{"id":74381,"date":"2022-03-29T05:02:58","date_gmt":"2022-03-29T13:02:58","guid":{"rendered":"https:\/\/www.cogwriter.com\/news\/?p=74381"},"modified":"2022-03-29T12:30:44","modified_gmt":"2022-03-29T20:30:44","slug":"biden-pitches-largest-tax-hike-in-history-as-part-of-5-8t-budget-request","status":"publish","type":"post","link":"https:\/\/www.cogwriter.com\/news\/prophecy\/biden-pitches-largest-tax-hike-in-history-as-part-of-5-8t-budget-request\/","title":{"rendered":"‘Biden pitches largest tax hike in history as part of $5.8T budget request’"},"content":{"rendered":"

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COGwriter<\/a><\/p>\n

The official USA debt is expected to continue to rise:<\/p>\n

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Biden pitches largest tax hike in history as part of $5.8T budget request<\/h2>\n

March 29, 2022<\/p>\n

President Biden<\/u><\/a> made a renewed push on Monday to galvanize congressional Democrats to overhaul the nation’s tax<\/u><\/a>\u00a0code and dramatically raise rates on corporations and ultra-wealthy Americans.<\/p><\/blockquote>\n

The president laid out the tax hikes as part of his $5.8 trillion budget blueprint for federal spending in fiscal 2023, which begins in October. Under his proposal, taxes would rise by $2.5 trillion, marking the largest increase in history in dollar terms. The deficit would be $1.15 trillion. …<\/p><\/blockquote>\n

Because many of the ultra-rich derive their vast wealth from the soaring value of assets like stock and property \u2013 which are not considered to be taxable income unless that individual sells \u2013 they are able to legally store their fortunes and reduce their tax liability. Under current law, a gain is only taxed if and when the owner sells the asset. https:\/\/www.foxbusiness.com\/politics\/biden-tax-hike-budget-request<\/a><\/p><\/blockquote>\n

So, even if taxes are raised as proposed, the USA debt is expected to rise by over one trillion dollars.<\/p>\n

Furthermore, notice that the definition of income is planned to change so that non- realized income is also taxed. That is wrong on so many levels.<\/p>\n

That being said, increasing debt–which is what Joe Biden proposes–is inflationary.<\/picture>\nRising inflation, as well as increasing debt, during the Biden-Harris Administration was warned about in my book <\/picture>Biden-Harris: Prophecies and Destruction<\/a> as follows:<\/picture>\n

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Debt is a prophesied problem (cf. Habakkuk 2:6-8). But many in the media as well as politically-inclined economists do not see it that way\u2014but that is too short sighted (cf. Ecclesiastes 8:11).<\/span><\/span><\/p>\n

The time will come when the U.S.A. government will no longer be able to borrow at low interest rates and\/or it will create more money electronically and\/or via the printing press to try to continue. <\/span><\/p>\n

Make no mistake about it — massive inflation is coming. <\/span><\/p>\n

The U.S.A. dollar will ultimately crash and be worthless. That \u201cpride\u201d of American power will be broken (cf. Leviticus 26:19). <\/span><\/p>\n

A Biden-Harris Administration has asserted it will take debt raising steps.<\/span> …<\/p>\n

Let us also consider that there is a prophecy in Habakkuk, written about 2600 years ago, about debt which is preceded by the following:<\/p>\n

2<\/sup> Then the Lord answered me and said:<\/p>\n

Write the vision And make it plain on tablets, That he may run who reads it. (Habakkuk 2:2)<\/p>\n

The Bible says that the \u2018debt prophecy\u2019 to be revealed later in Habakkuk 2 is so significant that those who read it should run\u2014essentially that they should take steps because the results will be horrific. Joe Biden and many other American politicians have not run away from increasing U.S.A. debt\u2014that will be to the nation\u2019s peril.<\/p>\n

The Bible warns about something that will happen to a heavily indebted nation. Notice what the Hebrew seer Habakkuk wrote over 2,600 years ago:<\/p>\n

3<\/sup> For the vision is yet for an appointed time<\/strong>; But at the end<\/strong> it will speak, and it will not lie. Though it tarries, wait for it; Because it will surely come<\/strong>, It will not tarry … 5<\/sup> Indeed, because he transgresses by wine, He is a proud man \u2026 6 <\/sup>\u201cWill not all these take up a proverb against him, And a taunting riddle against him, and say, \u2018Woe to him who increases What is not his\u2014how long? And to him who loads himself with many pledges\u2019? 7 <\/sup>Will not your creditors rise up suddenly?<\/strong> Will they not awaken who oppress you? And you will become their booty. <\/strong>8<\/sup> Because you have plundered many nations, All the remnant of the people shall plunder you\u2026 <\/strong>(Habakkuk 2:2-3,6\u20138). …<\/p>\n

Notice that what is to happen is so bad, that people who read the prophecy should run, when it is time for it to be fulfilled. Since that prophecy is to be fulfilled at the appointed time of the end, it is still for the future, but perhaps not too far distant in the future. No nation has ever been in as much total debt as the U.S.A. …<\/p>\n

European leaders have been working for years to establish a new reserve currency for the world, partially with the intent to remove the U.S. dollar from its position as the world\u2019s primary reserve currency.<\/span> …<\/p>\n

The Bible clearly warns against cheapening the money supply and encourages having money hold its value (Proverbs 25:4 Isaiah 1:25, Ezekiel 22:18-22). Yet policies enacted under the Obama and Trump Administrations, following certain other administrations, have ignored these warnings.<\/p>\n

No nation in the history of humankind has ever accumulated as much debt as the United States of America (because the U.K. may have close to the highest amount of per capita debt {Conway E. Britain showing signs of heading towards 1930s-style depression, says Bank. Telegraph, March 16, 2009 },its fate would be similar). Destruction is coming.<\/p>\n

However, the relationship between debt accumulation and prophesied destruction remains unapparent to many. Because there is a time lag, many ignore that there will be real consequences (cf. Ecclesiastes 8:11; Habakkuk 2:3,6-8). Yet, these increases of debt are utterly dangerous.<\/p>\n

When the time comes that the Federal Reserve is no longer able to keep interest rates artificially low, the U.S.A. will continue past the point of no return. That will become one of the final factors that will cause creditors to rise up and destroy the U.S.A. …<\/p>\n

Inflation will eventually hit the U.S.A. extremely hard. As the world becomes less attached to the American dollar, many financial jobs and opportunities will be in places other than the U.S.A. Eventually, but not yet, the U.S.A. dollar will become worthless (worth no more than the scrap or sentimental value of the cotton-paper it is printed on).<\/p>\n

Will it always be straight downhill for the economy of the U.S.A.?<\/p>\n

No.<\/p>\n

There are some reasons to have some temporary optimism. (Thiel B. Biden-Harris: Prophecies and Destruction<\/a>. Nazarene Books, 2021)<\/p><\/blockquote>\n

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We have already seen the Biden-Harris Administration increase official USA government debt.<\/p>\n

Here is the latest debt data as well as the amount of debt the day before the Biden-Harris Administration took office:<\/p>\n

$30,310,461,979,697.08 03\/35\/2022<\/p>\n

$27,752,835,868,445.35 01\/19\/2021<\/p>\n

https:\/\/fiscaldata.treasury.gov\/datasets\/debt-to-the-penny\/debt-to-the-penny<\/p><\/blockquote>\n

In slightly over one year, a debt increase of over $2.5 trillion dollars!<\/p>\n

Increasing debt increases inflation, and instead of decreasing debt, the Biden-Harris Administration wants to increase it more.<\/p>\n

Sanctions also contribute to inflation.<\/p>\n

Notice also:<\/p>\n

March 29, 2022<\/p>\n

The U.S., EU and other allies plan further sanctions against Russian supply chains and economic sectors that play a key role in the war in Ukraine, U.S. Deputy Treasury Secretary Wally Adeyemo said. …<\/p>\n

He said the international system that enabled the sanctions against Russia and Belarus needs strengthening, adding that governments needed to finalize the global minimum corporate tax agreement and tackle food insecurity linked to disrupted supplies …<\/p>\n

Unilateral sanctions should be avoided, he added, in order to protect the efficacy of the economic measures, which must be tied to clear policy objectives and could be \u201creversed\u201d when allies conclude Russia\u2019s \u201cbehavior has changed.\u201d<\/p>\n

Adeyemo will travel to Brussels later Tuesday, where he is set to announce a \u201csanctions dialogue\u201d with senior EU officials. https:\/\/www.politico.eu\/article\/western-allies-sanction-russia-sectors-us-treasury-official-adeyemo\/<\/a><\/p><\/blockquote>\n

As I have warned repeatedly, there is a cost to USA sanctions (e.g. watch US Sanctions and Tariffs leading to New World Order?<\/a>). Both the Trump and Biden Administrations have imposed sanctions.\u00a0This is leading many nations to try to get around them and using the USA dollar.<\/p>\n

As far as sanctions costs go, Joe Biden\u00a0 admitted they would raise food prices.<\/p>\n

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Pres. Biden warns that food shortages are \u201cgoing to be real,\u201d saying the U.S. is working with European partners to end trade limitations on sending food abroad to help alleviate supply issues caused by Russian sanctions. https:\/\/t.co\/GPN1kQDMMj<\/a> pic.twitter.com\/0nuN0LMfve<\/a><\/p>\n

\u2014 ABC News Politics (@ABCPolitics) March 24, 2022<\/a><\/p><\/blockquote>\n