Did you know that 57% of Americans did NOT pay income tax in 2021?
Yup. You might be one of the lucky few. 😉
Most people don’t pay income tax.
If 57% of Americans didn’t pay any income tax in 2021, that means that they’re either living in poverty or they’re really having fun with those tax loopholes.
In the end, TAX IS THEFT.
At one point in American history, maaaaaybe it was spent morally. But right now, ask any American if they’re happy with government spending and it becomes clear at how unhappy citizens are with their government’s leadership.
Most of our taxes aren’t spent properly.
Some believe that our governments steal from the people. Of course, there are no repercussions for the holy politicians.
If any normal citizen were to steal money, he or she would go to jail. Laws don’t apply to governments though, unfortunately.
Why should we pay taxes if the government prints money whenever they feel like it?
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Americans Are Worried About Their Financial Futures
33% of Americans are worried about their financial futures.
The number seems kind of low, considering that 45% of Americans have no money in their savings.
Clearly, they don’t have their priorities in order, or maybe they just take a lot of Xanax to numb their worries.
It just doesn’t add up. If 45% of Americans have nothing in their savings and an additional 24% have less than $1000 in their savings, that means 69% of Americans have between $0 and $1000 in their savings.
America is one of the most consumerist nations in the world. We spend and spend and spend… Even if we don’t have the funds.
And thanks to the credit card companies, we can! It’s a blessing and a curse.
For most, it’s a curse.
Recent data reveals that 60% of credit card holders have not paid their balances for over a year now.
This is a major increase from 2021 when the rate was at only 10%.
According to creditcards.com, 40% of these Americans say they’ve had their credit card debt for at least two years, 28% for at least three years, and 19% for at least five years. An additional 8% said they don’t know how long they’ve been in credit card debt.
We have a financial crisis.
So many people are struggling financially. It’s bad in America, but worse in many other nations around the globe.
Some have recognized the issue and are pushing the idea of universal basic income. Klaus Schwab’s World Economic Forum is a proponent of the concept. 😉
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What Is Universal Basic Income (UBI)?
According to Investopedia, Universal basic income (UBI) is a government program in which every adult citizen receives a set amount of money regularly.
The goals of a basic income system are to alleviate poverty and replace other need-based social programs that potentially require greater bureaucratic involvement.
Supposedly, the idea of universal basic income has “gained momentum” in the U.S. as automation increasingly replaces workers in manufacturing and other sectors of the economy.
Andrew Yang, a Democratic candidate for president inn the 2020 American Presidential election made universal basic income a key pillar of his 2020 campaign.
Yang proposed a plan which would give every American adult $1,000 per month from the federal government.
Andrew Yang was a guest on the PBD Podcast
Watch the interview with Patrick Bet-David, Adam Sosnick, and Tom Ellsworth.
The concept of Universal Basic Income has been around for centuries, according to Investopedia.
Thomas More, a 16th century English philosopher and statesman mentions the idea in his most popular book, Utopia.
Thomas Paine, an American political activist and author of the book “Common Sense,” which encouraged a the American Revolution, proposed a tax plan in which revenues would provide a stream of government income “to every person, rich or poor.”
Even the legendary Martin Luther King, Jr., proposed “guaranteed income” in his book Where Do We Go from Here: Chaos or Community? published in 1967.
While the federal government provides financial support for low-income Americans through the earned income tax credit (EIC), Temporary Assistance for Needy Families (TANF), and other programs, a system of universal income has never taken hold in the United States.
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