by Martin Armstrong, Armstrong Economics:
Welcome to the real world, kids! A recent poll by Cash App Taxes have found 1 in 4 Gen X Americans (born between 1997 and 2012) believe they need therapy after filing taxes this year. Yes, 25% of that demographic needs psychological help after learning about taxation.
Now, this generation was simply unprepared for the harsh truth about taxation. The study found that 62% of first-time filers did not know how to obtain their W-2 or 1099 forms. The study also found that many believed cypto, where around 55% of Gen Z investors have a stake, was off the radar and were surprised to find out that tax forms were required on those investments.
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A lot of these kids reached voting age before they were required to pay taxes as some parents handle everything to the disadvantage of their adult children. Schools simply do not teach students about taxes. You are taxes on your sales, purchases, savings, income, etc. etc. The idea of this liberal Utopia where we all live freely in peace and harmony without consideration for money is a fairytale.
This phenomenon of the liberal dream bursting has been well recorded throughout history.
“Anyone who is not a republican at twenty casts doubt on the generosity of his soul; but he who, after thirty years, perseveres, casts doubt on the soundness of his mind,” Jules Claretie once wrote. In 1927, King Oscar II of Sweden stated, “A man who has not been a socialist before 25 has no heart. If he remains one after 25 he has no head.” We all know Churchill’s famous line that mirrors King Oscar’s sentiments.
The left panders to young voters and preys on their innocence. Millions actually believed Biden had the authority to make their student debt disappear, for example. They believe Republicans are greedy and everyone deserves to be equal. Once they realize that a large portion of their pay goes to foreign war, foreign migrants, people living off the system, corrupt politicians, etc. it becomes more apparent that equality has a different meaning. There is a reason that public schools fail to educate the youth about taxation and economics, but everyone will learn sooner or later.
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