’Take from the Rich, Give to the Poor’—Biden’s Tax Plan; America’s Dangerous Housing Bubble

They called it the $1.9 trillion “stimulus deal,” the “relief bill, the “rescue package;” yet only 9% of it actually goes towards stimulating the economy. And now it’s time to start ‘paying the pied piper.’ Biden’s tax plan seems aimed at the wealthy—bumping up the income tax on $400,000 plus earners and expanding estate tax. But will the effect ripple onto lower-earning Americans?

Where is the remaining 91% of the $1.9 trillion “stimulus deal” landing, you might ask. Well, there’s the ‘gender-equality’ spending, there’s the bailing out of such heavily-indebted cities as Los Angeles and San Francisco; then $4 billion for New York’s transit system—to name just a few allocations that appear completely removed from “stimulating the economy.”

Despite mass numbers of people not working due to the pandemic, and people leaving big cities like New York to live in the suburbs, America is in the midst of a housing boom. In some places, prices have risen by as much as a third in just the space of a year. We look at some of the factors driving this, and why the “prosperity” could be on borrowed time.

#ReliefBill #HousingBubble #BidenTaxPlan

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’Take from the Rich, Give to the Poor’—Biden’s Tax Plan; America’s Dangerous Housing Bubble

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