Federal tax receipts plus median household income after tax and inflation – before and after C19
From here:
Federal government current tax receipts (W006RC1Q027SBEA) | FRED | St. Louis Fed (stlouisfed.org)
We have this chart.
The Federal tax take before and after C19 is up 50%.
I won’t detail spending, because it includes all the effects of the omnibus bills passed during C19 itself. Although 10-20% of trillions of spending is waste and corruption, it lergely gets spent back in the economy – less that siphoned off to South America and Nigerian princes of course.
In any event, high taxes and profligate, uncontrollable and unaccountable spending is a sign of a low quality country – also known as a “banana republic”. No surprises there – a “kakistocracy”.
The increase in taxation directly reduces the economic well-being of the entire country and, because it is imposed by a corrupt executive, it is theft.
To better illustrate the differences between Obama, Trump and Biden eras, as far a their impact on after tax and after inflation MEDIAN household income, we have this approximation from here:
Prior to Obama’s first term in office, 2008, MEDIAN after inflation household income was around 63,000 bucks. When he left office it was around 67,000 bucks (actually very close to 66,666 bucks, odd number that). Plus 4,000 bucks over 8 years – around 500 bucks up per year or ten bucks a week per household.
The year before C19, after inflation, after tax MEDIAN household income under Trump had leapt to around 72,800 bucks, for an increase of 5,800 bucks per annum in just 3 years. Around 1,900 bucks a year or over 36 bucks a week and more than three times what Obama managed.
Since 2020, after tax and after inflation median household income has declined and been distorted by C19. Inflation has run rampant and taxes are up, a lot – as can be seen by the top chart above.
So, no matter how much people vote to be better off, there is a giant sucking sound coming from somewhere. Remember those earning less than 75,000 bucks pay any tax NET of benefits.
Earn under $75,000? You may pay zero in federal income taxes for 2021 (cnbc.com)
Makes you wonder if the maxim “no taxation without representation” should be inverted to “no representation without taxation”!!!
Feel free to correct any of the numbers extracted from the Fed charts – very hard for me to see.
Onwards
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Typo alert: “Prior yo Ibama’s first yerm in office”
Made me laugh 😂