Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By John Rolls (Reporter)
Contributor profile | More stories
Story Views
Now:
Last Hour:
Last 24 Hours:
Total:

Major Tax Increases Are About to Slam America as Cities & States Want You to Pay for Covid Fallout

% of readers think this story is Fact. Add your two cents.


This article was written by Isaac Davis and originally published at Waking Times / Alt-Market

Just prior to the global Coronavirus outbreak, serious signs of an emerging financial crisis began to emerge. As people were beginning to realize that yet another central bank engineered ‘bust’ was coming down on us, we were thrown into lockdown, shuttering millions of businesses and sending millions of people to the unemployment line.

Now, a few months later, we are starting to realize just how deep the economic fallout will be, and Americans are scrambling to adjust their lifestyles to a totally new world order. At the top of the food chain, though, is government. City, county, state and federal.

In the midst of such a bizarre and frightful socioeconomic crisis, the tax man is hurting too. Tax revenues at all levels of government have plummeted like never before, and the pain is especially acute for city budgets who’ve seen sales tax revenue nosedive. While the American citizenry is seeing a drastic drop in income, so is Uncle Sam and all of his bureaucratic agencies.


***Support BeforeItsNews By Trying HerbAnomic Natural Health Building Products Including Humic & Fulvic Liquid Trace Mineral Complex, Immusist Beverage Concentrate & UltraCur Bio-Available Curcumin! Click Here For More Information & To Order!***


Take a look at some of the numbers.

For states like Texas, Alaska and New Mexico which depend on oil revenue to balance their budgets, the financial hit will be a double whammy.

Alaska is projecting an $815 million decline in revenues in the coming fiscal year, and New Mexico could see a $1.5 to $2 billion drop. [Source]

While Americans clamor to figure out how to make ends meet in their own households, so too is government trying to figure out how to balance budgets, and the reality is that once these emergency accounting measures really begin to sink in, Americans aren’t going to like it one bit.

The question for mayors and governors will be, ‘how much money can we extract from the people without causing extreme poverty and triggering widespread revolt?’

The answer, of course, is taxes. Primarily property taxes, because that’s the one thing people are still paying while locked down at home and unable to shop.

Take note:

  • Nashville Mayor John Cooper is openly proposing raising property taxes by 32% in order to correct an estimated $250 million budget shortfall.

“There is no choice but to have a significant increase in property taxes,” he said. “Measured in a percent, it’s going to be on the order of more than 20 percent to be sure.” [Source]

  • Dallas, TX is looking at a proposed 8% increase in property taxes, and is having to work a loophole that allows them to ignore state law which would prevent them from raising taxes more than 3.5%. [Source]
  • Expecting a $700 million shortfall, Chicago’s Mayor Lightfoot has said that a property tax increase is ‘on the table.’ [Source]
  • California is considering a partial reversal of Proposition 13, which would allow government to assess commercial properties differently, creating an increase in property tax revenue without actually increasing the property tax rate. [Source]
  • Other initiatives include “Arizona, where taxes would be raised on incomes above $250,000 to boost teacher salaries; Colorado, which is targeting corporations for at least $151 million in taxes to fund out-of-school learning; and North Carolina, which would issue bonds worth $1.9 billion in part to pay for school capital improvements.” [Source]
  • New York is pitching the idea of tax increases for wealthier people. [Source]
  • New Jersey is expected to see an unknown increase in taxes as the governor moves to borrow billions of dollars to cover budget gaps. [Source]
  • CNBC reports that many states across the nation will be looking at tax increases in many areas, including corporate income taxes, online purchases, excise and sales taxes, property taxes, and gross receipts taxes. [Source]

As we move forward in this deepening crisis, we shall see how all of this works out; but for to be sure, Mr. and Mrs. America, even though you didn’t create the fraud in the financial system, and even though you were forced to close down your business, you will now be used as tax cattle to pay for this giant fustercluck.

With global tensions spiking, thousands of Americans are moving their IRA or 401(k) into an IRA backed by physical gold. Now, thanks to a little-known IRS Tax Law, you can too. Learn how with a free info kit on gold from Birch Gold Group. It reveals how physical precious metals can protect your savings, and how to open a Gold IRA. Click here to get your free Info Kit on Gold.

http://alt-market.com/index.php/articles/4270-major-tax-increases-are-about-to-slam-america-as-cities-and-states-want-you-to-pay-for-covid-fallout


***Support BeforeItsNews By Trying HerbAnomic Natural Health Building Products Including Humic & Fulvic Liquid Trace Mineral Complex, Immusist Beverage Concentrate & UltraCur Bio-Available Curcumin! Click Here For More Information & To Order!***



Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com

Order by Phone at 888-809-8385 or online at https://www.herbanomic.com


Get our Free Ebook, "Suppressed Health Secrets"  with  Natural Cures THEY don't want you to know!

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Organic Hemp Extract (CBD) - Full Spectrum high CBD (3300mg) hemp extract eases stiff joints, relieves stress and more!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse
Loading...
Loading...

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Total 3 comments
  • Slimey

    They want to raise taxes but don’t want to reduce government. No, that has to be maintained at YOUR expense. it’s always us the middle class that everybody lives off of.

    From the Needygroes, to the ‘elite, and every overlard in government. :twisted:

    • raburgeson

      Slimey, you are smarter than that. The middle class just had the last straw loaded on their backs. The money they just finished printing polished off the middle class. ( Printing being some kind of nightmare-ish joke.) Wait till the inflation hits. They already charged everyone, admitting they added 3 trillion. We don’t know the actual figure. We had better not see the prices or the taxes go up. The economic war has a wide front and a lot of it has been directed against the people of the Republic. Trump is sitting there letting them tighten their own noose. He could have stopped this with a veto but, prefers that we discover what we need to know and sees his chance to get rid of the central banks forever. I think that is very patriotic, hope you come to the same decision. The perps need to pay economic war reparations and we need to get them into an honest court of law.

  • raburgeson

    Always their hand out! This time is different, the people expect them to pay for all the damage including the lost jobs and lost infrastructure.

MOST RECENT
Load more ...

SignUp

Login

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.