Trump floats ending the federal income tax. Here’s what that would mean
Trump floats ending the federal income tax. Here’s what that would mean
After promising to eliminate taxes on tips, Social Security benefits and overtime pay, former President Donald Trump is taking aim at the largest levy of them all — the federal income tax.
It means he's an idiot who wants to convince other idiots that this will mean less taxes for them, while it just means that poor people will be taking up the tax burden while the rich get away without paying anything.
Exactly, billionaires don't usually get income the way most people normally do, or are only paid $1/year and instead are given stock. They can then use that as collateral to take out loans, effectively getting millions of dollars in salary without paying income taxes. And then when they die, the principal on their stock resets so their heirs can sell the stock and the gains be next to nothing, meaning they won't pay taxes on all the gains.
Well, the very rich often don't pay income tax now...
Well, that's one way to crash the economy. But I'm sure if that happened it would somehow be the Democrats fault.
"nobody knew that taxation policy was this complicated"
And immigrants
People really think the government does nothing for them...
Taxes should be reformed not eliminated. So many small communities will be wiped out. I'm open to solutions but it just feels like Trump was hired to try and tank the US so it leaves the global stage.
He is Russian agent. I think this as been a long game ran by Putin who was an KGB agent and loved the Soviet Union and wants pay back for the US destroying it. Now if Trump wins he will get his wish and destroy America and economy. How long afterwards before China and Russia and any of our enemies would take advantage of our downfall and invade and conquer?
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A lot of comments here suggest people didn't read the article. It's pretty clear he intends to increase tarifs, and that would substitute income tax. Hey even MAGAS as demented as trump still gotta fund that war machine somehow.
As for how effective it could be? Well it's at least interesting, as it will effectively be a 75% consumption tax on manufactured goods as a replacement. This would probably reduce consumption (great), crash manufacturing (bad), and boost white collar sectors (especially finance).
Basically this will negatively impact blue collars, and benefit white collars and the rich. Oh look, the big con continues.
And the silver lining - any negative consequences will be blamed on liberals/Democrats/
THE JOOS, oops, I mean "the globalists". What am I saying, they've been doing that for at least 40+ years...if you didn't feel the glory of the golden showers of Ronnie's trickle down economics, well, it's because THEY took it, or THEY subverted Ronnie's holy and virtuous plans.Tariffs are a pass-through cost. This would invariably hurt the US economy.
Fucking rubes.
Yeah, but his base thinks that China pays the tariffs because they don't know how anything works. Hell, Trump might believe that China pays the tariffs because he doesn't know how anything works.
consumption tax on manufactured goods
You spell "food" funny.
I'd expect a sudden inflation, with suddenly expanded after tax income chasing the same or reduced goods due to less imports.
"i love the poorly educated" --donald trump, feb 2016
he's really baiting that demographic here.
Replacing income tax with a consumption tax (tarrif) sounds like a great way to reduce spending and wasteful consumption. Crashing the US economy is one way of doing degrowth, I guess.
His median income nuclear family supporters gonna be shocked to find out that their effective tax rate wasn't all that bad with the standard deduction and childcare credits and that filing taxes was a lot easier when people didn't need receipts for every single thing they purchased all year
"Trump wants to make taxes massively regressive in order to enrich billionaires and fuck over the middle class even more."
I'm OK keeping the income tax, just make it so people don't have to do paperwork every year.
My salary is $144,000, I have a wife and a $2,048/mo. mortgage.
Plug that into a spreadsheet, figure out the correct amount to take out of my paycheck, and leave me the hell alone.
We have formulas and software to do this, it shouldn't be complicated.
We make it complicated in the name of allowing people to do small scale tax evasion.
You can start a business, buy a car, write off part of your mortgage, part of your internet access and one of your phone lines, reducing your amount of tax due by 1/3 of that total amount.
Honestly the new 1040 website for federal is super easy. All the states did that too it would be fine in my book.
it isn't. In the UK where i am all your taxes are deducted from your salary before you're paid. if you overpay you get an automatic rebate at the end of the year. if you're in normal employment you should never have to speak to HMRC, your companies HR do it on your behalf in the rare event something comes up
He's courting the sovcit vote.
But would sovcits even register? Or would they just show up to the polls to harass workers with a bunch of made-up pseudo-legalize documents they found on the Internet?
Far too many stupid people will fall for this.
Plus he's going to come to everyone's house personally every single weekend in fall to rake the leaves for us.
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https://www.cnn.com/2024/10/26/politics/trump-income-taxes-tariffs/index.html