Posted on 09/22/2024 1:44:44 PM PDT by E. Pluribus Unum
At the start of the summer, when former President Donald J. Trump visited Republicans on Capitol Hill, he hinted at a vision for a vastly different tax system than what the United States has employed for decades.
Rather than taxing Americans on the money they earn at their jobs and on their investments, Mr. Trump instead suggested imposing a broad tax on the goods that Americans buy from abroad. In his view, such tariffs could replace income taxes as the main source of federal revenue.
The idea, briefly floated behind closed doors, seemed to fizzle, and Mr. Trump did not publicly repeat it as experts questioned whether such a model would even be possible. But in the weeks since, Mr. Trump has floated ideas that, taken together, would fundamentally change the way Americans are taxed, eroding the income tax while embracing expansive tariffs as a way to raise federal revenue.
Two of his proposals — no taxes on tips and no taxes on overtime — could open gaping loopholes in the income tax, luring Americans of all stripes to change how they earn money to avoid taxes. He has also called for ending taxes on Social Security benefits and fully restoring a costly deduction for state and local taxes — all on top of a push to extend tax cuts he signed into law in 2017, many of which expire after next year.
“The joke is maybe over the next two weeks he’ll get all the way there, and he’ll have fully eliminated the income tax with all of his proposals,” said Erica York, an analyst at the Tax Foundation, which generally favors lower taxes. “All of these little policies we’re seeing is one industry, one type of income at a time working his way toward that.”
(Excerpt) Read more at nytimes.com ...
“The joke is maybe over the next two weeks he’ll get all the way there, and he’ll have fully eliminated the income tax with all of his proposals,”
I’m not laughing. I actually have to pay taxes
“The joke is maybe over the next two weeks he’ll get all the way there, and he’ll have fully eliminated the income tax with all of his proposals,”
I’m not laughing. I actually have to pay taxes
I think that’s how it was originally in the US until they added the first excise tax on alcohol, which kicked off the Whiskey Rebellion.
So the tariff-only approach lasted one presidential term I think.
The constitutional way to fund the Federal government... tariffs and excise taxes. But of course, the government Would have to be much smaller... but that’s also the constitutional way.
I actually have this quaint theory that an income tax is slavery by other means. If a 100% tax rate is pure slavery (you don’t own the fruit of your labor), then a lesser percentage is but a matter of degree.
They can eliminate the income tax by bringing it down to 1% for starters. THEN deal with the rest of the stuff. Tariffs, sin taxes. I’d even tax millionaires. They vote for the democrats. I’d make them pay for their ‘guilt’.
1) No income tax means more money to spend even with tariffs.
2) No income tax could mean elimination of the IRS. Post-election exciting?
How about telling Tim Walz to mind his own business. Tell him that how much money people have, how much property they own and where they keep it is a private matter and that is a major reason why the framers banned income taxes.
Ironic how liberals claim that abortionists are above the law, that state=licensed medical doctors have the right to terminate pregnancies of healthy females carrying healthy babies without any shame over their 1913 income tax which took away any claim to a right to privacy.
Bush blew it in 2001. He could have gotten rid of income tax, payroll tax and the corporate income tax—some or all of them. Then he set the table for an Obama presidency by not making a deal on tax increase/spending cuts in 2007, after he lost the House & Senate, then by joining with Pelosi to let Democrats buy the 2008 election with unnecessary and inflationary stimulus checks and corrupt bailouts of Democrat donors, while screwing Main Street with more debt and $4 gas price that he blamed on demand from India and China. Obama then ran up twice as much debt in 8 years as Bush did, then Biden ran up more debt in 4 years than Bush did in 8 years. For once, GOP needs real tax reform from bottom up that is not like Reagan’s and really shrinking the size of government that Reagan never even tried to do
You could frame it that way, but you’d also have to contrast whether or not a people should have a government and if that government should be granted some authority over those same people. If so, then how is it funded?
The question is not new. The start of the Book of Kings is God recommending that people not have a king but would not consider it sinful if they chose to have one.
The king is primarily responsible for defense against marauders, but that takes an army of those willing to fight. They can’t eat their spears and rocks so...
Of course, like governments today, kings abuse power.
I think Trump just made an off the cuff remark and you will never see it go anywhere. I don’t think eliminating the income tax and replacing it with “tariffs” would raise the income necesary to pay debts and would probably set off an international trade war. This should not be taken seriously.
15 to 17% sales tax to replace all payroll taxes. FICA included.
I am all for smaller government.
Starve the beast.
You do it my way. Eliminate the IRS. Then cut spending as everyone’s paycheck will reflect it.
“ Mr. Trump instead suggested imposing a broad tax on the goods that Americans buy from abroad. In his view, such tariffs could replace income taxes as the main source of federal revenue.”
Sounds good.
2023 featured $3.8T in imports and $2.2T in federal income tax revenue. A 100% tariff should do it.
Tax bills originate in the House. The President can propose…but thats it.
If there is a 4 vote margin…none of this stuff even starts.
And if you all don’t VOTE for the R’s because they aren’t PURE ENOUGH...you get what you deserve!!
Tax lawyers, CPAs, Accountants, sales people selling junk to people when the idiots get their "refund".
The biography of Blaine explains a lot about the fight against the unconstitutional income tax that was lost in 1918.
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