cardi-b-taxes

Money Moves: Cardi B Knows What’s Up with Taxes

Just in time for tax season, hip-hop sweetheart Cardi B went on an epic video rant to her 21 million Instagram followers about government accountability.

Cardi B Taxes
โ€œSo, Uncle Sam, where is my receipt?โ€ (@IamCardiB)

Cardi B currently has five records on the Billboard Hot 100 and joins the Beatles and Ashanti as the only artists to have their first three entries listed on this prestigious chart simultaneously.

The release of her latest album Invasion of Privacyย is already making a huge buzz in the music industry, and the artist is quickly becoming the sweetheart of hip-hop. But to those in liberty-loving circles, itโ€™s her comments on taxation that are creating an even bigger conversation.

Just in time for tax season, Cardi B went on an epic video rantย to her 21 million Instagram followers about accountability.

โ€œThe government is taking 40 percent โ€ฆ and Uncle Sam, I want to know what youโ€™re doing with my money,โ€ the “Bodak Yellow” rapper asked.

She went on to note that when you give a charitable donation to a kid in a foreign country, youโ€™re given an update on what is being done with your money.

โ€œSo, Uncle Sam, where is my receipt?โ€ she said.

The reality, Cardi B, is that weโ€™re overpaying for a lot of โ€œbenefitsโ€ some Americans wonโ€™t even get in their lifetimes.

According to the Pew Research Center, the federal government spent the majority of its almost $4 trillion โ€œbudgetโ€ on social-insurance programs like Social Security, Medicaid, Medicare, and other benefit programs in the 2016 fiscal year.

Another $604 billion went towardย national defense.ย Net interest payments on government debt were about $240 billion, and education and social services costย $114 billion.ย Everything else like crop subsidies, national parks, andย foreign aidย accounted for the remaining 6 percent.

Although Social Security benefits make up almost 25 percent of federal spending, three percent of elderly Americans currently donโ€™t receive them.ย MarketWatch reports that the three main groups of people who never receive Social Security benefits include infrequent workers, immigrants who arrived in the United States at 50 or olderโ€”and therefore havenโ€™t worked long enough to qualify for benefitsโ€”and non-covered workers like state and local government employees.

A little less than 7 percent of โ€œnever beneficiariesโ€ were individuals who were expected to get Social Security benefits, but died before receiving them.

Many Americans donโ€™t realize how much they will, or will not, receive in Social Security benefits. Whatโ€™s worse, a whopping 81 percent of millennials doubt that theyโ€™ll ever receive them at all.

Moreover, Social Security is currently facing a significant shortfall. The program’s funds will likely be emptied by 2034, and once that happens, Social Security is only expected to collect enough in taxes to pay about 79 percent of scheduled benefits.

Cardi B is right to want receipts from the government. After all, whatโ€™s the point of overpaying into a system thatโ€™s expected to fail? Hopefully, her celebrity will influence younger generations to realize the racket that is the USย tax system.



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