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Posted on 02/25/2026 2:34:37 AM PST by Jonty30
I think the idea of Trump accounts, to allow tax free savings for specific self-funded social benefits that aren't taxed, is the way to go. It always has been.
Keep them reasonable, so the billionaire class can't sock away billions of dollars of untaxable income but allow it high enough so that it can provide for the average person so that he self-supports himself and isn't supported by the taxpayer.
As long as the account is used for the specific purpose intended, any drawings from it remain tax free. However, if it is drawn for other purposes, it becomes taxed as income.
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Click here: to donate by Credit Card Or here: to donate by PayPal Or by mail to: Free Republic, LLC - PO Box 9771 - Fresno, CA 93794 Thank you very much and God bless you. |
No worse than any other IRS requirement to document income, I reckon.
Documentation of expenses sounds so cashless.
Perhaps, just expand the rules regulating Roth IRA’s? It’s already in place.
Trump accounts = Couples making a whole lot of America 250 whoopie. Keep it clean. I don’t want to pay for fraudulent births. For far too long, we’ve been paying for the Medicare, Medicaid, Social Security and unemployment benefits for people who have already died. That’s all we need is to have to shell out for babies who were never even conceived.
Whatever is the simplest and effective, because the point is to encourage self sufficiency.
The newborns will have 18 years to watch their accounts grow. Many will take the money out and pay the taxes. Too many are conditioned to do the wrong thing.
True. I was the recipient of a US Savings Bond but I cashed out as soon as I could. It went towards my share of the rent and maybe two weeks worth of partying, and I think I must’ve done it just because I could.
Why can’t we just eliminate the income tax and then we don’t need to worry about goofy mechanisms like this?
Sounds like HSAs.
The US didn’t have income tax until 1917. Thanks to, wait for it,
a democRAT.
We have become indentured servants to the political class. We work, they take our money and give it away.
Stop the income tax now!!
It’s Tobacco Road all over again.
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