It’s time to end taxes on savings accounts

Currently, only 55% of Americans are reaping the benefits of stock ownership, even though the stock market's reaching record highs. That's probably in large part because for many, the world of investing seems complex and hard to navigate, or they don't believe they have the time to successfully manage a portfolio. So easy-to-use financial tools, like savings accounts, have become many Americans' primary way to earn interest on their money. They're especially common among lower-income households that are less likely to have a financial education or the means to pay an advisor. But what many don't realize is that savings accounts are subject to taxes that make it hard for savings to grow.

Indeed, while disappointing, it's not surprising that Congress punishes smart savers by taxing their savings accounts relentlessly. Though banks are only required to send you a 1099-INT tax form if you earned more than $10 of interest in an account, Uncle Sam expects you to pay taxes on every penny of interest you earn. Money that could go toward savings or groceries is instead siphoned off to Washington. This hinders the ability of the 120 million American households with savings accounts to build wealth. It's time to end taxes on money earned in savings accounts.

And what is the government doing with your money, anyway? All manner of things. Beyond the necessary costs of running a government, your tax dollars are also subsidizing things like stipends to soldiers in the Somali national army and the study of the sexual habits of quails on cocaine. It's an understatement that the American people would be better off keeping this money in their own pockets.

This is especially true at a time when nearly 70% of Americans have less than $1000 in savings. Those extra dollars could go a long way in helping folks make ends meet. And in a world where politicians are proposing giving away "free money," it seems logical to cut out the middleman and simply stop taking it to begin with. Many other proposals for lowering taxes are criticized as being overly friendly to the wealthy. But savings accounts are a tool for the masses. So eliminating this tax is a win for everyone.

Though the average savings account only yields 0.09% interest, many banks are well above that number. Digital banks like Ally and Marcus, for example, have offered as high as 2.2% in the last year. That means it's easier than ever to make money in a fully insured, risk-free account. And Americans would be free to spend or save their money how they see fit. Indeed, CBS has reported that "a $500 surprise expense would put most Americans into debt." Money earned in accounts that act as safety nets for families shouldn't go to line the pockets of politicians and bureaucrats or to examine the sex lives of drugged-up quail. This is an opportunity for American politicians to do the right thing by removing an unnecessary tax.

Of course, nixing the tax isn't a cure-all for the American personal finance crisis. We need better financial education so that more Americans can overcome their fear and misunderstanding of the stock market. Investing for the future, and being equipped with the knowledge of how to do so, should be a cornerstone of what it means to build the American dream.

And in the meantime, eliminating the tax on savings account interest can help mitigate the financial pressure and squeeze that many are feeling. American families work hard to save money. We want to be stable, successful and upwardly mobile. Low-income households deserve the chance to build wealth. Middle America deserves an opportunity to accumulate wealth. And everyone deserves to have their savings protected.

Politicians should be encouraging smart saving, not picking our pockets at the first opportunity.

Conner Drigotas is the Director of Communications at a national law firm and is a Young Voices contributor.

Critical race theory: The education trap

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The fall semester isn't far away. If you aren't prepared for that, someone else is. Predatory behavior. The most important takeaway from this piece is, whatever is happening on campuses right now is what is going to play out through the rest of society in about 30 years. We're seeing it right now with Critical Race Theory.

It started on the campus. It started in the classroom. And our children are set to be the next victims in the cultural warfare for a nightmare that seems like it will never end.

Colleges are manipulating the system.

It's a little ironic that colleges are overflowing with Marxist professors who preach the Gospel of Karl Marx in their classrooms, because academia in America is the perfect example of capitalist achievement. If anything, colleges are manipulating the system in a way that should make Marxists furious. And they hurt the people that Marxism is supposed to rescue.

Colleges are an enterprise. They are Big Business. It means nothing to them to send thousands of students into debt—not if it means the campus will get a new fountain or another office for the Diversity and Inclusion department.

They'll never admit it, but a big part of their problem is that they have put so much into the myth of progress. They can't even admit that it's a myth. Because it's useful to them.

Roger Scruton once said:

Hence the invocations of "progress", of "growth", of constant "advance" towards the goal which, however, must remain always somewhere in the future.

In reality, they don't give a damn about actual progress.

That's how they have turned academia into instruments of social engineering. They use college to change society.

Their purpose is no longer educational. It's social. They're using the classrooms to cause social change.

This post is part of a series on critical race theory. Read the full series here.

On Monday's radio program, Glenn Beck and Stu Burguiere were joined by Pat Gray to discuss "woke" Olympic athletes.

In this clip, the guys discussed how "bravely" some athletes are for threatening to protest the national anthem, for twerking on stage, and for showing off how woke they are.

Glenn reminded America of actual bravery at the Olympics when Jesse Owens won the gold medal at the Berlin Olympics. "He [Owens] was oppressed," Glenn said.

Watch the clip to hear Glenn tell the full story. Can't watch? Download the podcast here.

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Political commentator Bill O'Reilly joined the Glenn Beck radio program on Friday made an important prediction about President Joe Biden's chance of reelection in 2024.

O'Reilly told Glenn that former President Donald Trump was brought down because of COVID. "if COVID had not appeared, O'Reilly stated, "he [Trump] would have won reelection."

O'Reilly went on to predict that like Trump, President Joe Biden would lose reelection because of COVID. People saw a president who could not put out an intelligent fact-based message about COVID and people will remember that," he explained.

O'Reilly later added that "Trump and Biden are one-termers because of COVID."

Watch the video below to catch more of the conversation:

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Critical race theory: Marxism is a religion

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Marx didn't actually tell his followers that the system needed to be destroyed. And it's not what Marx actually believed. Very few Marxists actually understand what Marx laid out.

Marxism isn't a list of demands and instructions. It's Marx's attempt to tell the future. Some of it he got right, most he got wrong. For example, he predicted the rise of automation.

Believe it or not, Marx was not an anti-capitalist. If anything, he revered it.

In a letter to Engels, he complained that too many people misunderstood his message, that his plan is to merge with capitalism. To make it new. He wanted to reify his brand of socialism, reify is a Marxist term, actually. It basically means to make an abstract idea concrete.

Marx didn't hate capitalism. He actually thought it was necessary. And he knew communism would never happen without the aid of capitalism.

Marx didn't hate capitalism. He actually thought it was necessary.

From there, he takes these ideas to some weird conclusions. Horrible conclusions. The main one being revolution.

What does the first phase of the Marxist revolution look like? How will we know if it has started? How can we tell if it's already begun? Marx's idea of the "dictatorship of the proletariat," where the working class would rise up in revolution and earn their freedom.

But what did Marx mean by freedom? Like so much of Marxism, it involves giving up your individuality, in service to the collective: "Only in community with others does each individual have the means of cultivating his gifts in all directions; only in the community, therefore, is personal freedom possible."

That's from his book The German Ideology, which he co-wrote with Friedrich Engels, the guy who paid all of his bills: "Free competition, which is based on the idea of individual freedom, simply amounts to the relation of capital to itself as another capital."

His idea here is that capital ruins any idea of freedom or individuality. And competition is what he uses as proof. In other words, Marx's definition of freedom has nothing to do with actual freedom, freedom as we know it.

He wrote, in Capital: "It is not individuals who are set free by free competition; it is, rather, capital which is set free."

He's saying that Capital manipulates our individual freedom and forces us to exploit ourselves. For someone who didn't believe in God, he sure had some fanciful ideas about the forces that control the universe.

For someone who didn't believe in God, he sure had some fanciful ideas about the forces that control the universe.

Marxists have always argued that capitalism is a religion. That our debt to capital is no different than our debt to God. Critical Theorist Walter Benjamin wrote an entire book called Capitalism as Religion, and wrote that capitalism is "the first case of a cult that creates guilt, not atonement."

There were many strains of socialism before Marx. There were entire movements, named after socialist and anarchist philosophers. But Marx was the one who figured it out, with the help of a rotating cast of people paying for his sloth, of course.

Marx's influence on socialism was so profound that socialism was practically re-named in honor of Marx. Marx has been deified.

He created a utopian society. Very hypothetical. It requires a working class that is devoted to daily readings of The Communist Manifesto.

This assumes that people who work all day — at a real job, where they can't just sit on the couch all day as Marx did — even have the energy to read dense theory when they get home.

Marx made a religion.

This post is part of a series on critical race theory. Read the full series here.