American Tax Officer

Meanwhile, Obadiah turned to Consultant Welton Heng and asked, "Consultant Welton Heng, you were also present at the economic conference chaired by the President yesterday, why not share your thoughts as well."

Welton Heng was silent for a moment before speaking gravely, "Actually, according to the President's request, none of the places everyone just listed are quite appropriate..."

Upon hearing this, many of the high-ranking officials present were immediately stunned.

They certainly hadn't come up with these places casually, but had carefully selected them after analyzing various sets of data.

Why were they not appropriate?

With a heart full of doubt, Rohan, a supporter of the Brown Faction, could not help but ask, "Consultant Welton Heng, what did the President request?"

"You all know the state of our economy, and so far the Black Tax Bill has only generated about 30 billion in tax revenue, do you think the President would be satisfied?"

When Welton Heng said this, everyone at the scene fell silent.

Tax revenue and the economy are basically linked, and as high-ranking officials at the National Tax Bureau, how could they not understand the current economic situation in America?

Despite being the only global superpower, the most powerful developed country, due to various reasons, the global economy is on a downturn, and America is no exception.

However, even though the economy is declining, many of the country's expenditures cannot be reduced and are even increasing year on year.

For example, defense spending, the cornerstone of America's status as a world superpower, cannot be cut no matter how strapped for cash we are. America's military spending for 2020 was 738 billion US dollars, an increase of 1.9% from the previous year.

Next is social security spending. According to data, America's social security spending for 2020 was 1.1 trillion US dollars, an increase of 3.8% from the previous year.

Social security spending is also a significant expenditure in America, used to support welfare for the elderly and disabled, healthcare insurance, and pensions, among others. Discover exclusive tales on m,v l'e-NovelBin.net

Therefore, it can't be cut either. After all, America is a country where everyone has a gun. If you dare to make cuts today, those affected by it may very well take up arms against you tomorrow, causing social unrest.

Next is healthcare insurance spending. America's healthcare insurance spending for 2020 was 1.1 trillion US dollars, an increase of 2.5% from the previous year.

Healthcare insurance spending is primarily for supporting healthcare insurance programs, including healthcare, Medicaid, and Medicare, among others.

There is also Medicaid spending. America's Medicaid expenditures for 2020 were 686 billion US dollars, an increase of 3.3% from the previous year. Medicaid is a healthcare insurance program jointly managed by the federal and state governments, aimed at providing healthcare services to low-income individuals.

Last is veterans' benefits spending. In 2020, America's expenditure on veterans' benefits was 67 billion US dollars, an increase of 1.5% from the previous year.

Beyond these, the government has a variety of other expenses.

In summary, the country of America needs money everywhere.

And where does this money come from?

Of course, it comes from the tax revenue collected by the National Tax Bureau.

But with defense, social security, and healthcare insurance expenses rising annually, and the tax rates being fixed, they can't just be increased whenever we want, nor can they rise on their own.

This naturally creates a large fiscal gap. So, where does the money come from then?

The answer is interest rate hikes!

Since 2016, the Federal Reserve has already raised rates eight times consecutively.

Raising rates, although it can cause a large amount of global capital to flow back to the country, easing some of the national fiscal spending pressure.

However, this can also lead to inflation, the outflow of quality assets, and other negative effects, so raising rates can't always be the solution whenever there's fiscal pressure.

So what can be done?

That leaves us only one option: taxation!

That's also why the Black Tax Bill, which seems preposterous in other countries, managed to pass in America Congress.

But now, after two or three months of effort, they've only managed to scrape together about 30 billion. To ordinary individuals, this sum is astronomical, but for a colossal entity like America, it doesn't even count as a hair.

This amount of money, not to mention easing the financial pressure on the entire nation, wouldn't even suffice to build a single aircraft carrier. No wonder Welton Heng said the President was dissatisfied.

Watching the silence drag on among the crowd, Obadiah spoke up, "Actually, what the President implied yesterday was quite clear. He suggested that the Black Tax Bill was like handing us a knife, but the knife might not necessarily be used on those criminals..."

"Not to cut down criminals, but to cut down those capitalists?"

As soon as Rohan spoke, many of the senior officials felt a shudder in their hearts.

In the United States, one percent of the wealthy control thirty-two percent of the nation's wealth.

Yet ironically, the rich, through various 'legal tax avoidance' schemes, contribute less in terms of taxes than the middle class and the poor.

Because it is legal tax avoidance and these capitalists band together to defend their interests, even the all-powerful Internal Revenue Service can only gnash its teeth in frustration, unable to take action against them.

"I never said that!"

Facing Rohan's words, Obadiah first retorted, then continued, "But this is the President's hint, after all. We can't ignore it completely. We have to take action!"

Donald nodded and concurred, "If that's the case, then the chosen one for the Deification Project cannot just be moved to a city with a high crime rate. In my opinion, we need to select a location that is rampant with crime, and also has a high rate of financial crime. That would be more appropriate."