Federal income tax generates less than 50 percent of all federal revenue combined. Where then does the other 50 plus percent of federal revenue come from?
We all know the answers, but few are willing to expose the hidden taxes that the overwhelming majority at the bottom and the middle pay to the federal government.
What are some of the hidden taxes that the masses in middle and the poor must pay?
Sin tax
Gas tax
Federal payroll tax
Utility tax
Lotto tax
Import tariffs
There are many others, but ill save the “best” and the most pernicious tax for last. This stealth tax destroys the poor and the middle class, because they bear the brunt of it.
Lest I forget, we can’t forget about the sales tax which falls on the majority of the populace which includes both the poor and the middle class. As the poor and the middle purchase goods and services on trillions of transactions the nation’s tax coffers are filled.
Also worth remembering; while federal income taxes are avoided by the poor, State and City taxes may still be collected.
So, what is this silent deadly tax you ask?
Anyone that knows how the Federal Reserve works, knows exactly what this hidden tax is, and who it affects the most.
The inflation tax!
The poor pay an unconscionable percentage of their incomes on too many flat taxes, which include sales, gas, import and inflation. If you look at the entire picture, it’s no wonder why this forces the government to refund a small amount of that money back in the form of a refund.
To argue that the federal income tax that is paid by wealthiest Americans is worse, or less fair than the inflation tax that is paid by the poor, and the middle is a piece of dung.
Simple math.
Do 99% of the US population purchase and consume more than the top 1%? If so, who bears the brunt of the inflation and consumption taxes?
There is no contest on which class of American pays a larger percentage of their income on taxes, and which class of American has been able to enrich themselves because of minuscule tax rates.
An important fact to remember is that most of the top 10% aren't rich.
One could make an argument that only the top 1% to 2% are affluent but the other 8% fall into the lower middle class strata. Once the remaining 8% lose 60% of their incomes to taxes while the rest goes to living expenses- whats left? The bottom 8% of the top 10% that pay federal income tax are probably just a handful of paychecks away from financial devastation.
As far as sin taxes go.
While it is true that sin and the lotto taxes can be avoided, the fact remains that the lotto has generated over 100billion over the past decade for education.
If the lotto did not exist, that money that is voluntarily given would have to be taken (taxed) from all of our pockets.
The lotto has also generated tens of billions in federal income over that same decade in taxed winnings.
Please, do the math and do not dismiss what i have written so quickly.
Federal income tax only accounts for 45% of all federal revenue. Where does the rest come from? Part of that remaining 55% is mostly hidden, and it doesn't include inflation. The remaining 55% of federal income is paid for in part by poor, and middle class Americans when they purchase goods and services on a daily basis.
Inflation is a hidden tax that isn't reported as federal revenue, so it isn't as easy to ascertain what the rate is and who it affects the most.
Inflation isn't easy to understand at first, but it is one of the most egregious and draconian of taxes once you wrap your head around what it does to the purchasing power of our dollars.
Commodity inflation without wage inflation is what this country has had to endure for the past decade. Inflation has destroyed the middle class and has murdered the poor.
Examine over multiple years and you will find non existent wage growth, compare that to the CPI index, price out what gas, food have done over the same time span.
When was the last time they gave a cost of living increase to Social Security recipients?
The government has borrowed money from the FED and dumped it all over the world. A large part of our debt went to the richest bankers but all US citizens have to pay for that monetary creation in the form of a diluted anemic dollar.
Do you homework on inflation, the poor and the middle class pay dearly for it. The poor pay more in total taxes than the rich do. They pay more in total revenue and in total percentage.
Next time someone tells you that the poor pay no tax and the rich pay 50% of all federal income taxes- yell at them and tell them the truth!
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