Trump just called for Congress to abolish the income tax.
- Thread starter WVUALLEN
- Start date
Would love it. Probably need to complicate the corporate tax code so when this happens all the tax attorneys and accountants are not unemployed.
So he is going to find enough spending cuts to balance the income from corporate taxes (@15%) plus tariffs ( that may not pay cause some countries will comply). Guess we shall see how many new corporations set up shop and the taxes they pay can counter balance Congresses penchant for spending. Oh, and we still need to pay down our debt.
Last edited:
Pretty sure there will be some sort of sales tax component.
It’s a tall task but would be incredible if it was done. Got my doubts.
Gonna take some explaining because the media will lie about it like crazy. Bottom line is the people collecting and spending your taxes need you to not pay attention to how much they take and spend.
Well if the leftist would learn to spend this enormous taxation on what it's intended for instead of spending it frivolousky on meaningless crap. Such as condoms for foreign countries.
I agree but think of the money saved by just demolishing the IRS.
They can simply shift their expertise from tax reduction strategies into investment advisory roles either as Corporate investment counselors or Certified financial planners. Shifting tax revenues into tangible wealth generating financial investments & incomes would power us out of deficits and debt into unparalleled corporate & individual wealth. This would come with low inflation, economic growth, and fiscal accountability Washington or many corporate bureaucrats tied to the tax code can't fathom.
Of all Trump's fabulous proposals to limit the size, scope, and cost of Federal Government, this is the one that has me the most jazzed.
I Pray he's able to pull it off. I would not bet against him.
Why? They chose that profession. And if this administration destroys their way of life, then they have a vote in 2028. Isn't that what the message was for the coal miners, pipe fitters, etc. etc. a decade plus ago? (my dad was one of them casualties). Let them go back to school and learn a new trade.
Totally agree there is low hanging fruit. And the objective to eliminate IRS is an admirable goal. I’m spitballing but government spending on DOD, Medicare & Social Security are going to be a challenge. And their spending volume is massive compared to the condoms. I do think there will be effective cost/spending reductions. And a percent of a huge number is a big number. But it won’t be enough.
Just think the best chance is to raise revenue via taxing new companies and tariffs. Sales tax was mentioned but isn’t that more of a state revenue program?
