Biden's Biggest Blunder

Biden’s plan to increase taxes and government spending is very similar to FDR’s failed ‘New Deal’, which ended up hurting millions of poor people. Eight years after it began, unemployment only went from 18% to 14%, but the propagandists claim it was a success.

“New Deal taxes were major job destroyers during the 1930s, prolonging unemployment that averaged 17%. Higher business taxes meant that employers had less money for growth and jobs.”

“Other New Deal programs destroyed jobs, too. For example, the National Industrial Recovery Act (1933) cut back production and forced wages above market levels, making it more expensive for employers to hire people — blacks alone were estimated to have lost some 500,000 jobs because of the National Industrial Recovery Act.”

Not that FDR cared. This was the same president who ignored his wife's requests, and refused to denounce the lynching of Blacks in the South, and put Japanese Americans in concentration camps over the objections of J. Edgar Hoover.

“The National Labor Relations Act (1935) gave unions monopoly bargaining power in workplaces and led to violent strikes and compulsory unionization of mass production industries. Unions secured above‐ market wages, triggering big layoffs and helping to usher in the depression of 1938.”

"New Deal taxes were major job destroyers during the 1930s, prolonging unemployment that averaged 17%."

“On April 27, 1942, he signed an executive order taxing all personal income above $25,000 [rich back then] at 100 percent. "

Quote: Tanko

“On April 27, 1942, he signed an executive order taxing all personal income above $25,000 [rich back then] at 100 percent. "

Because of this insane tax law actor Lou Costello of Abbott and Costello later in the 1940s lost everything. Because he had a crooked accountant he ended up owing the IRS more taxes than he could afford to pay so they took his house and everything in it, his cars, they even took the diamond ring off his wife's finger right in front of him. They essentially made him homeless. They can no longer do that, all they can do is put a lien on your residence. The government cannot make you homeless.

Quote: Tanko

Biden’s plan to increase taxes and government spending

Yawn
President Manchin wont allow it

Quote: Evenbob

They can no longer do that, all they can do is put a lien on your residence. The government cannot make you homeless.

Actually, my understanding is that the IRS can and sometimes do force the sale of a tax debtor's primary residence, but it's "last resort" and can only happen after a court hearing, which the debtor has the right to contest.

Quote: missedhervee

Actually, my understanding is that the IRS can and sometimes do force the sale of a tax debtor's primary residence, but it's "last resort" and can only happen after a court hearing, which the debtor has the right to contest.

"While the IRS has the right to seize a wide variety of assets and sources of income, it cannot legally lay claim to others especially those that you and your family need to survive on a daily basis. ... Seizing these assets would leave you and your family homeless and without a way to earn an income."

see: https://www.nolo.com/legal-encyclopedia/tax-bill-irs-faq.html#answer-1742913


Q: Can the IRS take my house if I owe back taxes?

A: Yes, but the Taxpayer's Bill of Rights discourages the IRS from seizing primary residences. Also, the IRS doesn't like the negative publicity generated when it takes a home. Furthermore, IRS collectors cannot decide on their own to seize your home. The IRS must first get a court order, which you can contest.

Nevertheless, if the IRS collection division has tried -- and failed -- to get any cooperation from you (for example, if you have not answered correspondence or returned phone calls, lied about your income, or hidden your assets), the IRS may go after your residence as a last resort.

Quote: missedhervee

A: Yes, but

Kinda says it all. Never seen it happen, even to
rich people. If they make you homeless you can
sue the living crap out of them. Thanks to
FDR in the forties and fifties they could take every
last thing you owned, even the clothes off your back.

One of my golfing buddies is a Collector for the IRS. He said the if you answer his calls and address the mailed correspondence he rarely puts liens on bank accounts. He said if you ignore him every account that he can find will be depleted. until your debt is paid.

Quote: Evenbob

If they make you homeless you can
sue the living crap out of them.

Nonsense.

Oh, any tax payor whose home was seized might be able to sue, but they'll lose.

You see, before seizure they have the option to contest the seizure; if they lose and don't successfully appeal it's "Bye-bye, house."

Quote: Evenbob

Thanks to
FDR in the forties and fifties they could take every
last thing you owned....

He also seized all the gold, so the government could print more money.

"The government of Franklin D Roosevelt seized all gold bullion and coins via Executive Order 6102, forcing citizens to sell at well below market rates. Immediately after the “confiscation”, the government set a new official rate for gold that was much higher as part of the Gold Reserve Act 1934."

It was not until 1974 that gold ownership was finally legalized in the US.