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re: No income taxes. What would that look like?

Posted on 10/26/24 at 9:23 am to
Posted by The Eric
Member since Sep 2008
24401 posts
Posted on 10/26/24 at 9:23 am to
quote:

legalize marijuana as long as it's produced domestically and place some type of production tax on it.



Or… and here’s a crazy idea. Stop taking money that doesn’t belong to you.
Posted by oklahogjr
Gold Membership
Member since Jan 2010
40237 posts
Posted on 10/26/24 at 9:24 am to
I suspect it will work as well as the US did pre constitution under the articles of confederation.
Posted by VoxDawg
Glory, Glory
Member since Sep 2012
77627 posts
Posted on 10/26/24 at 9:25 am to
quote:

Several industries would collapse overnight if all taxes were eliminated. Accounting firms,

Why couldn't accounting firms be hired to help folks deal with that extra 20-35% that they earned that is rightfully restored back into their paychecks?

H&R Block and TurboTax can suck a big one.
Posted by BCreed1
Alabama
Member since Jan 2024
6978 posts
Posted on 10/26/24 at 9:26 am to
quote:

we would need to replace 2.18 trillion dollars why?

Our national debt grows more than that.


That would 100% be the topic if they were to do this. 2.18 is what the Fed Gov took in income taxes in 2023.

I agree with all of the cut spending and eliminate the bloated agencies.

Posted by stout
Porte du Lafitte
Member since Sep 2006
182290 posts
Posted on 10/26/24 at 9:29 am to
quote:

Why couldn't accounting firms be hired to help folks deal with that extra 20-35% that they earned that is rightfully restored back into their paychecks?


Wouldn't that fall under financial planning firms?
Posted by Eighteen
Member since Dec 2006
37405 posts
Posted on 10/26/24 at 9:29 am to
- cut spending
- increase other consumption taxes
- keep the current income tax in the highest earners (i.e. the “rich” not paying their “fair share”) who already pay the majority of taxes anyway so we’re not losing that rev

this would allow the middle class to explode and thrive in this country
Posted by BCreed1
Alabama
Member since Jan 2024
6978 posts
Posted on 10/26/24 at 9:30 am to
quote:

- keep the current income tax in the highest earners (i.e. the “rich” not paying their “fair share”) who already pay the majority of taxes anyway so we’re not losing that rev



No go sir.
Posted by Eighteen
Member since Dec 2006
37405 posts
Posted on 10/26/24 at 9:31 am to
quote:

Several industries would collapse overnight if all taxes were eliminated. Accounting firms, tax attorneys, etc


Imagine the innovation we could have as a country if these smart people weren’t focused on this mundane bullshite everyday
Posted by oldskule
Down South
Member since Mar 2016
25239 posts
Posted on 10/26/24 at 9:31 am to
Inflation would happen, but the benefits would far outweigh the negatives.
Demand for loans would drop, credit debt would drop, and the American Dream would explode.
Posted by VoxDawg
Glory, Glory
Member since Sep 2012
77627 posts
Posted on 10/26/24 at 9:31 am to
quote:

I suspect it will work as well as the US did pre constitution under the articles of confederation.

Trying to turn the clock back to before 1789 to score points is retarded.

That's ignorant at best and more likely disingenuous and intellectually dishonest, especially coming from you. The income tax wasn't legalized and introduced until the lead-in to WWI. Before that, we had roads, schools and infrastructure appropriate for the day/age.

Reminder - the concept of an income tax was so onerous to the founding fathers and every subsequent generation that it took a constitutional amendment just to LEGALIZE the practice, much less implement it. Pair that shell game with the lion's share of opponents to the Federal Reserve system going down on the Titanic and you have a recipe for the economic sovereignty of the United States being seized by the western European Central banking system.

The Federal Reserve is neither a part of the federal government, nor do they hold anything in reserve
They are essentially a credit card company whose sole cardholder is the United States federal government, who perpetually takes cash advances on a line of credit which has no appreciable limit.

Your money is worth as much as they tell you it is.
Posted by SlidellCajun
Slidell la
Member since May 2019
16401 posts
Posted on 10/26/24 at 9:32 am to
Income taxation is immoral. It needs to be cut out.

But we need to fund government.
We’d have to tax consumption, use tariffs and a few other avenues to raise money

We have 400million people. We need 5 trillion minimum to win this country at current expenses. That could be reduced with clean up of waste and cut programs.

Posted by GEAUXT
Member since Nov 2007
30513 posts
Posted on 10/26/24 at 9:33 am to
[quote]keep the current income tax in the highest earners (i.e. the “rich” not paying their “fair share”) who already pay the majority of taxes anyway so we’re not losing that rev
[/quote

frick. That.

I paid just over $300k in personal income tax last year.

I would let Trump bang my wife if it meant I didn't have to have that money stolen from me.
Posted by VoxDawg
Glory, Glory
Member since Sep 2012
77627 posts
Posted on 10/26/24 at 9:33 am to
quote:

Wouldn't that fall under financial planning firms?

It may in many instances. They're welcome to bring on as many of the former tax accountants and CPAs as they'd like to deal with the tidal wave of new investors.
Posted by NashvilleTider
Your Mom
Member since Jan 2007
15723 posts
Posted on 10/26/24 at 9:33 am to
I don’t think the accountant lobby will every let this happen
Posted by BCreed1
Alabama
Member since Jan 2024
6978 posts
Posted on 10/26/24 at 9:34 am to
All true.
Posted by TBoy
Kalamazoo
Member since Dec 2007
28570 posts
Posted on 10/26/24 at 9:34 am to
It’s right wing utopian magical thinking.

How about the right wing utopians start up a new country somewhere, maybe on an island, and they can test out their fantasies. No taxes, 100% tariffs, and one party rule with no regulations. Should be perfect, right?
This post was edited on 10/26/24 at 9:35 am
Posted by VoxDawg
Glory, Glory
Member since Sep 2012
77627 posts
Posted on 10/26/24 at 9:35 am to
Aside - watching progressive simps white knight for giving a wholly uncreditworthy organization like the US government prima nocte rights to their earnings is the definition of Stockholm Syndrome.
This post was edited on 10/26/24 at 1:24 pm
Posted by Eighteen
Member since Dec 2006
37405 posts
Posted on 10/26/24 at 9:36 am to
quote:

paid just over $300k in personal income tax last year.

I would let Trump bang my wife if it meant I didn't have to have that money stolen from me.




that’s for bragging dude

we would have to start somewhere and phase it in

keep income tax on the highest 1% of earners to start, then phase those out over time
Posted by BCreed1
Alabama
Member since Jan 2024
6978 posts
Posted on 10/26/24 at 9:37 am to
quote:

We have 400million people. We need 5 trillion minimum to win this country at current expenses. That could be reduced with clean up of waste and cut programs.



We do not take in 5 trillion in income taxes. We take in 2.18 trillion.

Consumer spending is a major driver of the economy, making up around 70% of the American GDP. The (GDP) in 2023 was $27.36 trillion.

what % would need to be added in a consumption tax that EVERY American pays to replace that (and yes I agree with cutting spending)


Posted by The Eric
Member since Sep 2008
24401 posts
Posted on 10/26/24 at 9:37 am to
quote:

increase other consumption taxes - keep the current income tax in the highest earners (i.e. the “rich” not paying their “fair share”) who already pay the majority of taxes anyway so we’re not losing that rev



No more taxes!

And why should someone who earns more be punished?
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