Posted on 01/27/2025 8:01:32 PM PST by bitt
President Trump has once again demonstrated his unwavering commitment to making America great again by proposing a return to the economic policies that once made the United States the wealthiest and most powerful nation in the world, namely ending the federal income tax.
In a speech Monday evening, Trump outlined his vision for reviving America's economic golden age through a strategic use of tariffs, a policy that has historically proven to be immensely beneficial for the country.
Trump began by emphasizing the potential for rapid economic growth, stating, "America is going to be very rich again and it's going to happen very quickly." He then delved into the historical context, highlighting the period from 1870 to 1913 as "the richest period in the history of the United States." During this era, the United States relied heavily on tariffs, which Trump noted was a key factor in the nation's prosperity.
One of the most compelling points Trump made was the establishment of the Great Tariff Commission of 1887. This commission was tasked with a unique and enviable problem: deciding what to do with the enormous sums of money generated by tariffs. Trump explained, "And this commission had one function, what to do with all the money that we took in. It was so enormous that they had no idea—it was a blue ribbon committee set up in 1887—and what to do with all of the money that we had." This historical context underscores the immense wealth that tariffs brought to the United States.
Trump also highlighted the positive impact of tariffs on the presidency of Teddy Roosevelt. When President McKinley was assassinated, Roosevelt inherited a vast sum of money accumulated through tariffs. This financial windfall enabled Roosevelt to undertake ambitious projects, including the establishment of national parks. Trump noted, "And
(Excerpt) Read more at pjmedia.com ...
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Love it! But there always enough RINO’s to stop him on this one.
It’s the Art of the Deal.
Trump’s compromise position will be a flat rate tax on all income - ALL income - with a high exemption or standard deduction and no deductions, supplemented by some tariffs.
Much better would be a sales tax and complete abolition of the income tax AND THE IRS. Every last employee. No more weaponization.
Maybe by the end of February, he will have time to discuss Daylight Savings time being done away with, once and for all.
No more IRS Gestapo. If you don’t believe in the resurrection just owe the IRS .... they’ll bring you back to collect.
Time for voters in Alaska, Maine, and wherever these RINO squishes are to start burning up the phone lines and threatening to primary them (or, failing that, running them out of town on a rail or tar and feathering them).
Except for hardcore anti-Trumpers, I can't see the average person not wanting to get behind this.
So long as the income tax is not replaced by a consumption tax or value added tax as is the case in Europe. That would be devastating to low income seniors.
The Wealthy always manage to find "loopholes" to avoid paying taxes so they'll actually pay more in taxes if we had a national sales tax.
When one starts with no tax on tips, the end game is eventually no tax on income...
And he stated he expected that no tax on tips to get done soon ..
“Get rid of the IRS by enacting 10% national sales tax.
The Wealthy always manage to find “loopholes” to avoid paying taxes so they’ll actually pay more in taxes if we had a national sales tax.”
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That’s a VAT (Value Added Tax) by another name.
I’m not opposed to a VAT at all, in exchange for federal income and excise tax repeal, but too many here fear the name and European origin of the plan.
National VAT would be better than a sales tax. What it would do is put all of the USA-based producers on the same level playing field as the foreign producers. Suppose you have 10M revenue per month and 6M for costs of supplies & raw materials. If the VAT is 20% then your customers pay 12M, you pay 7.2M for costs & supplies, and you pay 0.8M (not 2M) for VAT since you get credit for the 1.2M you paid for cost/supplies. If you move your factory to Mexico or China then you pay the full 20% VAT on every penny of revenue. It’s a Value Added Tax (VAT) as you pay tax on the value added.
Yes it’ll mean higher prices on things. But people will have more disposable income. Who gets screwed are 2 groups of people:
(1) People who move their production activities outside the USA.
(2) People who don’t work.
For these it’s not the end of the world. It’s just that the US government will be working primarily for the benefit of US workers. So, if you want to benefit on this then work. If you want to lose then move your factory overseas or go on welfare.
Tax History Lesson: The McKinley Tariff (2008)
The second item above is from 2008, well before the consideration of tariffs as a modern economic engine was considered.
How does he propose to pay tfor stuff?
Man that’d be cool with me. As it stands I only keep $.53 out of every $1.00 once 401K/Taxes/Insurance are all figured in. While they’re at in, why not increase the 401K max contribution to 30% and double the total yearly max.
That's a good reason to oppose it. Generally, anything that comes out from Europe is crap.
But I think it's a trade off that we can make and it'll benefit us in the long term.
The catch is that it should remain difficult to increase the taxation rate.
I think Trump has planned all along to get rid of the income tax and the IRS.
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