Author Isaac Davis through Wake times,
Shortly before the global outbreak of Coronavirus, serious signs of a new financial crisis began to appear. When people began to realize that another central bank designed by the “bust” had hit us, we were isolated by closing millions of businesses and sending millions of people to the unemployment line.
Now, after a few months, we are beginning to understand how deep the economic consequences will be, and Americans are trying to adapt their lifestyle to a completely new world order. However, at the top of the food chain is the government. City, county, state and federal.
In the midst of such a strange and terrible socio-economic crisis, the tax worker is also suffering. Tax revenues at all levels of government have fallen sharper than ever before, and this pain is especially acute for city budgets, which are faced with a sharp decline in sales tax revenues. While American citizens are experiencing a sharp drop in income, so is Uncle Sam and all his bureaucratic agencies.
Take a look at some numbers.
For states such as Texas, Alaska, and New Mexico that rely on oil revenues to balance their budgets, a financial blow will be a double blow.
While Americans are demanding to figure out how to make ends meet in their own households, the government is also trying to figure out how to balance budgets, and the reality is that once these emergency accounting measures really begin to be implemented, Americans are not going to like it a bit .
The question for mayors and governors will be, “How much money can we extract from people without causing extreme poverty and without causing mass uprisings?”
The answer, of course, is taxes. First of all, it is property taxes, because this is the only thing that people still pay, being locked at home and not able to shop.
Take into account:
“There is no choice but to significantly increase property taxes,” he said. “Measured as a percentage, it will be on the order of 20 percent to be sure.”[[[[Source]
Dallas, Texas, is considering a proposed 8% increase in property taxes and is forced to look for a loophole that allows them to ignore state laws that prevent them from raising taxes by more than 3.5%.[[[[Source]
Expecting a deficit of $ 700 million, the mayor of Chicago Lightfoot said real estate tax increases are “on the table.”[[[[Source]
California considers partial change Offer 13, which would allow the government to evaluate commercial real estate differently, creating an increase in tax revenues without actually increasing the real estate tax rate.[[[[Source]
Other initiatives include Arizona, where taxes will be raised on income in excess of US $ 250,000 to increase teacher salaries; Colorado, which targets corporations with at least $ 151 million in taxes to finance extracurricular education; and North Carolina, which will issue bonds in the amount of $ 1.9 billion in part to pay for school improvements. “[[[[Source]
New York puts forward the idea of raising taxes for wealthier people.[[[[Source]
An unknown tax increase is expected in New Jersey as the governor plans to borrow billions of dollars to cover budget gaps.[[[[Source]
CNBC reports that many states across the country will consider tax increases in many areas, including corporate income taxes, online purchases, excise taxes and sales taxes, property taxes and gross receipts.[[[[Source]
As we move forward in this deepening crisis, we will see how it all works; but for definitely mr and mrs americaeven if you did not create fraud in the financial system, and even if you were forced to close your business, you will now be used as tax cattle to pay for this giant fusterclack.