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Started By
Message
No income taxes. What would that look like?
Posted on 10/26/24 at 9:12 am
Posted on 10/26/24 at 9:12 am
Just for fun... let's assume this is actually what they are going to do.
To have no income taxes, we would need to replace 2.18 trillion dollars. Where could the gov make that up at?
My idea is this:
- a tariff policy that protects American jobs.
- Eliminate income taxes and that injects 2.19 trillion into our economy every year.
- Consumption taxes on goods. Consumer spending is a major driver of the economy, making up around 70% of the American GDP. The United States' gross domestic product (GDP) in 2023 was $27.36 trillion.
EDIT TO ADD TO THE LIST FROM POSTERS:
- cut spending
To have no income taxes, we would need to replace 2.18 trillion dollars. Where could the gov make that up at?
My idea is this:
- a tariff policy that protects American jobs.
- Eliminate income taxes and that injects 2.19 trillion into our economy every year.
- Consumption taxes on goods. Consumer spending is a major driver of the economy, making up around 70% of the American GDP. The United States' gross domestic product (GDP) in 2023 was $27.36 trillion.
EDIT TO ADD TO THE LIST FROM POSTERS:
- cut spending
This post was edited on 10/26/24 at 9:43 am
37
Posted on 10/26/24 at 9:13 am to BCreed1
Spend 2.4 trillion less per year
Posted on 10/26/24 at 9:14 am to BCreed1
quote:
To have no income taxes, we would need to replace 2.18 trillion dollars.
And/or spend less and shut down a bunch of federal agencies, reducing the federal government to the negligible and muted levels of power it was always intended to have.
quote:
My idea is this:
- a tariff policy that protects American jobs.
- Eliminate income taxes and that injects 2.19 trillion into our economy every year.
- consumption taxes on goods.
Agree with all of this. These are great ideas and absolutely what Trump is thinking.
Posted on 10/26/24 at 9:15 am to BCreed1
quote:
To have no income taxes, we would need to replace 2.18 trillion dollars. Where could the gov make that up at?
No we wouldn’t. We cut the government down. You could eliminate probably 90-95% of the federal government and the average American wouldn’t even notice. In fact, they’d probably see an improvement in their quality of life.
Posted on 10/26/24 at 9:15 am to BCreed1
Rainbow farts and unicorns.
Posted on 10/26/24 at 9:15 am to BCreed1
we would need to replace 2.18 trillion dollars why?
Our national debt grows more than that.
Our national debt grows more than that.
Posted on 10/26/24 at 9:16 am to BCreed1
At the end of the day we collect more than enough money via sales tax, pay roll tax, property tax, etc….
In a perfect world, removing income tax will cause government cuts in spending. Fewer pet projects, reduction of pointless departments, reduced waste.
But cancer is hard to cut out.
We started this country because of “taxation without representation”
Yet here we are. No one paying taxes actually voted to pay these taxes. You were born…. You grew up. You got a job, and they started taking half your earnings.
If this was a national vote, I think D and R alike would say no more.
In a perfect world, removing income tax will cause government cuts in spending. Fewer pet projects, reduction of pointless departments, reduced waste.
But cancer is hard to cut out.
We started this country because of “taxation without representation”
Yet here we are. No one paying taxes actually voted to pay these taxes. You were born…. You grew up. You got a job, and they started taking half your earnings.
If this was a national vote, I think D and R alike would say no more.
Posted on 10/26/24 at 9:17 am to BoKnowsAUOne
Eliminate almost all foreign aid, and certainly all military/defense foreign aid with the exception of Israel (and that can be just selling of our technology to them, not giving it to them).
Have a well structured national sales tax that makes up some of the difference. Would probably have to earmark some re-training funds for all the CPAs and tax attorneys.
Have a well structured national sales tax that makes up some of the difference. Would probably have to earmark some re-training funds for all the CPAs and tax attorneys.
Posted on 10/26/24 at 9:17 am to BCreed1
Cut out bullshite programs that have no constraints or oversight and put Elon on the job of identifying them and you don’t need a frickin income tax
Posted on 10/26/24 at 9:18 am to BoKnowsAUOne
quote:Has the government ever actually spent less in a subsequent year? The budget automatically jumps, what, 3-4% per year. When you hear about "My God!!!! They want to cut 25%! Old people will be eating dog food!", it only means the 3-4% annual increase will be cut by 25%.
Spend 2.4 trillion less per year
Posted on 10/26/24 at 9:18 am to BCreed1
quote:
What would that look like?
I want to know how this affects single owner (pass through LLCs) would they no longer have to file as well?
What about corporations? What about estate planning?
Several industries would collapse overnight if all taxes were eliminated. Accounting firms, tax attorneys, etc
Posted on 10/26/24 at 9:19 am to BCreed1
quote:
To have no income taxes, we would need to replace 2.18 trillion dollars
Why?
Is there some reason we cut 2.18 trillion is inefficient spending?
We could probably cut a lot more and be better offf.
Posted on 10/26/24 at 9:19 am to JumpingTheShark
quote:
Cut out bullshite programs that have no constraints or oversight
So you don't think the Army should pay for sex changes with your tax money? Biggot!
Posted on 10/26/24 at 9:19 am to BCreed1
Wouldn’t inflation go up if the federal income tax goes away? Initially at least? I’m all for doing away with as many taxes as possible but how would that affect the value of the dollar?
Posted on 10/26/24 at 9:20 am to BCreed1
The IRS FY 2024 budget request is $14.1 billion.
Posted on 10/26/24 at 9:20 am to imjustafatkid
quote:
And/or spend less and shut down a bunch of federal agencies, reducing the federal government to the negligible and muted levels of power it was always intended to have.
If it's not specifically enumerated in the Constitution as a responsibility of the Federal government, then shut it down and leave it to the states, per the 9th and 10th amendments. Period.
Posted on 10/26/24 at 9:21 am to BCreed1
legalize marijuana as long as it's produced domestically and place some type of production tax on it.
Posted on 10/26/24 at 9:21 am to stout
quote:
Several industries would collapse overnight if all taxes were eliminated. Accounting firms, tax attorneys, etc
What was it that democrats used to say????
Hmm….
Learn to code?
In reality there would still be taxes. CPAs would still have jobs. But the “meh” ones would probably have to find new work.
Posted on 10/26/24 at 9:22 am to VoxDawg
quote:
If it's not specifically enumerated in the Constitution as a responsibility of the Federal government, then shut it down and leave it to the states, per the 9th and 10th amendments. Period.
Agreed. Let California run itself into the ground if it wants to, and stop letting them use the federal government to push their garbage onto everyone else.
Posted on 10/26/24 at 9:22 am to stout
quote:
Several industries would collapse overnight if all taxes were eliminated. Accounting firms, tax attorneys, etc
So did companies that made buggy whips, carburators and 8- track tape players. We moved on and here we are.
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