The US government is rolling in dough!
US tax receipts have surged this year. Through August, the US Treasury had collected over $4.4 trillion in revenue for fiscal 2022 with one month left to go. That was already 10% higher than receipts in 2021. The US government took in $303.73 billion in August alone. That was up 23% from August 2021.
The so-called “Inflation Reduction Act” is another Washington DC lie. It won’t do anything to reduce inflation. In fact, it will do the exact opposite. Instead, they should have named it the “Liberty Reduction Act,” because that’s what 87,000 new IRS agents funded by this spending bill will do.
Yes, the tax man cometh. And he won’t just be coming for billionaires.
We get a lot of Orwellian spin out of Washington D.C. A recession isn’t a recession, Putin’s price hikes caused inflation, and now we’re told a massive spending bill will cure inflation.
Last weekend, the Senate gave final approval to the so-called “Inflation Reduction Act.” Despite the catchy title, it is nothing but a tax-and-spend bill. The pundit class insists this will not only cool inflation but will also lower the budget deficit. This is a pipe dream. As Ron Paul explains, the bill will not only increase inflation, it will also increase government spending and taxes.
Virginia and Alabama both extended their sales tax exemptions on precious metal bullion this year, relieving some of the tax burdens on investors, and taking a step toward treating gold and silver as money instead of as commodities.
The Fed faces a real conundrum. Bond yields continue to rise. The only thing that can stop it is a central bank pivot back to rate cuts and quantitative easing. But the Fed needs to raise rates and shrink its balance sheet to fight inflation. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about the bond market and Fed’s conundrum. He also goes on a little rant about taxes.
Monday was tax day.
I don’t know about you, but my wallet is lighter. As always, I had to write a big check. But I took solace in the fact that I’m helping create a more civilized society!
Several states are considering bills to repeal the sales tax on precious metal bullion during the 2022 legislative session. Passage into law would relieve some of the tax burdens on investors, and would also take a step toward treating gold and silver as money instead of as commodities.
(October 1, 2021) – Beginning today, you will no longer have to pay sales tax when you buy gold and silver in the state of Ohio.
Last summer, Ohio Gov. Mike DeWine signed a bill into law that exempts gold and silver bullion and coins from sales tax. This will not only relieve some of the tax burdens on investors in the state; it will also take a step toward treating gold and silver as money instead of as commodities.
Ohio Gov. Mike DeWine recently signed a bill into law exempting gold and silver bullion and coins from sales tax. This will not only relieve some of the tax burdens on investors in the state; it will also take a step toward treating gold and silver as money instead of as commodities.
Monday is tax day. That means I have to send a big check to my overlords – a sacrifice to the gods of government if you will.
Of course, sacrifice to the gods is nothing new.
