You Are a Tax Target

Taxing the rich is always a precursor to taxing the rest of us more too. Here's how "you will own nothing and be happy".

You Are a Tax Target
Photo by The New York Public Library / Unsplash

Earlier this week, the hapless US President proposed a new tax that should have us all shaking in our boots.

Not because we are US citizens or one of the billionaires at whom the tax is targeted.

We should be worried because taxes, when initially targeted at few, are copied by other governments and usually trickle down to the rest of us.

That's how our Commonwealth income tax was introduced. It was to be temporary and only levelled at the very wealthy.

In 1915, income tax was introduced by Labor's Mr Billy Hughes, then Attorney General under Prime Minister Fisher.

He said:

“That additional revenue is necessary to meet the great and growing liabilities created by the war is amply apparent, and the Government has decided that this can be best raised by an income tax. … I have always regarded this form of direct taxation as peculiarly appropriate to the circumstances of a moderate community; … not only an effective means for raising money for the conduct of government, but serving as an instrument of social reform.”

W Elliot Johnson MP presciently observed that “there is all too much reason to believe that this taxation will not end with the war.”

Biden's proposal is to levy a minimum tax of 20% including on unrealised capital gains held by very wealthy people.

Most people sucked into the 'fairness' doctrine would probably cheer this on.

Unfortunately, such a proposal would crash the stock market and cause capital to flee the United States.

That's not the biggest problem though.

While initially targeted at the super rich, eventually the tax would hit the rest of us.

It would essentially destroy the ability of working men and women to save and invest for the future.

Even owning a home with such a tax system would be nigh impossible. Imagine having to find a chunk of money to pay unrealised capital gains annually while never being credited money back in the event of a fall in capital value.

It's a one way street to personal poverty and enriching of government.

That's not to say all would be impacted equally. I'd hazard a guess that huge financial managers (like Blackrock) would be exempt from such a tax under the guise of holding 'community oriented assets' or some such ruse.

It truly would be the embodiment of the World Economic Forum's dream that "you will own nothing and be happy."

Make no mistake. There are huge forces at work targeting more power and influence over your life. They want to control your behaviour through your finances using digital money and making cash a thing of the past.

To those who dismiss this as simply another conspiracy theory, may I remind you that it's all there, hiding in plain site.

You just need to be willing to see it and apply logic to understand the implications.

Governments never act in the interests of the people. It is always about power over the people and gaining re-election.

They are now caught in a debt trap of their own making and will introduce increasingly desperate measures to delay the day of reckoning.

The warning signs are clear and now it's a matter of preparing yourself and your family as best you can.

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