Tax witholdings are down.
Below is an update of the most recent US Treasury tax withholding picture. As one can very plainly see it is getting worse, on both a week over week, a YTD cumulative basis, and, probably most relevantly to some readers, on a 4 week running bucket cumulative basis.
For withholdings to increase, workers have to get a pay increase, or more workers have to earn. Neither are happening.
I’m not hiring people, well except for Kay the intern who will work the summer (paid). I’ve no serious plans to invest in new employees that take hundreds of thousands of dollars to pan out and then the government takes half the profit if what they build sells. By minimizing return, they minimize my efforts. They reap what they sow.
They blame me, or anybody else, and will just try and impose a VAT or higher taxes. Because we work for them, not the other way around.
Our system is royally screwed up. Our leaders are narcissistic psychos. Our population dependent and generally stupid.
I feel like we are pretty hosed. Wish I didn’t. But my analytical mind sees nothing good ahead.