Ron Paul: 'JD Vance Is Coming Around to My Argument on The Fed'

Rumble.com ^ | 2 November 2024 | Rumble

[Sam77]

Senator JD Vance aligned himself with former Congressman Ron Paul’s criticism of the Federal Reserve, a move that highlights a turn within the Republican Party.

Vance, who in the past took a mainstream approach to economic issues, said he has “come around to the Ron Paul argument” on the Federal Reserve’s role in U.S. monetary policy.

[Fai Mao]

Trump has hinted attempting to abolish the IRS and income tax.

[C210N]

He’s done a great deal more than ‘hint’.

He’s led up to this with teasers over time. Abolish tax on tips, then tax on SS, tax on overtime, payroll tax, then rolls it all into one via income tax. Talks of tariffs. Has he mentioned estate taxes?

Without IRS taxes, there is no need for present-day IRS.

And, when you know about the Grace Commission and its meaning, once the 1040 taxes go, there is no need for the non-federal non-reserve Federal Reserve.

[redfreedom]

But gee, come now, how will we pay for all those endless wars if there’s no 1040 money to throw around? Haa? Answer that!

And what about all those poor migrants flooding across the southern border, they need money too.

(the above comment made with the deepest sarcasm)

[Brian Griffin]

The federal government spends about $6 trillion/year.

That’s about $16,000/year per American resident. It isn’t going to paid for by tariffs alone.

[JonPreston]

Has Rand supported Trump yet?

[TangoLimaSierra]

Have to assume there is also going to be a lot of belt-tightening.

[Sarcazmo]

It seems to me, Trump is building a third party... right under everyone’s noses.

I like his new party. A lot better than the republicrats.

[Chickensoup]

That’s right. The money won’t be there.

[C210N]

Government is a fluid. It fills the container around itself.

With fiat, the container is $6 trillion.

Without fiat, the container is “tariffs”.

[Brian Griffin]

The Federal Reserve should only be able to acquire short-term (24 months or less) financial instruments.

The interest rates of the financial instruments it should be able to buy should not be less than any annual increase in Federal spending in any of the prior five prior fiscal years.

It should only be able to buy federal and state financial instruments. State pension funds might buy private financial instruments if of good value.

[Brian Griffin]

“the container is ‘tariffs’”

Even in 1913, tariffs were not sufficient.

The federal spending genie is not going back into a bottle.

As far as I know, no national politician even openly supports constitutional tax caps to protect the middle class, such as:

Federal taxation on personal income shall be capped as follows:
below 20% of the median federal full-time civilian employee compensation amount, 10%,
below 50% of the median federal full-time civilian employee compensation amount, 22%,
below the median federal full-time civilian employee compensation amount, 30%,
below the average federal full-time civilian employee compensation of the 100,000 largest recipients, 35%,
below the average federal full-time civilian employee compensation of the 10,000 largest recipients, 40%.

Note 1: All percentages to include employee FICA and self-employment tax as they are income taxes.
Note 2: These are very close to the combined (1040 + employee FICA & Medicare) personal income tax rates now levied.
Note 3: Anything that the IRS would as of January 1, 2024 legally be able to collect income tax on if provided to any person would be considered compensation.

Levies on any residential property of less than 2799 square feet of finished living space shall be no higher than the 2019 dollar amounts for the property, or for a newer or since resold property no higher than what it would have been levied at for 2019 if it lacked owner specific tax breaks, increased by 3% per calendar year since 2019 and by any percentage increase to its finished living space.

[Brian Griffin]

“Abolish tax on tips”

If Miss S works in a store and Miss R works in a restaurant and they both make the same income and have the same living circumstances, they should pay the same taxes.

[Brian Griffin]

“Abolish tax on...on overtime”

Most private sector employers refuse to pay overtime. If you work overtime at Walmart, you and your manager would probably both be fired.

Overtime is rare. Police officers and public employees in NYC and Illinois nearing retirement are the only ones I know getting it.

What constitutes overtime and how it is paid for should be a matter between the employer and the employee (or the employee’s union).

If Mr. 40 and Mr. 48 make the same income and have the same expenses, they should pay the same taxes.

[DIRTYSECRET]

**Trump has hinted attempting to abolish the IRS and income tax.**
A hint is a good way to tease. It opens eyes b4 the follow through.

What has the left advocated other than SCOTUS packing, DC/PR statehood, ending of the filibuster and electoral college? Will the ‘normal’ democrats be open to that or will they listen to the ‘sexy’ no income tax possibilities?

[TalBlack]

“ Abolish tax on tips, then tax on SS, tax on overtime, .””

Overheard man talking to wife. at football game: “Do you have ANY IDEA how much we’d make with no tax on overtime!!??”

[usurper]

It seems to me, Trump is building a third party... right under everyone’s noses.

No need, he acquired the GOP through a hostel takeover. MAGA owns it now.

[BroJoeK]

"It seems to me, Trump is building a third party... right under everyone’s noses.
I like his new party.
A lot better than the republicrats."

Trump belonged to Ross Perot's Reform Party and so he knows that doesn't work.
It has to be one of the two main parties and after playing with Democrats for several years, Trump decided on Republicans.

For one thing, the original Republicans were the party of protective tariffs, while Democrats were the anti-Tariff party.
Democrats were all about the income tax, well before 1900, but Republicans opposed it until Teddy Roosevelt's "Progressives" in 1908 got it done.

I highly doubt if Trump can or even wants to replace the income tax with tariffs, but I do expect him to shift some of the tax burdens off of incomes and towards tariffs.
That's what "no tax on tips" and "no tax on overtime" is all about, imho.

[grey_whiskers]

That’s the idea.

Government will shrink.

[grey_whiskers]

Sod off Swampy.