California vs. Sweden who pays more in Taxes?
Surprise surprise when comparing certain states to others Californians pay more than Sweden according to Peter Schiff
Peter Schiff does an incredible job once again of shattering the American Dream with his knowledge of Economics and History. In this episode the myth that American is a low tax haven and the Europeans are paying way more that America in taxes, is totally laid to rest as he breaks down the math and does the comparison between California and Sweden.
It illustrates a point, but if you remove California and insert Texas where there is no State Income Tax, then the comparison goes in favor of America. Nevertheless, it is worth remembering History and do s a self check in on your Economic Health as a nation. Is America better off in the 1960s or now in 2022?
The rest of the episode deals with;
U.S. stock markets rally.
Home builder sentiment will go from new highs to new lows.
Elon Musk dumps Bitcoin.
Taxes in California are higher than Sweden.
American standard of living has declined since the 1960’s.
So let's take a look at how the marginal income tax rates in California compare to the socialist Sweden. Well, the top federal tax rate is 37%. But then you got to add that 3.9% Obamacare, which pretty much applies to everything now. So you're talking about just over 40% federal, but California adds 13.3% on top. And remember, you can't deduct any of that 13.3% From your federal income tax, so you have to just add it right on top.
And so if you add the federal and state income tax burdens together, the top income tax bracket in California is 54.2%. That's 2.2 percentage points higher than it is in Sweden, because they don't have a state income tax in Sweden, they just have the national income tax. So people living in the People's Republic of California, they are paying higher marginal taxes than the people who are living in Sweden.
Peter Schiff
A cold shower in July of 2022 for the American Dream. We are facing a new world, for which most are ill prepared or if even aware at all of what is to come. No Empire lasts for ever, they Rise and Fall and we on the tail end of a very prosperous run.
America for more than 50 years bought everything for FREE, yes Free as in free. How? By using Monopoly Money called Federal Reserve Notes aka USD as in US Dollars. The only cost to pass these fakes notes around was the cost of the paper and the cost of the military to enforce that rule.
The Treasury managed the printing press as in photocopier where America printed her Monopoly Notes and used it to buy the world and became a Superpower. Since there was no Gold to back the US Dollar since 1971, then the only thing backing it was Saudi Oil which has now been reduced to a fist bump with a President that has Covid-19 and is taking AIDS medication to battle the virus.
That is what we mean when we say America has had a 51 year old FREE run on the world, and this hit parade is about to come crashing down as America transitions into a BiPolar or MultiPolar Superpower World. Guess which side the Saudis are trying to join? You guessed it, the BRICS side as in not the NATO side. MBS is in talks with Commander Putin of Russia.
If the Saudis are no longer backing the US Dollar then what is keeping the US Dollar alive and what then is backing it at that moment other than Hot Air?
Consider it like a Sobering Cup of fresh black Coffee after your worst hangover.
Endure till the End and take Care of Yourself. Remember on planes they always tell you put the mask on first, before helping others. Therefore, Take Care of Yourself First and then do what is in your control, and then leave the rest to the universe to solve.
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Until we meet again.
For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places. Ephesians 6:12
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