Radiance3 wrote:
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Where are they going to get the money since California is bankrupt?
This will end up against all taxpayers to pay. Biden demands $6.8 trillion for 2024. And will raise taxes of $4.7 trillion.
Massive spending is one of the causes of our inflation and bankrupt economy. Now banks are failing due to Biden's economic policies.
Taxing the rich and corporations deteriorates the economy further.
Freedom and capitalism undertaken by the rich and corporations are the engine of our economy.
Productions thru hard work, innovations, wisdom and knowledge, and our advanced technology are the producers of wealth. That is how the US became the most powerful and riches country in the world for 247 years.
At present the opposite is happening. Biden has been destroying this country since he came in in 2021. And he is doing it further, thru continued massive expansions of spending, laziness, and making people stupid thru CRT, and WOKE. We are about losing this country so fast.
What happens when the producers of wealth are taxed so high that their overhead costs expand more than the revenue?
Here are the adversities that happen. Businesses close or lay off employees. In addition, with lesser productions, and more consumptions, inflation goes higher.
Employees who used to be employed and paid taxes to the IRS, SS, and Medicare, become dependent to the government that Joe Biden support thru handouts. Biden feels power doing this.
Results, our National Debts go higher, Inflation goes higher, Medicare and Social Security get bankrupt further.
Now some banks are closing. There were 3 of them that closed. I hope this is not a repeat of the 2008-2009 financial crisis.
Why do banks closed? When taxes are raised so high, borrowing costs get higher. Some people could not afford paying their home or business loans. Banks are the losers. Employees are laid off. Constructions slow down. Unemployment rises, and demands slow down, then recession happens.
================= br i Where are they going to ... (
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I dont think this idiocy is going to pass.. People are NOT that stupud!!