Posted on 05/02/2025 6:26:38 PM PDT by E. Pluribus Unum
House Republicans are planning to include several of President Trump’s campaign promises in the first draft of the bill, which they hope to release soon.
It was easy to miss, but last weekend President Trump floated a fundamental rewrite of the American tax code. In a social media post, and again in remarks to reporters, Mr. Trump suggested the United States could stop taxing income under $200,000 and instead rely on revenue from his extensive tariffs.
“It’ll take a little while before we do that, but we’re going to be cutting taxes, and it’s possible we’ll do a complete tax cut,” Mr. Trump told reporters on Sunday. “Because I think the tariffs will be enough to cut all of the income tax.”
The idea was news to Republicans on Capitol Hill already in the throes of translating Mr. Trump’s impulses for cutting taxes into law.
Senator Mike Crapo, a Republican from Idaho who leads the Finance Committee, said he had not heard from Mr. Trump or his staff about the proposal. “So I just don’t know what that’s referencing,” he said.
Likewise in the House, where Republicans are preparing to release their first stab at the tax bill in the coming days. “We aren’t having that discussion at all — it’s never come up,” Representative Lloyd Smucker, a Republican from Pennsylvania and a member of the Ways and Means committee, said of not collecting income taxes on earnings under $200,000.
Even if they take a pass on Mr. Trump’s most recent notion, congressional Republicans are straining to incorporate several of his previous tax proposals into the legislation. Those include not taxing tips, overtime pay or Social Security benefits, three of Mr. Trump’s campaign pledges that the White House has continued to push in his second term.
House Republicans are planning to...
(Excerpt) Read more at nytimes.com ...
I'd prefer paying the increased price of imported products to paying on a form 1040.
Tariffs are designed to bring manufacturing back to the US...correct? Therefore if successful large decreases in tariff revenue in the future. (Tariffs not a stable form of revenue).
“God put republicans on this earth to lower taxes”
Robert Novak.
Cut taxes and cut spending even more.
In the meantime, he wants no taxes on Social Security and tips.
https://www.irs.gov/pub/irs-soi/22in12ms.xls
Of the $2.1t in income tax liability at the individual level in 2022, 68% or $1.5t came from those with adjusted gross income of $200,000+.
Put differently, it’d cost $600bn to do this. Relatively speaking, it’s a drop in the bucket.
Parenthetically, taxpayers with AGI of $200,000+ earned 48% of the total $14t of AGI earned by taxpayers.
Put another way, the “rich” are paying a disproportionate amount of tax relative to AGI.
This also means, mathematically, an across-the-board tax cut will disproportionately “benefit” the “rich.” It’s a trap.
Small wonder April 15 is hated by many people.
Plank #2 of the Communist Manifesto: A Heavy Progressive or Graduated Income Tax.
O these guys not know what to do without a guiding hand?
Tax cuts mean your allowance gets cut, period.
If Congress didn’t waste our money on BS stuff, we wouldn’t be in such debt to have to pay exorbitant taxes.
United States could stop taxing income under $200,000 >>> I think he is correctly wanting to stop the illegal taxing of wages directed by SCOTUS mandate that wages are income. Blessings from God will flow when our government begins to operate constitutionally again. The DOGE corruption discoveries and the child trafficking by HHS and CIA will add to God granting his blessing on a rightful government once again.
Damn. I haven’t read it in awhile, so thanks for the reminder.
Let them wrestle each other in an actual arena. People will pay to see that.
Many countries depend on exports because the locals are not rich enough to consume everything manufactured. #1 China.
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