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.

Acclaimed environmentalist and author of "Apocalypse Never" Michael Shellenberger joined Glenn Beck on the radio program Wednesday to warn us about the true goals and effects of climate alarmism: It's become a "secular religion" that lowers standards of living in developed countries, holds developing countries back, and has environmental progress "exactly wrong."

Michael is a Time "Hero of the Environment," Green Book Award winner, and the founder and president of Environmental Progress. He has been called a "environmental guru," "climate guru," "North America's leading public intellectual on clean energy," and "high priest" of the environmental humanist movement for his writings and TED talks, which have been viewed more than 5 million times. But when Michael penned a stunning article in Forbes saying, "On Behalf of Environmentalists, I Apologize for the Climate Scare", the article was pulled just a few hours later. (Read more here.)

On the show, Micheal talked about how environmental alarmism has overtaken scientific fact, leading to a number of unfortunate consequences. He said one of the problems is that rich nations are blocking poor nations from being able to industrialize. Instead, they are seeking to make poverty sustainable, rather than to make poverty history.

"As a cultural anthropologist, I've been traveling to poorer countries and interviewing small farmers for over 30 years. And, obviously there are a lot of causes why countries are poor, but there's no reason we should be helping them to stay poor," Michael said. "A few years ago, there was a movement to make poverty history ... [but] it got taken over by the climate alarmist movement, which has been focused on depriving poor countries, not just of fossil fuels they need to develop, but also the large hydroelectric dams."

He offered the example of the Congo, one of the poorest countries in the world. The Congo has been denied the resources needed to build large hydroelectric dams, which are absolutely essential to pull people out of poverty. And one of the main groups preventing poor countries from the gaining financing they need to to build dams is based in Berkeley, California — a city that gets its electricity from hydroelectric dams.

"It's just unconscionable ... there are major groups, including the Sierra Club, that support efforts to deprive poor countries of energy. And, honestly, they've taken over the World Bank [which] used to fund the basics of development: roads, electricity, sewage systems, flood control, dams," Micheal said.

"Environmentalism, apocalyptic environmentalism in particular, has become the dominant religion of supposedly secular people in the West. So, you know, it's people at the United Nations. It's people that are in very powerful positions who are trying to impose 'nature's order' on societies," he continued. "And, of course, the problem is that nobody can figure out what nature is, and what it's not. That's not a particular good basis for organizing your economy."

Watch the video below to catch more of the conversation:

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Dr. Voddie Baucham, Dean of Theology at African Christian University in Lusaka, Zambia, joined Glenn Beck on the radio program to explain why he agrees with Vice President Mike Pence's refusal to say the phrase "Black Lives Matter."

Baucham, who recently drew national attention when his sermon titled "Ethnic Gnosticism" resurfaced online, said the phrase has been trademarked by a dangerous, violent, Marxist movement that doesn't care about black lives except to use them as political pawns.

"We have to separate this movement from the issues," Baucham warned. "I know that [Black Lives Matter] is a phrase that is part of an organization. It is a trademark phrase. And it's a phrase designed to use black people.

"That phrase dehumanizes black people, because it makes them pawns in a game that has nothing whatsoever to do with black people and their dignity. And has everything to do with a divisive agenda that is bigger than black people. That's why I'm not going to use that phrase, because I love black people. I love being black."

Baucham warned that Black Lives Matter -- a radical Marxist movement -- is using black people and communities to push a dangerous and divisive narrative. He encouraged Americans to educate themselves on the organization's agenda and belief statement.

"This movement is dangerous. This movement is vicious. And this movement uses black people," he emphasized. "And so if I'm really concerned about issues in the black community -- and I am -- then I have to refuse, and I have to repudiate that organization. Because they stand against that for which I am advocating."

Watch the video below to catch more of the conversation:

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We're going to be doing an amazing broadcast on Thursday, July 2nd, and we will be broadcasting a really important moment. It is restoring truth. It is restoring our history. It is asking to you make a covenant with God. The covenant that was made by the Pilgrims. And it's giving you a road map of things that we can do, to be able to come back home, together.

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On last week's Wednesday night special, Glenn Beck revealed where the Black Lives Matter organization really gets its funding, and the dark money trail leading to a cast of familiar characters. Shortly after the program aired, one of BLM's fiscal sponsors, Thousand Currents, took down its board of directors page, which featured one of these shady characters:

Ex-Marxist professor and author of "Beyond Woke," Michael Rectenwald, joined Glenn Beck on the TV show to fill us in on the suspicious change he discovered on the Thousand Currents webpage and the Communist terrorists who is now helping run the organization. (Fortunately, the internet is forever, so it is still possible to view the board of directors page by looking at a web archive from the WayBack Machine.)

Rectenwald revealed the shocking life history of Thousand Currents' vice chair of the board, Susan Rosenberg, who spent 16 years in federal prison for her part in a series of increasingly violent acts of terrorism, including bombing the U.S. Capitol building, bombing an FBI building, and targeting police for assassination.

"Their whole campaign was one of unbelievably vicious, murderous cop killings, assassinations, and bombings," explained Rectenwald of Rosenberg's terror group known as the May 19th Communist Organization or M19.

Watch the video below to catch more of the conversation:


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