approved by the election theft leaders you will have your wealth given to some fellow creep. You will be forced to work at no longer existing slave labor jobs. As they flood in illegals for low wages. Pretty disgusting if you ask me.

Not to mention the fact that you actually lower revenue by increasing taxes too much. As they take bribes.

You buy a used car off a friend and you will repay sales tax when you register it. We are paying taxes over and over from the same pot of money for the same item. I pay 30%+ of my pay in one tax or another, might be closer to 50%...

a reply to: Xtrozero

Yes, exactly. We are paying taxes on money that's already had taxes taken out of it multiple times! Between all of the taxes & fees we end up paying the same tax on the same "item" or issue several times over and the government and our "representatives" then go waste it/give out no-bid contracts to their buddies to get each other rich while making the rest of us all poorer (and continuing to add on more taxes).

It's unsustainable! Something must give...