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re: Getting rid of Federal Income Tax and its fallout
Posted on 4/16/26 at 8:43 am to Ingeniero
Posted on 4/16/26 at 8:43 am to Ingeniero
quote:
If you believe federal income tax can be replaced by tariffs, I've got a very large bridge to sell you.
actually 63% pay no income taxes, so for the majority of americans federal income tax has been eliminated, of the 2.4 trillion collected in income taxes annually 70% is funded by the top 10% of returns (215k and up) 40% is funded by the top 1% of returns (850k and up)
so yes we could easily replace income taxes through tariffs and widening our tax base with some form of consumption tax it would be wise to do as our tax base is far to narrow now, we've got too many people riding in the wagon and too few people pulling the wagon.
0
Posted on 4/16/26 at 10:12 am to SippyCup
quote:
.you think congress will ever give that up.
We the people do not need Congress' permission to amend the Constitution. We have at our disposal the singular mechanism the Founding Fathers intended for us to employ when our political ruling class got too big for their britches.
Now, are we there with respect to having sufficient support for an Article V convention of the states to repeal the 16th Amendment? Unfortunately, that doesn't seem to be the case yet, but we're getting there.
Your defeatist POV on the matter emboldens the administrative state and keeps them in power by presumed inaction. It's the limpest of limp dick mentalities and is 90% of the problems we face as a society.
Posted on 4/16/26 at 10:18 am to Ingeniero
quote:
If you believe federal income tax can be replaced by tariffs, I've got a very large bridge to sell you.
Sales tax can replace income tax.
Tariffs are just an embedded sales tax.
Posted on 4/16/26 at 10:23 am to WeeWee
quote:
Tariffs would not generate enough revenue to replace income taxes.
Sorry, it's not about replacing revenue, it's all about reducing government size and spending.
Posted on 4/16/26 at 10:24 am to Ingeniero
quote:
If you believe federal income tax can be replaced by tariffs
Tariffs don't have to to be the only source of external revenue.
H.R. 25 is currently in the Congressional record which would repeal the 16th Amendment, abolish the income tax system and replace it with a National Retail Sales Tax that is not only revenue neutral to the current income tax system, but shields all consumers at/below the poverty line from being disproportionately affected by the tax.
The tax rate is approximately the same rate as embedded corporate income taxes that are passed along from the manufacturer, along the distribution chain and ultimately paid by the retail consumer, so prices would remain approximately the same. Some studies show that there might be 1-3% variance depending on the state, but I'll gladly take that trade if it means bringing home my entire paycheck without any withholding.
FairTax.org is your best resource for learning more about it.
Posted on 4/16/26 at 10:25 am to RebRxV
quote:
Sorry, it's not about replacing revenue, it's all about reducing government size and spending.
This is the other piece of the puzzle that few people prior to 2025 want to acknowledge. The federal budget has NO BUSINESS being as big as it is. We've seen the rampant waste, fraud & abuse. Nix all of that horse shite, and the burden that an external revenue system must support goes down dramatically.
Posted on 4/16/26 at 10:28 am to Rip Torner
This post was edited on 5/5/26 at 9:55 am
Posted on 4/16/26 at 11:25 am to Rip Torner
quote:Reality check:
IF Trump can get rid of federal income tax it will forever reshape the size of the federal government. It will greatly limit it and if Democrats try to reimpose federal income tax it would be political suicide. Of course they will try to implement other taxes but implementing new taxes has always been extremely difficult. That is Trump’s ultimate game changer if he can accomplish it through tariffs
Tariff revenues under T47 have doubled from 2% to 4% of total US intake!
However, income tax comprises 51% of revenue intake.
So to cover income tax revenue, tariffs would have to increase ~1300% from present levels.
Posted on 4/16/26 at 11:36 am to NC_Tigah
quote:
So to cover income tax revenue, tariffs would have to increase ~1300% from present levels.
OR...
Hear me out...
We cut ridiculous federal spending to close that gap.
Posted on 4/16/26 at 1:00 pm to VoxDawg
quote:
OR...
Hear me out...
We cut federal spending to close that gap
Fify
Posted on 4/16/26 at 1:30 pm to BestBanker
If it's not specifically enumerated in the Constitution as a responsibility of the Federal government, virtually all of it needs to fall to the states. Laws can provide guardrails on a national basis but the bottom line is that the Founders would be up to their eyeballs in Loyalist blood if they were faced with the same leviathan in DC that we currently endure.
Posted on 4/16/26 at 1:42 pm to bigjoe1
quote:
This right here.A few weeks ago Kudlow had an economist on and he was asked that question. His reply was federal spending is about 22% of GDP. For tariffs to relace the income tax you'd need to get it down to 3%. Just ain't happening.
Then replace some of the difference with a flat tax that everyone contributes to
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