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.

Glenn: I'm filled with hope. And you should be, too.

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The election was a major blow to draconian globalist organizations. Now, we could have a true rebirth of freedom and the American dream.

Millions of people around the world were holding their breath on election night. I've talked to Europeans to try to get a bead on what’s happening over there. There are Europeans like you and me who are frustrated with their own globalist, tyrannical bureaucracies telling them how to live and what to believe. If Donald Trump didn’t win, where in the world would they look to for hope that this madness would stop? Which leader could they count on to stand in the gap against their globalist elites? They, too, had a lot on the line in our election last night.

But today brings hope, not only in America but for freedom-loving people worldwide.

We need to restore the balance of power in the federal government — the way America’s founders intended.

We know Trump is going to stop the madness at the southern border. He is going to deport serial criminals and sex offenders who entered our country under Biden and Harris' watch. The media will try to convince you that deportations are something akin to Hitler, but they turn a blind eye to their Democratic predecessors who have deported even more illegal immigrants than Trump. In fact, Bill Clinton deported more illegal immigrants than any president in U.S. history, shipping 11 million out of the country in the 1990s. In contrast, Trump deported less than a million during his first term, which is even less than the 1.8 million under the Obama administration.

Deportations of criminals who are in our country illegally is critical to protecting the safety of the American people, a practice that has been exercised by presidents for decades.

Our friends across the pond have been witnessing the destruction of their societies since EU globalists opened Europe's floodgates to immigrants in 2015. Crime is rampant, communities governed by Sharia law are multiplying, and their social programs are being pushed to a breaking point. Tuesday night gave them reason to hope. America is going to say, "No more," and perhaps this will be the rallying cry for our European brothers-in-arms to stand up as well.

The election was also a major blow to draconian globalist organizations. The United States will no longer be beholden to the Paris Climate Accords. Our nation will no longer give credence to the World Economic Forum. We won’t give the World Health Organization a single penny more. All these very well-planned globalist initiatives are going away.

But Trump can't act alone. Thank God we won the Senate. This is an incredible step forward, but for these big plans to come to fruition, we need the House. If the Republicans — actual freedom-loving, Constitution-abiding Republicans don't have the House, you’re not going to be able to get things done except by executive order, which we don’t want to do. One reason things were so bad during the last four years is that Joe Biden simply signed executive orders to reverse everything that Trump accomplished, completely bypassing Congress. We have to do it the right way. We need to restore the balance of power in the federal government the way America’s founders intended.

One of the most hopeful things Trump said Tuesday night is that we’re going to enter a new golden era in America. I believe him. He could have said that in 2020, and I wouldn't have believed him as much as I believe him now. That’s because Trump now has a team of people that's not exclusively comprised of politicians.

Bringing in somebody like Elon Musk is one of the most hopeful things for our country I've witnessed in my lifetime. I know that guy can cut spending. I know he will find the waste in our government because he's not a government guy he's a businessman. He's going to slash all the redundancies that have been justified by career bureaucrats for decades. We have a chance of cutting our budget and creating a reasonable one.

Trump’s promise to cut regulations also spells hope for our country. He cut more regulation in his first term than any other president, but Biden and Harris have since added a mountain of rules. He will have his work cut out for him, but he will get it done. He must if this economy will roar again.

We could have a true rebirth of freedom and the American dream, and I find that really hopeful. So many Americans are tired of worrying about their kids struggling and seeing Bidenomics and regulation yank from their children's hands the possibility of the American dream that they attained. Donald Trump is the biggest chance of bringing it back.

Today, I’m filled with hope. Real, tangible hope. And you should be, too.

Editor's Note: This article was originally published on TheBlaze.com.

TOP FIVE liberal meltdowns to Trump's victory

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Conservatives are celebrating Donald Trump's election for what feels like the first major conservative victory over the past four years. But how are our liberal friends holding up? Has anyone checked on them recently?

Some of them aren't doing too well, and quite a few have an inexplicable desire to share their anguish with the world on social media. We've waded through a torrent of liberal tears to bring you the top FIVE best responses to Donald Trump's 2024 victory:

The Car Screamer

This first one is in a category we've dubbed, the "Screamers." These include people who have been so overcome with rage that they have lost the ability to communicate with words. Instead, they revert to a more primitive form of communication, usually composed of some combination of screams, shrieks, sobs, and wild gesticulations. There are dozens of "Screamer" videos across the internet, but this one takes the cake for the most animated and over-the-top.

Sunny Hostin's Meltdown

Just to prove that the daytime talk show "The View" is completely out of touch, host Sunny Hostin tried to rationalize Trump's victory using identity politics. Hostin dismissed the idea that Harris lost due to her less popular policy and instead suggested it was because of her race and gender along with the religion of her husband. She clearly forgot about JD Vance and his mixed-race family.

CNN Watches the Election Crumble Around Them

In this clip, you can actually hear the defeat setting in as the CNN host realizes that Kamala Harris is losing. When asked to see a map of the counties where Harris was over-preforming Joe Biden in 2020, Jake Tapper was flabbergasted when the map came up blank.

The Calm Coper

At least this guy isn't screaming. Instead, he regurgitates the lies and propaganda fed to him by the media with a strangely robotic cadence. He's trying to project calm intelligence, but all he is really doing is coping and seething.

The Screamer Compilation 

Just in case you didn't get enough of, the "Screamers," here is a handy compilation that perfectly sums up the liberal response to Trump's victory.

Biggest takeaways from Trump's HISTORIC election

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"Too big to rig" was the 2024 Trump strategy, and it was proven true on election day.

President Trump declared victory early in the morning on Wednesday, November 6, 2024, after securing the required 270 electoral college votes, marking an exciting end to a historic campaign. Since then, more electoral college votes have trickled in for Trump and he has secured 51 percent of the popular vote. There is no space for the Democrats to contest his election.

Trump's victory is just the beginning! Here are the top takeaways from election night:

Trump sweeps the swing states

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Seven swing states were poised to make or break the election: Pennsylvania, Wisconsin, Michigan, Georgia, North Carolina, Arizona, and Nevada. At the time of this article's publication, Trump had won Pennsylvania, Wisconsin, Georgia, Michigan, and North Carolina and was poised to win Arizona and Nevada in what could be a total sweep of the swing states. The "swing state sweep" is a stunning victory for Trump.

The GOP takes the Senate

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The presidential race wasn't the only important election yesterday. Approximately one-third of the Senate was up for re-election. At the time of this article's publication, Republicans had officially clinched a majority in the Senate, flipping three seats from the Democrats in Montana, Ohio, and West Virginia, giving the GOP 52 of the 100 Senate seats. In addition, Republicans are poised to win a seat in Pennsylvania and Nevada, which would further cement their lead.

Republicans lead in the House

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Seats in the House of Representatives were also up for grabs as Republicans fought to keep control of the House. The race is currently too close to call, but at the moment, the GOP is holding the lead with 201 seats — only 17 seats away from a majority. This means there is a real possibility that the White House, the House of Representatives, and the Senate could all be held by Republicans.

What Trump's victory means for America

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Donald Trump has won the 2024 presidential election!

This is a victory for the Republic, America has the chance to be great again! This is a reminder that you can make a difference and that your opinion and vote matter. Take a moment to celebrateit's been a long four years, and light is finally at the end of the tunnel.

But the work isn't done yet. We still have two months until the inauguration, and after that, it will be time for President Trump's real work to begin. It is going to take time and hard work to "Make America Great Again," and there will be opposition and setbacks along the way. Here are three things to keep in mind going into this new era of American politics:

1. Look to the future.

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Under the Biden administration, Donald Trump, and conservatives in general, have faced censorship, lawfare, and even imprisonment. It can be tempting to jump on this opportunity to seek revenge against those who twisted the system against us. But that would only stoke the fire and further divide Americans. It is time to move forward, forgive, and remain humble. It is time to "Make America Great Again" for both Democrats and Republicans.

2. Get involved.

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While Trump's victory in the White House is a huge step forward, it's crucial to remember that change starts locally. Your state and local politicians play a huge role in your day-to-day lives. Get involved with your state government, run to serve on your local school board, and vote for your mayor. Many of these local offices go uncontested, and the Left knows this and will exploit them as a way to push back against the Trump administration unless you stand up against them.

3. Have realistic expectations.

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One of the most exciting promises of Trump's campaign is his pledge to to shrink the federal government, shrink the administrative state, and reduce government spending. Trump will bring on Elon Musk to help trim the fat off of our massive bloated government, and he has even floated the idea of repealing the income tax and replacing it with tariffs. However, this is a massive undertaking and is bound to experience pushback from the Left. It's important to have realistic expectations that this won't be done overnight. We can help expedite the process by getting involved. Call your representative. Call your senator. Demand dramatic cuts from federal spending that go towards woke programs and funding federal agencies that don't have the American people's best interests in mind.