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 ...
Yes and per the original US Constitution!! The folks who own the Federal Reserve, ie, the Rothschilds clan, and a few other ultra wealthy families of the world won’t like that. I recall that JFK was going to do the very same thing and dissolve the Federal Reserve. We all know how that turned out.
Little did the Founders know that one day “The Great Compromise” giving every state two senators that one day that most of them belong to the same party AKA the Uniparty that has brought this country to it’s knees.
We’ll be over as a nation long before the 17th Amendment is repealed.
Are there any countries that currently have no income tax?
Maybe after inflation recedes, maybe. but not before.
Tarriffs WILL raise domestic prices and the more “punishing” the tarrifs (which is what tarriffs meant to replace the income tac would be) the morely that the price of tens of thousands goods will go up. The timing of intoducing them now, and particularly at once, would create a big rcession.
I would prefer to replace the “progressive” income tax with a single, universal FLAT income tax rate, that would apply to everyone, and everyone’s income, with no deductions, no exempltions, no exclusions and no credits. Just a flat tax everyone pays. The IRS would need 90% fewer people and people would make economic and financial decisions based on natural financial considerations, not to seek a better “tax result”.
Jubilee and genuine US currency oughta do the trick.
How much revenue did Federal income tax bring in, in 2023?
It seems like these would have to be some VERY stiff tariffs.
Granted that I’d like to see the income tax go away, not because it costs me, a very moderate income earner, so much, but just because of the incredible hassle, AND, your 1040 is used for means testing in all sorts of social engineering projects. Even academic(!) scholarships now often depend on the unbelievably intrusive “FAFSA”* form, which in turn depends on among many other things, the 1040.
*Just read through a FAFSA form sometimes and see if it doesn’t make you ill...
This is absolutely a winning issue. It would never be implemented in Congress, but it’s an outstanding political “reach” that could turn into a transformational approach to how U.S. citizens see their duties as taxpayers.
Can just lower it to 0%. Start with a descending flat tax over 5 years.
Have we ever seen a proposition so ingenious—both practically and politically—in the entire history of our country?
No, of course not. We can never get rid of the income tax. We might as well resign ourselves to it since we’re stuck with it. How dare Trump ignore the memo. /s BTW, similar arguments have been made about repealing Roe v Wade and defeating the Soviets. They were both the new normal and we needed to accept them and move on.
YES!!!!!!!!!!!!!!!!!!!!!!!!!
Again...allowing Congress in on the act would be inviting the foxes into the hen house. Then, you would be taking on Congress and all the monied interests that like the status quo. We don’t need, and shouldn’t use Congress for this.
No chance. 50% of our population barely pays taxes. Can you imagine the reactions of people on fixed incomes, that pay almost nothing in taxes, when the prices of most things double?
He is actually replacing the illegal wage tax called income into a correct tax that doesn’t need to be apportioned. Any wage tax as a direct tax must be apportioned.
That’s the old system. Worked great. As tariffs went down, income taxes went up.
I’m sure there will be a lot of ink spelt on the cost-benefit side of this... as a political issue I’m seeing a winner.
LOVE LOVE LOVE this idea. Trump needs to bring up this idea at the debate, if there is a debate..I LOVE THIS IDEA, somewhere Biden’s goons are wondering whey they didnt think of it
It couldn’t be done over night. It would have to be phased in and combined with massive budget cuts. To make it work, we would probably need to really ramp up our energy exports.
Defund the fed, that’s what I’m talking about!
Congress holds the purse... can’t do much without them... especially with a proposition so far-reaching.
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