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Why Taxing the Rich Will Lead to Unintended Consequences That Will Persecute the Poor and Middle Class

Written by Jeff Siegel
Posted September 16, 2021

Three of the dumbest words to ever make the rounds on social media are...

"Tax the rich!"

Oh, how ironic it is that social justice warriors and vengeful layabouts love to tell us how everything would be better if we would just tax the rich.

Yes, let’s demonize the job creators in an effort to find a false sense of economic justice.

It’s just so absurd.

Especially when you consider that while they’re all vilifying the rich, the government is quietly siphoning the limited wealth that’s held by most middle-class and economically disadvantaged Americans. Make no mistake: The government always goes after the “regular people” first.

Don’t believe it?

Well, consider President Biden’s latest proposal to require financial institutions to report deposits and withdrawals of all business and personal accounts with balances of more than $600 to the IRS.

That's crazy!

When I was 15 and working at Burger King, I had a balance of more than $600 in my bank account. Under these rules, I would’ve been vulnerable to this kind of government overreach.

Let that sink in.

Especially if you think it’s only rich folks’ money that the government wants to collect.

This isn’t something being done in an effort to get the rich to pay their fair share of what really amounts to a mob tribute (i.e., taxation is theft). It’s being done in an effort to ensure that no one — poor or rich — can hide from the government's bullying eye.

Don’t get me wrong.

The fact that billionaires can skirt the rules while most Americans living paycheck to paycheck will never have that ability is certainly economic injustice. But make no mistake: If you seek to instigate economic justice by relying on the government to be the enforcer, you’re basically signing a deal with the devil.

Truth is, if you really want economic justice without it being mandated by the heavy hand of government, you really have to support cryptocurrency.

Let me explain...

The Big Government Hustle

While cryptocurrencies continue to be used primarily as trading mechanisms, the basic fundamental reason for adopting cryptocurrencies has little to do with trading at all.

Instead, it’s more about providing a democratized platform on which anyone can safely conduct financial transactions without middlemen and without the government scrutinizing your personal financial accounts and robbing you of your hard-earned money.

Let’s face it: Requiring financial institutions to report amounts as small as $600 is not an attack on the rich but an attack on all of us.

The government is not an altruistic organization designed to protect you from harm. It's a system designed to control and bully you. And there’s no greater evidence of this than a sitting president calling for banks to rat you out if you move $600 from your savings account to your checking account.

Of course, as investors, this definitely presents an opportunity to take full advantage of any number of cryptocurrency opportunities.

Some of my favorites are the picks and shovels of the crypto community, which will only become more valuable as the government continues to attempt to control every financial move we make.

I particularly like this company that’s providing some of these crypto picks and shovels while also complying with some of Biden’s new environmental policies.

Then there are the lesser-known cryptocurrencies that, quite frankly, just give you more bang for your buck compared with Bitcoin or Ethereum. There are six in particular that I’m very bullish on right now. You can check those out here.

No matter how you slice it, when the government is charged with the responsibility of going after the rich, it’ll always be the middle class and the poor who get screwed over the most. So you might as well look for a way to profit from what is undoubtedly just one more Big Government hustle.

Click here to get started.

To a new way of life and a new generation of wealth...

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Jeff Siegel

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Jeff is the founder and managing editor of Green Chip Stocks, a private investment community that capitalizes on opportunities in alternative energy, organic food markets, legal cannabis, and socially responsible investing. He has been a featured guest on Fox, CNBC, and Bloomberg Asia, and is the author of the best-selling book, Investing in Renewable Energy: Making Money on Green Chip Stocks. For more on Jeff, go to his editor's page.

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