Trump Flirts With the Ultimate Tax Cut: No Income Taxes at All

[farmstud60]

Originally Posted by 1blackman1

I disagree because 100% of what you write about economics is nonsense that isn’t support in fact. I know as soon as you start typing that what will be the result is from someone that has about as much understanding of economics as a 5 year old. I may not agree with the likes of Tiny and Lusty but they do have some knowledge of what they type. Your ignorance of the subject shows every time.

LOL, you have no clue.


Kenyes economic theory was a failure that let to the disaster of the 1970's. Milton Friedman proved them wrong in the 1980's and 1990's . The power hungry politicians didn't like Friedman and they keep going back to the old school playbook, and the results are the same.

[DEAR_JOHN]

Originally Posted by texassapper

Trump Flirts With the Ultimate Tax Cut: No Income Taxes at All

Not gonna lie... I just got a chubbie from that headline. Because it would be the ultimate way to constrain the size of the leviathon.

Because Trump is light years better than harris, I voted for Trump this year, but that doesn't mean I don't feel he can't be full of shit. I never believed that Mexico would pay for the wall. I didn't believe that people were eating cats and dogs. And I don't believe this no income tax crap either. We will see about overtime not being taxed or no taxes on tips. I will give him the benefit of the doubt, but the math doesn't add up with us being 36 trillions in debt and Trump taking away taxes to help pay down the debt. If he's going to do anything positive, how about no taxes on social security for seniors.

[Jacuzzme]

Nobody thought Musk could shitcan 3/4 of Twitter staff and keep it running smooth. He did, and there’s no reason to think we couldn’t do the same to the federal government. 90% of what it does is unconstitutional and unnecessary, go in there with a chainsaw and bring back reasonable government.

[69in2it69]

Originally Posted by Jacuzzme

Nobody thought Musk could shitcan 3/4 of Twitter staff and keep it running smooth. He did, and there’s no reason to think we couldn’t do the same to the federal government. 90% of what it does is unconstitutional and unnecessary, go in there with a chainsaw and bring back reasonable government.

What a rock star https://arstechnica.com/tech-policy/...-of-its-value/


Just imagine when your dollar is worth 28 % of what it is today.


Twitter is a joke, lost all it's talent, probably running on contract workers supplied by Putin.

[Jacky S]

The federal tax should be replaced by a tax on what you purchase, not what you earn.

That way, if the billionaire wishes to buy a multimillion dollar yacht, he would pay the appropriate tax.

If the middle class worker wishes to buy a 18 foot aluminum boat, he would pay the appropriate tax.

[Tiny]

Originally Posted by farmstud60

The income tax code is gigantic corrupt power grab by the Federal government that has resulted in all kinds of issues..Shaking things up to get an honest debate on taxation would be a great thing.

Absolutely FarmStud. We don't have a level playing field, and that promotes inefficiencies. The politicians have granted all kinds of favors in the tax code to special interests. For example, in Texas, when the sun is shining and the wind is blowing and demand for electricity is low, power producers might have to pay to produce electricity into the grid, 2 cents a kilowatt hour or whatever. So the gas fired power plants turn off the switches or ramp down output. But not the wind generators! It doesn't make sense to shut down the wind turbines to save wear and tear, because they get tax credits they can sell worth 3 or 4 cents a kilowatt hour, which is more than the 2 cents they pay to produce. Full speed ahead!

To be fair I'm not sure this is still happening, but it was 5 or 10 years ago when I attended a presentation by an engineer with the Electric Reliability Council of Texas.

Texas Contrarian has provided much better examples from times B.R. (before Reagan) of stupid investments promoted by the tax code.

Originally Posted by Jacky S

The federal tax should be replaced by a tax on what you purchase, not what you earn.

That way, if the billionaire wishes to buy a multimillion dollar yacht, he would pay the appropriate tax.

If the middle class worker wishes to buy a 18 foot aluminum boat, he would pay the appropriate tax.

You're a genius Jacky! Seriously. Replace the income tax with a progressive sales tax! Tax the yachts at 300% and 18 footers at 20%. Conversely you pay 20% tax on the $50 blow job you get from the gordita at Chicas Bonitas and 300% on the high dollar hottie. Savings and investment would boom! Our current account deficit might just become a current account surplus. I like this idea, although I guess it would still allow government to play favorites. Maybe a flat tax rate would work better, to avoid the deadweight losses. That's something for someone with a higher pay grade than me though. Maybe one of the Big Guns will weigh in. Based on the writings of one of them, a value added tax instead of a sales tax might be the best bet.

[Tiny]

Originally Posted by Jacuzzme

Nobody thought Musk could shitcan 3/4 of Twitter staff and keep it running smooth. He did, and there’s no reason to think we couldn’t do the same to the federal government. 90% of what it does is unconstitutional and unnecessary, go in there with a chainsaw and bring back reasonable government.

Take what you can away from the federal government and put it in the hands of the states and the counties and the cities. The power of the purse is best exercised closest to the people. In the words of the Black Panthers, Power to the People!

[ManSlut]

Originally Posted by farmstud60

…
I have to go, but the goal of Trump's statement is to shake things up and get a more robust discussion going. The status quo needs a sledgehammer dropped on their toes to get their attention first.

Oh puhleeze, are you fucking kidding me, OrangeTard has never been about getting a discussion going, more robust or otherwise. He is only about brainwashing his cult, MAGA crank, fan base to believe the shit that comes out of his dick sucking mouth, sucking it down with a straw or eating with a spoon…The man has no plan for ANYTHING that comes out of his mouth, such as:
Building a border wall and make Mexico pay for it; Terminating ObamaCare; Cleaning the Swamp; etc…

Trump, like ALL fascist cult leaders is a PROPAGANDIST, peddling snake oil or fake Rolex watches out of his car, and laughing when his mega cult swallows his entire load.

You’re a CHUMP, too clueless, brainwashed, or both, to realize it!

[txdot-guy]

I suggest everyone read the following site: https://www.crfb.org/blogs/what-woul...-budget-update

Balancing the federal budget with out raising taxes is nigh on impossible.

Excluding Social Security and Medicare from cuts would make the task of balance even more unrealistic. Without touching spending on defense, veterans, or Social Security, all other spending would need to be cut by 50 percent. Also excluding Medicare would mean that remaining spending would need to ultimately be cut by 78 percent.

[Why_Yes_I_Do]

Originally Posted by Lucas McCain

Please explain to me how economically no income taxes work with a country full of debt? And please don't mention tariffs. ...

Hate to break it to you Lucy, but tariffs are the lynchpin The Trump is talking about.

Turns out, it was actually done that way in the past. Personally, I'm not an absolute fan, but see value in leveraging tariffs to our advantage and I dang sure hope you know our current tax system is for shit. So much so, that there is an entire industry just to help people and businesses file taxes each and every year.

If you're interested in understanding how tariffs have been leveraged historically with great effect, check out this 78 second clip of someone from the Wharton School explaining it in layman terms, to a small group of people in Philadelphia recently.

It's part of a new four year course on economics. A-n-d... it's free! I think they even cover "a country full of debt" in a different module. I only saw a short preview, but it seemed to focus on two things: 1- Spend less and 2- Quit borrowing other people's money to spend. I think that module, oddly enough, is delivered by the World's most successful and wealthiest entrepreneur.

They seriously do bring the talent in the series.

I have a visual aid from an upcoming session.

BTW: You have to register by November 5th this year to be part of the series.

[Why_Yes_I_Do]

Did ya get those danged kids off your lawn?

Originally Posted by ManSlut

Oh puhleeze, are you fucking kidding me, OrangeTard has never been about getting a discussion going, more robust or otherwise. He is only about brainwashing his cult, MAGA crank, fan base to believe the shit that comes out of his dick sucking mouth, sucking it down with a straw or eating with a spoon…The man has no plan for ANYTHING that comes out of his mouth, such as:
Building a border wall and make Mexico pay for it; Terminating ObamaCare; Cleaning the Swamp; etc…

Trump, like ALL fascist cult leaders is a PROPAGANDIST, peddling snake oil or fake Rolex watches out of his car, and laughing when his mega cult swallows his entire load.

You’re a CHUMP, too clueless, brainwashed, or both, to realize it!

[Yssup Rider]

Who bears the burden of Trump tariffs? Those guys in the barber shop, in WYIDs Musc social media post.

You know, the dudes of color (who got schooled by the Wharton graduate (I assume he knew what he was writing when he altered the link)…

How are you gonna pay for your wall without generating revenue? How are you going to imprison doctors without money to fund the military? How are,you going to round up those poisoning our country’s blood using a sales tax?

Billionaires will pay more. People who buy milk for their children, not so much.

I’ll be sooo happy when this shit is over with.

[Capital]

Originally Posted by Tiny

Absolutely FarmStud. We don't have a level playing field, and that promotes inefficiencies. The politicians have granted all kinds of favors in the tax code to special interests. For example, in Texas, when the sun is shining and the wind is blowing and demand for electricity is low, power producers might have to pay to produce electricity into the grid, 2 cents a kilowatt hour or whatever. So the gas fired power plants turn off the switches or ramp down outpw

To be fair I'm not sure this is still happening, but it was 5 or 10 years ago when I attended a presentation by an engineer with the Electric Reliability Council of Texas.

Texas Contrarian has provided much better examples from times B.R. (before Reagan) of stupid investments promoted by the tax code.



You're a genius Jacky! Seriously. Replace the income tax with a progressive sales tax! Tax the yachts at 300% and 18 footers at 20%. Conversely you pay 20% tax on the $50 blow job you get from the gordita at Chicas Bonitas and 300% on the high dollar hottie. Savings and investment would boom! Our current account deficit might just become a current account surplus. I like this idea, although I guess it would still allow government to play favorites. Maybe a flat tax rate would work better, to avoid the deadweight losses. That's something for someone with a higher pay grade than me though. Maybe one of the Big Guns will weigh in. Based on the writings of one of them, a value added tax instead of a sales tax might be the best bet.

Y'all don't really think things through. Slapping a huge sales tax on the big ticket items, simply depresses sales of those items. Revenue drops, GDP drops, nobody wins.

[texassapper]

Originally Posted by Capital

Y'all don't really think things through. Slapping a huge sales tax on the big ticket items, simply depresses sales of those items. Revenue drops, GDP drops, nobody wins.

It doesn't NEED to be a huge tax on things... 300% on luxury items? Seems ridiculous. ANd the Extremely rich have many more avenues to avoid taxes anyway.

The key is to figure out a way to force teh very wealthy (>500K income per year) to foot a bigger bill, still make EVERYONE have some skin in the game but without hurting people trying to move from lower to middle class.

It likely won't happen without armed conflict or some similar upheaval because the rich don't want an expanded middle class. They want us to be serfs while they enjoy private jets and yachting in Monaco while our carbon taxes keep us using bicycles and staycations.

There was a movement called the fair tax which I think excluded the first 40K or something like that of earnings... and then it was a flat tax after that.. you could do your taxes on a postcard...

But the main problem isn't the tax code and base... its the spending. Congress is drunk and doesn't give a fuck and now they are just running up the CC because they have given up.... but the laws of compound interest do not care.

This is all going to come to an end...