By Free Republic | Created at 2024-09-22 21:17:37 | Updated at 2024-09-30 09:31:53
1 week ago
How Trump Could Upend Taxation in America
The New York Times ^ | Sept. 22, 2024Updated 2:33 p.m. ET | Andrew Duehren
Posted on 09/22/2024 1:44:44 PM PDT by E. Pluribus Unum
At the start of the summer, when former President Donald J. Trump visited Republicans on Capitol Hill, he hinted at a vision for a vastly different tax system than what the United States has employed for decades.
Rather than taxing Americans on the money they earn at their jobs and on their investments, Mr. Trump instead suggested imposing a broad tax on the goods that Americans buy from abroad. In his view, such tariffs could replace income taxes as the main source of federal revenue.
The idea, briefly floated behind closed doors, seemed to fizzle, and Mr. Trump did not publicly repeat it as experts questioned whether such a model would even be possible. But in the weeks since, Mr. Trump has floated ideas that, taken together, would fundamentally change the way Americans are taxed, eroding the income tax while embracing expansive tariffs as a way to raise federal revenue.
Two of his proposals — no taxes on tips and no taxes on overtime — could open gaping loopholes in the income tax, luring Americans of all stripes to change how they earn money to avoid taxes. He has also called for ending taxes on Social Security benefits and fully restoring a costly deduction for state and local taxes — all on top of a push to extend tax cuts he signed into law in 2017, many of which expire after next year.
“The joke is maybe over the next two weeks he’ll get all the way there, and he’ll have fully eliminated the income tax with all of his proposals,” said Erica York, an analyst at the Tax Foundation, which generally favors lower taxes. “All of these little policies we’re seeing is one industry, one type of income at a time working his way toward that.”
(Excerpt) Read more at nytimes.com ...
TOPICS: Humor
KEYWORDS: agitprop; andrewduehren; gaslighting; incometax; incometaxes; libel; newyorkslimes; newyorktimes; overtime; slander; smear; tariffs; taxes
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Thank you very much and God bless you.
Andy sounds skeert.
To: E. Pluribus Unum
“The joke is maybe over the next two weeks he’ll get all the way there, and he’ll have fully eliminated the income tax with all of his proposals,”
I’m not laughing. I actually have to pay taxes
2 posted on 09/22/2024 1:50:02 PM PDT by struggle
To: E. Pluribus Unum
“The joke is maybe over the next two weeks he’ll get all the way there, and he’ll have fully eliminated the income tax with all of his proposals,”
I’m not laughing. I actually have to pay taxes
3 posted on 09/22/2024 1:50:03 PM PDT by struggle
To: E. Pluribus Unum
Tariffs would help American workers because it would be cheaper to make widgets here than to import Chinese junk.
4 posted on 09/22/2024 1:57:19 PM PDT by Governor Dinwiddie (LORD, grant thy people grace to withstand the temptations of the world, the flesh, and the devil.)
To: E. Pluribus Unum
I think that’s how it was originally in the US until they added the first excise tax on alcohol, which kicked off the Whiskey Rebellion.
So the tariff-only approach lasted one presidential term I think.
5 posted on 09/22/2024 2:06:55 PM PDT by fruser1
To: E. Pluribus Unum
The constitutional way to fund the Federal government... tariffs and excise taxes. But of course, the government Would have to be much smaller... but that’s also the constitutional way.
6 posted on 09/22/2024 2:09:10 PM PDT by Jim Robinson (Resistance to tyranny is obedience to God.)
To: fruser1
I actually have this quaint theory that an income tax is slavery by other means. If a 100% tax rate is pure slavery (you don’t own the fruit of your labor), then a lesser percentage is but a matter of degree.
7 posted on 09/22/2024 2:10:06 PM PDT by abb
To: Governor Dinwiddie
They can eliminate the income tax by bringing it down to 1% for starters. THEN deal with the rest of the stuff. Tariffs, sin taxes. I’d even tax millionaires. They vote for the democrats. I’d make them pay for their ‘guilt’.
8 posted on 09/22/2024 2:11:49 PM PDT by DIRTYSECRET
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