Many Americans have paid or will be paying their taxes by the end of the day today, but may be surprised at how different things are this year. Are Americans paying more? Have Democratic policies taken their toll on the average wallet?
“The government makes promises and spends your money long before it asks you to pay up,” says Richard Stern, Senior Policy Analyst for Budget Policies at the Heritage Foundation.
In the last 14 months, the Biden administration has given away trillions of dollars and offered tax breaks to a lot of people, but that generosity is coming back to bite.
“The left billed all those tax credits as free money they were giving to people, but it wasn’t free money at all,” says Stern.
In addition to the increase in taxes owed, the inflation America faces can also be attributed to the Biden administration making its money back. Under the Trump Administration, there was an emphasis on the free market, and according to Stern, Biden and his party are working from the other end of the spectrum.
“[Biden’s administration] spent other people’s money. The government can’t create wealth. All the government can do is sloppily pick it up, take it from somebody, and redistribute,” says Stern. “For every dollar that the government redistributes like that, two or three dollars of the production of real goods and services get destroyed.”
Richard Stern joins Marc Cox to talk his article on Tax Day 2022 and the results of the Biden Administration’s free money.
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