Everyone needs skin in the game.
Changing tax law is not very easy.
An argument could be made to plan retirement with part in tax free growth Roth and part in tax deferred growth (traditional IRA/401K).
Convert some to Roth IRA during years you're in a really low tax bracket (i.e. do contract work and had little business that year). But don't convert it all to Roth IRA (and pay taxes on conversion) if there's a chance that you'll be in a low enough income in retirement to not be taxed.
Another issue is that some tax credits are non-refundable. If you'll engage in activity in retirement that will generate non-refundable tax credits (i.e. I might add solar to a down-sized home, if we were having this discussion before the BBB took away residential solar tax credits), then in retirement you can convert some of your tax-deferred IRA/401K money into Roth IRA money (generating tax activity) and use up the tax credit (thus converting to Roth tax free). If you try to take advantage of non-refundable tax credits in a year you have no taxable income, you don't get the tax credit (unless the tax credit is one that rolls to the next year, assuming you'll have taxable income that year).
...AND CUT UNCONSTITUTIONAL FEDERAL GOV'T. No deficits.
Instead of that I’d like to see no tax on retirement investments period. Maybe with a cap. Say first five million or something like that.
This is not a good idea. Everyone needs to feel the pain of spending. We’re moving toward a world where the people vote themselves money paid for by the “rich.” No incentive to cut spending.
HOORAY President Trump!
Trump’s tax vision is irrelevant.
Congress passes the tax laws, and they get very rich doing it. Nothing fundamental is going to change.
In the video Lutnick said it would only happen after achieving a balanced budget in two or three years and would require approval by Congress.
Lutnick is the guy that also said in an interview with Trump that they would balance the budget and pay down the debt within four years.
https://www.facebook.com/watch/?v=498087739777949
Nothing real here folks - you can go back to your regularly scheduled schlonging.
"Trump's Tax Vision: No Federal Income Tax under $150k"
Trump needs to do something more permanent to end unconstitutional (imo) federal taxes which is ultimately to lead the states to repeal the 16th Amendment (16A; direct taxes) imo.
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States." —Justice John Marshall, Gibbons v. Ogden, 1824.
The congressional record shows that Rep. John Bingham, a constitutional lawmaker, had clarified the federal government's constitutionally limited powers as follows.
”Simply this, that the care of the property, the liberty, and the life of the citizen, under the solemn sanction of an oath imposed by your Constitution, is in the States and not in the federal government [emphases added]. I have sought to effect no change in that respect in the Constitution of the country.” —John Bingham, Congressional. Globe. 1866, page 1292 (see top half of third column)
"16th Amendment: The Congress shall have power to lay and collect taxes on incomes, from whatever source derived [emphasis added], without apportionment among the several States, and without regard to any census or enumeration."
After all, presidentially unqualified (imo) Harris is going to throw Trump's work out the window when she wins her rigged POTUS election.
In the meanwhile, it's now up to Trump's red tsunami of patriot voters, evidenced by 2024 elections, to clear the way for the states to support Trump in repealing 16A by primarying all state and federal candidates in 2026 midterm elections who don't publicly promise to support Trump with the repeal amendment.
After all, Republicans (RINOs?) suspiciously introduced a referendum to repeal the 16th Amendment.
Since Pelosi was speaker at the time the referendum was introduced, it any surprise that the referendum was ignored?
The 16th Amendment is the pot of gold at the end of the rainbow for organized crime front-ended by corrupt Congress imo, that amendment also wrongly weakening our 4th Amendment protections imo.
"4th Amendment: The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized."
The 17th Amendment, popular voting for federal senators, needs to disappear too.
We'll call the repeal amendment Trump's Boston Tea Party II Amendment.
Once unconstitutional federal taxing and spend is stopped, the states will ultimately find a tsunami of new revenues that they probably won't know what to do with imo, healthcare and education on the short list of priorities.
I would support that if they also do not get to vote!
no one who doesn’t pay taxes should be allowed to vote.
And yet the filthy bastards on the left will cry “tax breaks for the rich.”
BTW, I disagre with this proposal. Everyone should have some skin in the game, as another FR’er just posted.
No tax on $150 K? That shows us how much the dollar’s value has eroded or will erode. Welcome to the new poverty level in the future.