I also have a philosophy that Americans would be even more generous to charities if the government wasn’t taking so much of our money and giving to charities of their choice (eg, ‘forgiving college loans’ and the like), many of which I personally would never choose to donate to.
One more thing… I have a client that works for the FBI and investigates Medicare fraud. She said they won’t even look at a case for under a million dollars of fraud. At the end of the day, the federal government is just too big to be efficient and is ripe for fraud. Send almost everything back to the states!
I predicted in July in my Badlands Substack article “A Week to Remember” that eliminating the income tax and dismantling the financial system was Trump’s plan, and this is why they tried to kill him. The June 10th mentioning of tax-free tips was a shot across the bow. This was when they knew they had to kill him.
Ya, that's the only problem. And I believe they need a super majority in congress. This is a whacko idea, but I have this suspicion that Trump has a certain list we've all been waiting for and may be waiting to use it as leverage to pass MAJOR legislation.
Scrap the 70,000 pages of tax code and revert to the original simple one page code.
A tax of 1% on those making over 100,000. [That's $3 million today]
Everyone making less than $3 million sends in a simple post card saying "I made less than $3 million this year". It is the burden of the much smaller IRS to prove that you made more? Just like every other law enforcement agency;
we are presumed innocent and they have to prove a crime!
Enforce the 10th Amendment and the Federal budget will be cut by a third or by half?
"Powers not delegated...are reserved to the states respectively, or to the people."
Regardless of the name you give it, it requires resources to sustain itself.
I love the idea of giving Elon a remit to drive efficiencies horizontally and vertically across the government.
Now we can see Trump capping interest rates for credit cards at 10%, and similar moves like pivoting to a tariff revenue model versus a income tax revenue model.. All of these moves cut off the resources to the parasite known as the federal government.
We are going to win and we are going to clean this country up.
The problem is you cannot build manufacturing plants overnight and even if one did, there are not enough qualified working Americans to keep them going. This is just a campaign gimmick. So the tariffs will fall on American wallets because if the prices are jacked up 20%, then we have 20% inflation, since we import more and more every year.
Mate... as someone who has paid far too much in federal income tax I was very interested when I heard Donald Trump consider forgoing the federal income tax entirely.
I started doing research which lead me down a rabbit hole of tariffs, expansionist monetary policy and national security.
The national tariff strategy has been tried successfully before, in the late 1800s by William McKinley.
It is no gimmick it has a proven track record.
McKinley enlisted as a private in the Union Army and ended the war as a Major. After the war he studied law, practiced in Canton, Ohio and had a family. He was elected to Congress and immediately became the champion for protective tariffs. 6 years later he was the 25th President of the United States.
McKinley protected domestic manufacturers and factory workers from foreign competition -- he actually won his campaign during a period of economic depression by advocating for sound money (gold standard) and he opposed expansionist monetary policy vehemently.
Ultimately his administration developed bilateral trade agreements that were America-first.
The American economy roared to life like a Starship booster.
He was assassinated in 1901.
This tragic act of hate against American exceptionalism occurred just years after fellow Republicans Lincoln (1865) and Garfield (1881) were also assassinated.
This is no gimmick.
The only cheap trick is the thinking of Democrats and rabid leftists who not-so-secretly hate America.
And the assassin who murdered McKinley may have been set up By the Central Bankers. An earlier version of Lee Harvey Oswald who may have been set by the bankers
Sorry, Lee Harvey Oswald was framed and killed, because dead men tell no tales. Kennedy was not shot by Oswald. Go look at the picture of Oswald being shot and notice the guy escorting him has all light clothing in a sea of dark clothing. Made it really easy for Jack Ruby to find him. Go find Jesse Ventura's book on the Kennedy assassination. Most of the motorcycle cops were moved up front with two BEHIND the limousine when normally they were alongside it. They wanted a clear shot and this is proof of government involvement because the motorcycle cops were NEVER previously so deployed.
Even if the GOP sweeps the White House and both Houses of Congress, they will not try to shut down the Fed. They will bad mouth it for political points at election time, but they are happy with central bankers too. They couldn't even vote out ObamaCare.
This time around the Republican are being driven by an outsider & patriot
Donald Trump. Previous Republicans like George Bush were insiders like Clinton. But playing the left wing right wing nonsense from the Republican side!
The USA is the world's prime export location for manufactured consumer goods!
Small to medium nations around the world need to financially survive by manufacturing finished products like Automobiles. Most don't have the domestic market to absorb what they manufacture so they must export. The market most export to is the USA. America is the world's leading market for Consumer products.
That is why so many major foreign manufacturers set up subsidiary companies in the USA!
I believe that most major manufacturers have subsidiary companies in America employing American workers! the exporters of the world are locked into the American Market
How many Developing countries have customers for $30,000 Toyota Camrys?
Besides,North America as a unit USA,Canada & Mexico have the natural wealth to become commodities based system like the Brics & leave the Debt bases Keynesian economics behind
Those tariffs only targeted very few Chinese products. They were not broad-based. China cannot, and will not, absorb broad-based tariffs. And since it takes years to build and have factories operating, in the meantime, the American people will be paying the tariffs.
At least if it WAS bake sales you could pick what you wanted to eat!! And then there is this...
"On day one, I will sign an executive order directing every federal agency to immediately remove every single burdensome regulation driving up the cost of goods,” Trump said at his rally in Albuquerque, New Mexico.
Where is the money going to come from to fund a more than $6.7 trillion budget? Tariffs? The US consumer is going to have to spend most of his savings from paying no income tax to generate enough money for government revenues. If tariffs are too high, the US will price itself out of the global economy.
US revenues are almost $5 trillion and the deficit is about $1.8 trillion. There are, as usual, proposals to cut upwards of $2 trillion from the budget. But no one has the guts to say where those cuts will come from. We are not in the 1890's any more. If congress can't spend 30-40% more than it takes in every year, these guys will be bored to death.
If he knocks out the income tax,he also gets rid of the Federal Reserve Bank because that is where the taxes collected really goes to! Grace Commission report to Congress! Would need a repeal of Amendment 16 by the states
Appreciate very much you examining the consequences of "no income tax". I assume that it will take a bit of time to transition, so IRS employees won't be immediately unemployed. As long as the backlog of unpaid back taxes exists, though, IRS employees could still have much to do over the next 3-6 years.
Well if it was truly not properly included in the constitution then perhaps we get a Supreme Court acknowledgement of that and we're off to the races. That road is rough - would Americans want a refund of all the federal income taxes we and our ancestors have paid since 1913????
Many of the powers that Washington now has are unconstitutional!
But was not challenged!
The Federal Government,acting as a giant Central Government in Washington,is not Constitutional. The Federal Government's official mandate is limited to powers not appropriate for Individual States.Today it goes far beyond that & conflicts with state power.
The Donald ignores the Constitution when he wants to. Example: Bombing Syria (an act of war) and Syria did nothing to us. He had the nerve to brag about US stealing Syrian oil, since our troops are illegally on Syrian sovereign soil.
Dare I suggest the American system of political economy is being brought back from the brink of extinction? Why, the last time it was beginning to thrive, Russia and America were great allies.
This might explain why Mika and the rest of the Anglo-American establishment are having fits of apoplexy. 🥂
A strategic marriage of a national retail consumption tax on new goods/services with gradual elimination of some tariffs as the economic takes off is the way to go. Check out FAIRtax.org/about/how-fairtax-works
I'm so glad this is being discussed instead of pundits wrongly assuming he just wanted to layer more taxes on us. There is a $1.3T gap between income tax receipts and anticipate tariff revenue, and since we tax things we want less of, why not legalize marijuana nationally and tax it 20%? That could generate $700B annually. Now we have a $600B gap which can be further closed by closing the carried interest loophole and cutting corporate welfare and social spending waste. Additionally, we could consider a transaction tax on asset purchases by nations (eg, China) that practice monetary mercantilism. We can also leave a reduced income tax equal to the capital gains rate on the top 1% who pay ~45% of all income tax. With those changes, US becomes a lean, mean growth machine again.
(Also, cut the gas tax to only what is necessary for maintenance and eliminate the highway trust fund)
Scrap the 70,000 pages of tax code and revert to the original simple one page code.
A tax of 1% on those making over 100,000. [That's $3 million today]
Everyone making less than $3 million sends in a simple post card saying "I made less than $3 million this year". It is the burden of the much smaller IRS to prove that you made more? Just like every other law enforcement agency;
we are presumed innocent and they have to prove a crime!
Enforce the 10th Amendment and the Federal budget will be cut by a third or by half?
"Powers not delegated...are reserved to the states respectively, or to the people."
He should also think about sequestering Blackrock (et al) who have used rivers of near interest-free public money to buy up and strip vast swathes of the U.S. (and global) economy, destroying jobs and livelihoods and causing unsustainable levels of inequality in the process. Not radical socialism - merely the return of stolen assets to their rightful owners, the people.
I also have a philosophy that Americans would be even more generous to charities if the government wasn’t taking so much of our money and giving to charities of their choice (eg, ‘forgiving college loans’ and the like), many of which I personally would never choose to donate to.
One more thing… I have a client that works for the FBI and investigates Medicare fraud. She said they won’t even look at a case for under a million dollars of fraud. At the end of the day, the federal government is just too big to be efficient and is ripe for fraud. Send almost everything back to the states!
Especially love what you said about the states. The states were robbed with the Federal Reserve Act and the 16th and 17th amendments.
I predicted in July in my Badlands Substack article “A Week to Remember” that eliminating the income tax and dismantling the financial system was Trump’s plan, and this is why they tried to kill him. The June 10th mentioning of tax-free tips was a shot across the bow. This was when they knew they had to kill him.
amendment #16 would need to be repealed by the States
Ya, that's the only problem. And I believe they need a super majority in congress. This is a whacko idea, but I have this suspicion that Trump has a certain list we've all been waiting for and may be waiting to use it as leverage to pass MAJOR legislation.
Actually it wouldn't?
Scrap the 70,000 pages of tax code and revert to the original simple one page code.
A tax of 1% on those making over 100,000. [That's $3 million today]
Everyone making less than $3 million sends in a simple post card saying "I made less than $3 million this year". It is the burden of the much smaller IRS to prove that you made more? Just like every other law enforcement agency;
we are presumed innocent and they have to prove a crime!
Enforce the 10th Amendment and the Federal budget will be cut by a third or by half?
"Powers not delegated...are reserved to the states respectively, or to the people."
The Federal Reserve gets the taxes collected & not Washington!
The Grace Commission 1984. Would need to get rid of the Federal Reserve Bank which is not a bad idea!
Trump is not serious about getting rid of the income tax. This has ZERO chance of passing Congress. It is just for public consumption.
Sure, they had to kill him because they knew he would manage to get it through Congress. (sar)
The American government is an organism.
I've called it a parasite before.
Regardless of the name you give it, it requires resources to sustain itself.
I love the idea of giving Elon a remit to drive efficiencies horizontally and vertically across the government.
Now we can see Trump capping interest rates for credit cards at 10%, and similar moves like pivoting to a tariff revenue model versus a income tax revenue model.. All of these moves cut off the resources to the parasite known as the federal government.
We are going to win and we are going to clean this country up.
Not the Federal Government,...But the Federal Reserve Bank which lives as a financial cancer on America!
The problem is you cannot build manufacturing plants overnight and even if one did, there are not enough qualified working Americans to keep them going. This is just a campaign gimmick. So the tariffs will fall on American wallets because if the prices are jacked up 20%, then we have 20% inflation, since we import more and more every year.
Gimmick?
Mate... as someone who has paid far too much in federal income tax I was very interested when I heard Donald Trump consider forgoing the federal income tax entirely.
I started doing research which lead me down a rabbit hole of tariffs, expansionist monetary policy and national security.
The national tariff strategy has been tried successfully before, in the late 1800s by William McKinley.
It is no gimmick it has a proven track record.
McKinley enlisted as a private in the Union Army and ended the war as a Major. After the war he studied law, practiced in Canton, Ohio and had a family. He was elected to Congress and immediately became the champion for protective tariffs. 6 years later he was the 25th President of the United States.
McKinley protected domestic manufacturers and factory workers from foreign competition -- he actually won his campaign during a period of economic depression by advocating for sound money (gold standard) and he opposed expansionist monetary policy vehemently.
Ultimately his administration developed bilateral trade agreements that were America-first.
The American economy roared to life like a Starship booster.
He was assassinated in 1901.
This tragic act of hate against American exceptionalism occurred just years after fellow Republicans Lincoln (1865) and Garfield (1881) were also assassinated.
This is no gimmick.
The only cheap trick is the thinking of Democrats and rabid leftists who not-so-secretly hate America.
And the assassin who murdered McKinley may have been set up By the Central Bankers. An earlier version of Lee Harvey Oswald who may have been set by the bankers
Sorry, Lee Harvey Oswald was framed and killed, because dead men tell no tales. Kennedy was not shot by Oswald. Go look at the picture of Oswald being shot and notice the guy escorting him has all light clothing in a sea of dark clothing. Made it really easy for Jack Ruby to find him. Go find Jesse Ventura's book on the Kennedy assassination. Most of the motorcycle cops were moved up front with two BEHIND the limousine when normally they were alongside it. They wanted a clear shot and this is proof of government involvement because the motorcycle cops were NEVER previously so deployed.
I never said that Oswald shot Kennedy.
Oswald was set up as the fall guy to take the blame.
Kennedy was murdered By Allen Dulles & his CIA thugs,& probably LBJ as well!
The Democrats are the political puppets of the Central Bankers in London & Wallstreet.
They have been so since the Wilson administration in 1913.
The leftists are just the thugs on the street.
The Real enemy is the Central Bankers who financially own Washington
Even if the GOP sweeps the White House and both Houses of Congress, they will not try to shut down the Fed. They will bad mouth it for political points at election time, but they are happy with central bankers too. They couldn't even vote out ObamaCare.
They will not,as you say, but for the sake of financial stability in the near term.
But they may be able to fold the Fed. back into the Treasury Department!
But they nEEd to do something to stop the continuing drain of American wealth into a Private bank!
This time around the Republican are being driven by an outsider & patriot
Donald Trump. Previous Republicans like George Bush were insiders like Clinton. But playing the left wing right wing nonsense from the Republican side!
We have a hidden resource few realize.
The USA is the world's prime export location for manufactured consumer goods!
Small to medium nations around the world need to financially survive by manufacturing finished products like Automobiles. Most don't have the domestic market to absorb what they manufacture so they must export. The market most export to is the USA. America is the world's leading market for Consumer products.
That is why so many major foreign manufacturers set up subsidiary companies in the USA!
I believe that most major manufacturers have subsidiary companies in America employing American workers! the exporters of the world are locked into the American Market
BRICS is changing all that. Many countries no longer want the US Dollar because of sanctions. There are plenty of developing countries to sell to.
Not consumer products!
How many Developing countries have customers for $30,000 Toyota Camrys?
Besides,North America as a unit USA,Canada & Mexico have the natural wealth to become commodities based system like the Brics & leave the Debt bases Keynesian economics behind
Building those plants would create lots of jobs immediately?
Trade schools could teach the required skills needed?
When Trump raised tariffs on China, they ate the extra cost, to continue selling in the US!
The chances of Trump ruining the economy are near zero?
Increasing the energy supply, cutting taxes and regulations will kick the economy into high gear very quickly...Just like he did before!
Those tariffs only targeted very few Chinese products. They were not broad-based. China cannot, and will not, absorb broad-based tariffs. And since it takes years to build and have factories operating, in the meantime, the American people will be paying the tariffs.
At least if it WAS bake sales you could pick what you wanted to eat!! And then there is this...
"On day one, I will sign an executive order directing every federal agency to immediately remove every single burdensome regulation driving up the cost of goods,” Trump said at his rally in Albuquerque, New Mexico.
Pretty radical there Valerie. It sounds almost--constitutional.
Where is the money going to come from to fund a more than $6.7 trillion budget? Tariffs? The US consumer is going to have to spend most of his savings from paying no income tax to generate enough money for government revenues. If tariffs are too high, the US will price itself out of the global economy.
US revenues are almost $5 trillion and the deficit is about $1.8 trillion. There are, as usual, proposals to cut upwards of $2 trillion from the budget. But no one has the guts to say where those cuts will come from. We are not in the 1890's any more. If congress can't spend 30-40% more than it takes in every year, these guys will be bored to death.
If he knocks out the income tax,he also gets rid of the Federal Reserve Bank because that is where the taxes collected really goes to! Grace Commission report to Congress! Would need a repeal of Amendment 16 by the states
Appreciate very much you examining the consequences of "no income tax". I assume that it will take a bit of time to transition, so IRS employees won't be immediately unemployed. As long as the backlog of unpaid back taxes exists, though, IRS employees could still have much to do over the next 3-6 years.
The Income Tax law was an Amendment #16.
The Amendment would need to be repealed.
Bill Benson ,after much research, wrote a book "the law that never was"
his research showed that the amendment did not get enough states to vote Yes on the Amendment but was pushed thru anyway!
Well if it was truly not properly included in the constitution then perhaps we get a Supreme Court acknowledgement of that and we're off to the races. That road is rough - would Americans want a refund of all the federal income taxes we and our ancestors have paid since 1913????
Many of the powers that Washington now has are unconstitutional!
But was not challenged!
The Federal Government,acting as a giant Central Government in Washington,is not Constitutional. The Federal Government's official mandate is limited to powers not appropriate for Individual States.Today it goes far beyond that & conflicts with state power.
The Donald ignores the Constitution when he wants to. Example: Bombing Syria (an act of war) and Syria did nothing to us. He had the nerve to brag about US stealing Syrian oil, since our troops are illegally on Syrian sovereign soil.
Dare I suggest the American system of political economy is being brought back from the brink of extinction? Why, the last time it was beginning to thrive, Russia and America were great allies.
This might explain why Mika and the rest of the Anglo-American establishment are having fits of apoplexy. 🥂
Close corporate tax loopholes and raise tariffs on BRICS nations.
A strategic marriage of a national retail consumption tax on new goods/services with gradual elimination of some tariffs as the economic takes off is the way to go. Check out FAIRtax.org/about/how-fairtax-works
I'm so glad this is being discussed instead of pundits wrongly assuming he just wanted to layer more taxes on us. There is a $1.3T gap between income tax receipts and anticipate tariff revenue, and since we tax things we want less of, why not legalize marijuana nationally and tax it 20%? That could generate $700B annually. Now we have a $600B gap which can be further closed by closing the carried interest loophole and cutting corporate welfare and social spending waste. Additionally, we could consider a transaction tax on asset purchases by nations (eg, China) that practice monetary mercantilism. We can also leave a reduced income tax equal to the capital gains rate on the top 1% who pay ~45% of all income tax. With those changes, US becomes a lean, mean growth machine again.
(Also, cut the gas tax to only what is necessary for maintenance and eliminate the highway trust fund)
Actually it wouldn't?
Scrap the 70,000 pages of tax code and revert to the original simple one page code.
A tax of 1% on those making over 100,000. [That's $3 million today]
Everyone making less than $3 million sends in a simple post card saying "I made less than $3 million this year". It is the burden of the much smaller IRS to prove that you made more? Just like every other law enforcement agency;
we are presumed innocent and they have to prove a crime!
Enforce the 10th Amendment and the Federal budget will be cut by a third or by half?
"Powers not delegated...are reserved to the states respectively, or to the people."
20% x $3,500B = $700B
60% x $500B = $300B
Total $1T, not $900B
Tariff total estimate is off by $100 billion.
He should also think about sequestering Blackrock (et al) who have used rivers of near interest-free public money to buy up and strip vast swathes of the U.S. (and global) economy, destroying jobs and livelihoods and causing unsustainable levels of inequality in the process. Not radical socialism - merely the return of stolen assets to their rightful owners, the people.