Killing Jobs and Raising The Cost Of Living – Day Two

Killing Jobs and Raising The Cost Of Living – Day Two by Rory for The Daily Coin

We explained how on Day One #NotMyPresidentElectbiden is planning on closing the XL Pipeline coming-out of Canada to make delivery of oil easier and cheaper, while at the same time creating hundreds, if not thousands, of good paying jobs. Well, that wasn’t good enough, now the attack turns towards taxes and small businesses.

Trending: Killing Jobs and Raising The Cost Of Living – Day One

Biden’s proposed tax increase would hit the wealthy, whom he defines as those making over $400,000 per year. By national standards, $400,000 is a big paycheck, one that only 1.8% of taxpayers earn. But by big-city standards, it’s not all that much of a salary.

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Further complicating the uncertainty facing small businesses is Biden’s proposal to increase the national minimum wage to $15 an hour. It’s contained in his proposed emergency $1.9 trillion rescue package.

A 2018 Congressional Budget Office report found that increasing the national minimum wage would have long term negative effects, saying, “1.3 million workers who would otherwise be employed would be jobless in an average week in 2025.” Source

The “Fight for $15” is a job killer. Cities that have implemented this policy have lost thousands and thousands of jobs across the spectrum of the labor landscape. In some industries, and individual companies, simply doesn’t make fiscal sense.

The report also estimated that there are about 5,000 fewer low-wage jobs in the city than there would have been without the law. Source

#NotMyPresidentElectbiden has already said that he planned on “roll back” all of President Trumps tax cuts. This will immediately remove almost $1,500 annually from my personal cash flow. Someone making a lot more than myself will be hit a lot harder. The $400,000 threshold is something completely different.

“I’m going to get rid of the bulk of Trump’s $2 trillion tax cuts, and a lot of you may not like that, but I’m going to close loopholes like capital gains and stepped-up basis,” Biden said, according to a pool report of the virtual fundraiser. Source

With the first of many migrant caravans already on the move to our southern border, how many more jobs will be transferred from American citizens to border jumpers? What impact will this have on the tax base in our communities? My guess is, this will be devastating to  most communities with services cut across the board combined with skyrocketing local and state taxes. Which begs the question – how long before states begin putting up their on border walls and reject any and all border jumpers and H1B visa implants?

 

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The Daily Coin

Rory Hall, The Daily Coin and Gospel News Network. Beginning in 1987 Rory has written over 1,400 articles and produced more than 500 videos on topics ranging from the precious metals market, economic and monetary policies, preparedness as well as geopolitical events. His articles have been published by Zerohedge, SHTFPlan, Sprott Money, GoldSilver, Gold Seek, SGTReport, and a great many more. Rory was a producer and daily contributor at SGTReport between 2012 and 2014. He has interviewed experts such as Dr. Paul Craig Roberts, Dr. Marc Faber, Eric Sprott, Dr. Warren Coates and Peter Schiff, to name but a few. Don't forget to visit The Daily Coin and Gospel News Network to enjoy some of the best economic, precious metals, geopolitical and preparedness news from around the world.