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.

On the radio program Wednesday, Glenn Beck, Stu Burguiere, and Pat Gray ripped into President Joe Biden's latest speech in which our commander in chief touted the Afghanistan withdrawal as an "extraordinary success" that was "designed to save American lives" — despite the loss of 13 of America's finest, our military equipment in the hands of our enemies, and scores of Americans and allies still trapped in Afghanistan.

"This was not a success by any stretch of the imagination and people need to be held accountable," Glenn asserted. "Because if this is allowed to stand, and these people are just allowed to continue on with no ramifications, you don't not want to see what our military will turn into. I am telling you now, we will become the darkest force ever, ever to walk the earth. With our technology, and our resources, with our fighting machines that soon can be run robotically, we will make the Nazis look like rookies ... this must not continue!"

Glenn then played a video clip from the speech in which President Biden claimed that the "Taliban has made public commitments, broadcast on television and radio across Afghanistan, on safe passage for anyone wanting to leave, including those who worked alongside Americans."

"Anyone who says, 'Oh, they're going to let them through their checkpoint,' doesn't know their ass from their elbow!" Glenn responded. "They have no idea what is going on, or they are lying. So, Mr. President, which one is it? Do you not really know what's going on? If so, the 25th Amendment should be invoked. If you do know what's going on, then you should be impeached for lying to the American people on such a grand scale, it's staggering!"

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Which is more impeachable — former President Trump's phone call to Ukraine or President Biden's Afghanistan withdrawal, which destroyed relations with our allies, gave the Taliban tons of U.S. military equipment, and resulted in the deaths of 13 U.S. service members?

Rep. Lauren Boebert (R-Colo.) joined Glenn Beck on the radio program Tuesday to explain why she's calling for President Biden to be impeached — but she's not stopping there.

"I have legislation that will be introduced to impeach both Biden and [Vice President Kamala] Harris. And Nancy Pelosi can follow them out the freaking door," she told Glenn.

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When Glenn Beck asked his audience to "give until it hurts" to get Christians and other refugees out of Afghanistan, he thought it was an "impossible goal." Two days later, that goal was surpassed with rescue efforts already under way. This miracle was only possible because of God and all who donated, Glenn said on the radio program.

"I told you there's no way this happens unless God is present. If this happens, it is because God has opened up doors," Glenn began. "Everyone would tell us it can't be done. It can be done. And if we serve others, if we keep our eyes and our hearts open to suffering of others and get out of our suffering, we will solve problems that people will say can't be solved. You will see miracles in your lifetime ... it will be a Moses-style miracle and it happened because of you. Don't you dare give up hope," he added.

"Out of all of the principles that we have as a nation, the one that makes us so noble is we never leave people behind," Glenn went on to say. "Don't let that go out of your heart. Don't close your heart. I don't know why I'm telling you this ... your heart is more open than I thought, and your heart is more open than mine. Thank you for giving me my hope in the future back."

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The United States and Great Britain have enjoyed an alliance since World War I, but President Joe Biden's failure to coordinate his Afghanistan withdrawal with allies like the U.K. has devastated America's overseas reputation, argues Brexit Party leader Nigel Farage.

Farage joined Glenn Beck on the radio program Monday with the latest on how America's diplomatic relations with its allies may look for the rest of Biden's presidency, and perhaps much further into the foreseeable future.

"You know, I've spent 40 years working for American companies and businesses, being allies, politically, with Donald Trump and many friends of the Republican Party. There's nobody this side of the pond who is more pro-American, more pro-respectful relationship than I am," Farage told Glenn. "And it hurts me to say this, but for Biden to unconditionally withdraw from the military mission after 20 years, without any planning or any foresight as to how we get our nationals out in the case of a Taliban advance, and to do it without even consulting the British prime minister, and refusing to answer his phone call for almost 48 hours, sends a message to us. And the message is, we cannot trust America.

"Despite being our closest partner for over 100 years, we cannot trust America with this man in charge. And it's a sad realization, but it's true. And I think it's even further than the relationship with the UK and the USA. I think NATO, frankly, ceases to function. So the damage that Biden has done to America's international reputation could not be greater," he added.

Glenn and Farage also agreed that, while the corporate media accused former President Donald Trump of wrecking the NATO alliance, Nigel explained why it's Biden who has truly thrown that relationship into turmoil.

"The way the international mainstream media wanted to portray the Trump movement, just as they did with the Brexit movement, [was] 'Trump is going to destroy NATO.' No, no, no, what Trump did, he turned up at the NATO HQ of Brussels and said ... that we cannot go on with a NATO where major countries like Germany are only paying half the membership fee," Farage explained. "The NATO rules are actually very fair. Regardless of the size of a country, you must spend 2% of GDP on defense. And the Germans were spending one [percent.]. So actually, in many ways, what Trump was doing was trying to make NATO fair. But it was willfully, willfully misportrayed.

"What Biden has done, is to say, 'Look, we're the big guys in NATO. But, hey, we just do stuff without consulting, despite the fact that you, too, have had many hundreds of people killed in Afghanistan, and put big money into Afghanistan. But without even the compliment of a conversation, we've decided that, effectively, the NATO mission is over.' So, yeah, the special relationship with Britain is completely in tatters. NATO, I'm not even sure it could possibly survive what it's just gone through," he continued.

"And, of course, when you look at those photographs today, of Taliban soldiers now dressed in American military equipment with $85 billion worth of U.S. military hardware now in the hands of these people, with the giant lithium reserves that exist in Afghanistan now completely open to exploitation with Communist China, and warnings coming in the UK today that our terrorism threat is now going up directly as a result of what has happened in Afghanistan ... believe me, Glenn, this is on every level a disaster."

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