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 ...
I can’t read this
It has to do with wading through the bullshit that is never going to happen to get to the basics.
This is true on both sides.
Well, Taxation IS Theft and Inflation IS Theft, so whatever President in Exile Trump can do about it, more power to him!
Replacement of the income tax with tariffs would eliminate the IRS, sot that’s a plus.
Not really. Customs is under the Treasury Dept.
“2023 featured $3.8T in imports and $2.2T in federal income tax revenue. A 100% tariff should do it.”
Put on a 100% tariff and there’ll be much less than $3.8T in imports.
High tariffs would make imported goods more expensive and thus make domestic production more competitive — but you can’t have it both ways. More jobs for Americans making stuff, because domestic production displaces some imports, means that the tariffs will bring in less money.
By whatever amount the Federal income tax might be reduced, my state will raise taxes to fill the gap. Sort of like the “Peace Dividend” of yore.
Eliminate the Fed income tax (and 17A with the 16th) and instead, every spending bill is split mostly equally amongst the States. Divide it by 535, and each CongressCritter brings their share to their State, which can raise that amount however they want.
Tarriffs go straight to reducing outstanding debt, and once that’s zeroed off, they reduce the dollars charged to the States using the same split above.
I can totally live with that!
My ‘hobby’ as a Working Woman was to thwart the Taxman whenever I could.
I NEVER got a big ‘refund’ at the end of the year - that was MY money! Why just GIVE IT to Mother Government to spend on wars and ‘free’ abortions and steaks for ‘the poor’ when I WAS THE TAXPAYING POOR? *SPIT*
My BEST ‘tax’ year in my highest earning years was when I owed the State $50 but was getting a $50 refund from the Feds. *SMIRK*
I suggest everyone familiarize themselves with the current Tax Table. If you have a functioning brain, it really is NOT THAT HARD to do your own taxes if you’re just the average Joe Schmo.
Starve the BEAST that Mother Government has become!
Tariffs are a great idea. People won’t want to pay high prices for foriegn goods and the American entrepenuer will arise again.
Taxes on wages and salaries is considered an excise tax. Contrary to popular opinion, the 16th Amendment did not authorize the income tax on wages. That was already considered constitutional. What it did was authorize taxes on income generated by capital, i.e., rents, dividends, and interest.
That’s a good plan too! LOL
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