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 ...
It sounds great.... for people like myself that actually pay income tax. The problem is there are a lot of folks that already pay nothing because of their low tax bracket and things like the child tax credit.
So you can already hear the dems...it’s a tax break for the rich while the poor will end up paying more in higher costs of goods.
The tax code is so convoluted, (intentionally), that proclaiming something as simple as ‘no more income tax’ is actually not that simple...and let’s face it, we will all pay somehow. Dealing with the debt and taxes is just moving furniture around on the titanic until SPENDING STOPS.
A flat tax might be best but what do you do with tax credits, mortgage deductions, etc.
I’m curious if anyone has run the numbers on what kind of tariffs would be needed to offset all income tax. They would have to be huge.
Free Traitor™ lies, transparent sophistry and scare tactics. Go away other countries already tariff our exports....
For better or worse the Senate would be 60-40 R over D right now if the 17th was repealed.
That’s a good point.
But you have to wonder, why would people in a state that votes for a republican Legislature vote to send a Democrat senator to congress?
The 19th amendment...
Repealling the 17th would make that a moot point.
It’s NOT a lie. The market crashed after the House voted for the tariff bill in 1929, then the senate passed it in 1930, and Hoover signed it……and he also raised the top income tax rate from 25% to 65%.
USA has high corporate income tax rates & no tariffs and no VAT. Other countries hit us with tariffs and a VAT on top of that on our exports, but they have lower corporate income tax rates and do not tax overseas earnings, double tax dividends…….better for us to cut the corporate income tax to 10% at first, let corporations deduct dividends and tax dividends as regular income, then replace the tax on business payrolls with a VAT & not tax multinationals overseas operations earnings. Making the income tax much less steep is the way to unite left wing and right wing populism…..like a 40% tax bracket at $10 million, 30% tax bracket at $1 million, 20% tax bracket at $100,000, 10% tax bracket with a standard deduction equal to the minimum wage in the zip code where the taxpayer resides. child tax credits aren’t good for families, considering that most babies are illegitimate these days and child support is not taxed at all; the child tax credit is a big giveaway to Democrats…unwed mothers,poor immigrants having lots of babies, wives who divorce their husbands. How about making all 401K plans Roth? How about getting rid of the deduction for charitable giving?
I agree.
Voting for a republican legislature and at the same time a Democrat senator seems rather irrational. And women are not known for their unimpassioned rationality.
So I would name the 16th as the worst amendment and the 19th a close second - I might even give them a tie.
The founders would have a hissy fit if they came back and saw all the “improvements” we made to their constitution!
How about combining the Fair tax with the flat tax: Replace payroll taxes by a 20% national retail sales tax or VAT, then have a 30% flat tax at $500K income……..you’d pay 15% income tax on your first million only…….then it goes to 30% at the top?
So trading work for money and trading money for the same work should get taxed 4 times at the federal level, but trading stock or other assets for money should have no tax on it?
The 17th and 18th were no gems, either. Had none of them passed, our country would be in much better shape
Democrats are not “tax and spend liberals” anymore. They are borrow and spend liberals, now
Agreed. But at least the 18th was repealed.
That will benefit people still working, but will decimate people retired on fixed incomes.
What about a flat tax of 15%?
What about a flat tax of 15%?
Well, it’d be better than what we’ve got now. I always liked Herman Cain’s 9-9-9 idea, too.
Why stop there?
All of the progressive era amendments should be repealed.
16th, 17th, (18th already was repealed by the 1st), and the 19th.
Wouldn’t fix everything, but our problems would all be much more manageable.
I would prefer the Fair Tax so that people would see how much the government really takes from you. Import tax is a hidden tax.
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