Posted on 06/13/2024 5:39:20 PM PDT by shadowlands1960
Key Points
-Donald Trump discussed the idea of imposing an “all tariff policy” that would ultimately enable the U.S. to get rid of the income tax, sources told CNBC.
-He also talked about using tariffs to leverage negotiating power over bad actors, according to another source in the room.
- Trump championed tariffs during his first term in the White House.
Donald Trump on Thursday brought up the idea of imposing an “all tariff policy” that would ultimately enable the U.S. to get rid of the income tax, sources in a private meeting with the Republican presidential candidate told CNBC.
Trump, in the meeting with GOP lawmakers at the Capitol Hill Club in Washington, D.C., also talked about using tariffs to leverage negotiating power over bad actors, according to another source in the room.
The remarks show Trump, who championed tariffs as a foreign policy multi-tool during his first term in office, is considering a drastically more protectionist trade agenda if he defeats President Joe Biden in November.
(Excerpt) Read more at cnbc.com ...
To me the 17th amendment is fairly minor compared to the 16th.
I doubt very much the Senators from each state would be much different than what we have now.
For example, do you think the California legislators would elect Senators that differ much from what the people of California elected?
If anything they might be worse.
Compare that to how different things would be if there was no income tax.
“Trump floats eliminating U.S. income tax and replacing it with tariffs on imports”
>>>>>>>>>>>>>>
If this idea works out it would not only save America’s economy it would make it thrive to a level never seen before. America would become an economic hyper-power.
Finally, people would not be “income-tax-punished” for working hard. Instead they would be rewarded by keeping their OWN money in their OWN pockets. People will be able to invest again. America’s economy would be on steroids so to speak.
Lastly, no need to pay most of the salaries of the huge IRS-army, which is a big burden on the economy.
Maybe the idea is a dream, but I like it.
Sounds OK. How about we do an “Argentina” on the budget and gooberment in general as well. Austerity for a change sounds like a winning plan to me.
When I read Alexis de Tocqueville’s ‘Democracy in America’ as part of an American history survey, I was impressed by the sense the book gave of the energy of Jacksonian America. It was like a throbbing beating heart, always moving, always growing... relentless... men working everywhere, building cities, clearing wilderness... just a sense of endless possibilities. That is what I’d like to get back to - I know we won’t be able to recreate the energy of the young republic but I’d love to regain the sense of the ‘special’ nature of the enterprise. This proposal, I believe, could provide the spark to recreate that.
The legislators couldn’t do worse anyway California is a psychopathic example as are any of the hard blue states.
We would certainly have more turnover in senators then we have now. Every legislator and state grandee would see themselves in that office. Coming from the state legislatures would certainly make senators more sensitive too and attune to state issues. You would have fewer examples of senators voting against their state interests to please party interests. And the final and best reason for repealing the 17th Amendment is this amendment upsets the balance of between the states as institutions and the people. It’s the single most republic destroying of the amendments. The amendment was thew basis for the destructive USSC 1964 decision of Reynolds v. Sims which wrecked the state senate & state house power arrangement in the states. Evertt Dirksen warned the nation that the decision would financially devastate states with large urban centers like his state Illinois. It has look at Illinois, New York, California, Pennsylvania, etc.!
Couldn’t agree more. Javier Milei has been successful at turning back inflation by reducing the size of government and he accomplished it in a short time... obviously a model we should pay attention to.
Then he should support a targeted and ambitious tax credit for research and innovation like Reagan in 1981. The Reagan-era tax credit set off a boom in investment and technological innovation that paid dividends to the US economy for decades to come. Raising trade barriers generates only small gains in the short run at the expense of substantial losses in the long run and when other countries retaliate even those small gains the barriers generate disappear and are replaced by more substantial deficits.
Replace with "ERS".
If he's serious about this, it's a great way to get a lot of less than enthusiastic folks fully on board.
Yes, end H1B and deport them all. Can we get Trump to promise this? Last time around he not only increased them but let them stay during COVID when they had clear requirement to leave within 60 days when they were laid off.
“The amendment was the basis for the destructive USSC 1964 decision of Reynolds v. Sims which wrecked the state senate & state house power arrangement in the states.”
No, the basis for that ruling was the 14th amendment equal protection clause.
” You would have fewer examples of senators voting against their state interests to please party interests.”
I doubt very much there would be much difference. A person’s view of his interests are seen through his world view, ie, his politics.
My key point was, the impact of the 17th is a nit, compared to that of the 16th. Do you agree?
Shoot, Washington doesn’t need any income at all, they can just print up as much as they need. Oh wait, they pretty much do that now. I guess the tax and fee system is more for control than revenue.
Completely disagree!
as did Dirksen!
“Can just lower it to 0%. Start with a descending flat tax over 5 years.”
Similar to TN’s income tax on investments. When we moved here, that tax was pretty high. Then it was phased out over a few (5, I think) years, descending every year, to zero.
(At least, that’s how I recall it. I could be wrong.)
Like it
Then, you’re both abysmally wrong! 😊
Oh.
Never mind.
A lot like ripping off a band-aid. Gotta be done so get it over with fast.
There is one reason and one reason only why we’re getting away with printing money, and that’s because the world uses the dollar for its reserves - basically it treats it like gold.
That’s starting to change.
Correct. The tax code is a tool to favor friends and punish enemies. It is a favorite tool.
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