STOP SPENDING MONEY | Why The Middle Class Is Screwed

The YouTube Creator Academy:

THE MIDDLE CLASS SAVINGS AND INVESTMENT ACT.

This new bill has the SOLE PURPOSE of basically getting you to spend less money:

To start, it would CHANGE THE TAX RATES for Long Term Capital Gains.
Under this NEW proposal - this amount would be AMENDED, with a 0% long term capital gains tax on joint returns making less than $165,000 per year, or - for single filers making under $82,000 per year. This means that - for a SIGNIFICANT PORTION of the population - they would pay NO TAXES, WHATSOEVER, on investment income earned within the stock market, or real estate…and, would provide a MAJOR INCENTIVE to invest more money…rather than spend it.

Second, this bill would also allow the FIRST $300 - $600 you make in INTEREST INCOME be completely tax free, depending if you’re single or filing jointly.

Three, for my WEALTHIER viewers out there, it would also modify the NET INVESTMENT TAX, which - as of right now - applies a 3.8% surtax to investment income if you make more than $200,000 to $250,000 per year…depending on if you file single, or jointly.

And FINALLY…FOURTH…we have the “enhancement of the savers credit.”
As it stands now, the “Savers Credit” gives low and middle income Americans up to $1000 who contribute to their retirement account…and, with this new proposal…that amount would be increased to $2500, with the income limitations expanded so that more people can qualify.

PRACTICALLY, though, I’m not quite sure how these proposals would help reduce inflation. The way I see it, this only would only help those who HAVE the disposable income to invest … and, for everyone else, yes - tax credits would absolutely make a difference - but, would it result in lower food and oil prices? Probably not.

That’s why, I think it sounds like a REASONABLE proposal that would help a LOT of people…but, not for the purpose of bringing down inflation….unfortunately, that’s likely going to need a lot more sustained effort, long term…and, I wouldn’t be surprised if tax rates are negotiated, at a LATER TIME, as they’re currently set to expire at the end of 2025.

My ENTIRE Camera and Recording Equipment:

[stephaniestella]

The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse is near.

[freeestyleobsessed]

I’m 40 and I remember hearing about the middle class getting squeezed for about 36 years of my life. The poor stay poor, the rich get richer and the middle class gets squeezed, not much has changed in 36 years

[asparceproton]

Anyone who has taken Economics 101 can tell you increasing government spending and reducing taxes will only increase inflation.

[colehalford]

It’s like everything screws you so you might as well stay home and binge watch anything and everything, but then that has consequences too. “Oh Boy!”

[KniFz]

I feel like paying people to have more kids is a dumb idea.

[ronburgundy]

They didn't mess up they did this on purpose they want a 2 tier system rich and poor... the middle class starts at 100k now

[stevenjohnson]

Let’s fight inflation by doing more of what caused it 🤡

[jakehensler]

Things cost more but people aren’t making more money yet somehow they are over-consuming and are buying too much! Makes sense.

[suzannemcgregor]

After I pay for my groceries it takes a few hours to get past the panic.

[kkanthny]

here's the thing. WHAT ABOUT THE POOR PEOPLE! middle class could just stop spending so much money on STUPID STUFF!! the POOR DONT EVEN HAVE MONEY FOR

[nairsheasterling]

It's almost like bailouts to large corporations and forgiving their debt and cutting taxes on those who hold 90 percent of the wealth is stupid.

That's where most of the Covid relief went, btw.

[Marthyboy]

It's almost as if:

raising interest rates
inflation
housing price jumps
supply chain issues
10% tax increase for $40-80k income households
insane gas price hikes

is just a bit much for families living well within their means before all of this!

[trevordoeseverything]

My wife and I just got married graduated college and can’t utilize any of these bills. Me make just enough to not qualify for anything….

[coszec]

Honestly keep on focusing on building yourself and your business. Never settle.

[matchachachoco]

I had a shopping spree when they first reopened the store, well if you live in California you know what I talk about. I bought everything almost 80% off and this year I don't buy anything because they go back to regular price or even higher. I have been stop spending money non-essential item since Christmas.

[DankTankStudios]

I just bought a $7 loaf of bread today... I don't feel so good

[BoostAndRedline]

“If you had invested $100, 000 back in 1922, then today you would” be dead 💀

[berlinglasgow]

Don't have kids to save money, yet you can only get saved money if you have kids. crazy

[Eldestwolf]

Time to hunker down middle class, save where you can, invest what you can afford, and when this blows over maintain your new habits and live within your means and create a future through investing! As always wonderful video Graham!

[tomzphone]

"Most American's are taking second jobs". Odd, that would mean we wouldn't have shortage of works and companies not complaining that they can't find anyone to work. Every industry is complaining that they are short. from airlines to restaurants.