Trump is planning on abolishing income tax and replacing it with tarrif revenue

https://v.redd.it/9c9kzmze3ike1

by Particular_Log_3594

37 comments

  1. The financial illiteracy of him and the people on his staff is astounding.

  2. When you bankrupt a country no one can bail you out.

  4. Ridiculous proposal on its face, should be shut down immediately.

    Tariffs are temporary by design, they are disincentives that eventually achieve an effect. That’s the whole point of tariffs. Tariffs are pain on the consumer side to threaten the (foreign) supplier to make concessions so that the consumer gains in the end. To fail to do so is a failure to apply tariffs appropriately.

    Tariffs are, a temporary TAX on the consumers. Permanent tariffs are illogical, and destructive, and would never provide a stable, predictable source of revenue for the government to administer. Income tax revenue is predictable based on the actuals in the economy. Tariffs are not predictable, only estimated, and often wildly speculative.

  7. All of this is under assumption that the imports will remain on the same level, which they will not.

  8. So the goal of a tariff is to bring back manufacturing, right? But when that happens, and U.S. companies no longer have to pay tariffs to import from China and other tariffed countries, tariff revenue will drop. And if tariff revenue drops while there’s no income tax being collected, where does the money come from then?

    One theory is that with no income tax, people will have more money to spend, leading to higher sales tax revenue. Sure, but the average sales tax is around 5%, while income tax averages 22%. That’s a big gap—will sales taxes have to go up to make up the difference? Plus, with manufacturing now in the U.S., goods will cost more, so people’s money won’t stretch as far.

    Another theory is that property taxes will increase instead. This could open the door for more people to qualify for home loans since their take-home salary will be higher. It’s essentially swapping one tax for another, but at least they’ll own land.

  11. There are huge numbers of people who are career tax consultants who will fight this to retain their livelihood.

  12. So let me understand: we will pay zero income tax in order to finance a Venezuelan-like inflation for goods and services marked up by tariffs?

  15. This is a sales tax with extra steps. This is fucking dumb and disproportionally benefits the ultra wealthy.

  16. So basically I keep paying taxes, now as a super enlarged, permanent VAT system that will cost me more,, and the rich will bleed the country dry at an even faster rate?

    We are just fully embracing the corruption now?

  17. I think I’m starting to see why the stock market behaved the way it did today.

  18. It’s simple! Abolish income tax. Use tariffs instead because they “owe us” and we should buy from the USA! Everything is now bought internally and more expensive and now there are no tariffs…win?

  19. Don’t look behind the curtain!

    (There be a greater, stronger, faster, transfer of wealth behind that curtain)

  21. The revenue act helped create a stable revenue source for the country and lowered income inequality. Higher tariffs is a higher tax on the poor for essential goods. Guess who benefits, the rich. Your argument is flawed to what you are thinking is fair taxation. We are all in for disruption if it benefited us, this does not.

  22. This is not a serious proposal. What else is going on that they want to divert attention away from?

  24. This show just gets sadder and sadder. Maybe people will go out and actually vote in 4 years. Assuming Emperor Trump and Darth Elon don’t abolish elections. The people that didn’t bother voting will suffer the most.

  26. do it. you cant fund the military, ICE, border patrol all off of tariffs.

  27. So a 33 to 42% hike on everything- food insurance power etc ( stuff normal people use daily? ) how would this even work?

  28. He’ll add a national sales tax on top of it so that the 1% pay zero taxes and you and me double our tax burden.

  29. Tax on consumption hits the worst on the poor. For the rich it matters very little if the egg price is higher 20%. This is one of the main reason countries like Brazil has a huge inequality.

  30. Let’s try all the stupid Republican ideas at once now and move on.

  31. Worlds numba won Superpower on its knees in 30 days!

  33. Great news if you’re a high income earner who didn’t give a shit about their country.

  34. So is the plan to bring manufacturing back to the US, or to generate lots of tariff income? Because you can’t do both, they are mutually exclusive.

  35. This is so utterly stupid that I have to consider this is a deliberate attempt to destroy the country. There is absolutely no feasible logic behind such a ridiculous proposal.

  36. Where is this “deep state” he talks about that wants to stop him? It’d be great to hear from them.

  37. Cool cool, so collapsing the federal government. China, Russia, and Iran approve.

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