The income tax was never suppose to be a “permanent” thing in the United States.
Trump has openly talked about this in interviews, one of which I believe was on Joe Rogans podcast. He speaks on way back in about 1880/1890, our country was thriving with money and economic boom. The reason why? Tariffs.
Other countries had such high tariffs on them that we had no need for an income tax, and tariffs bring back American businesses to American people.
I am not sure of how possible it would be to eliminate income tax all together, however, I believe it is much too high and Americans deserve more money in their pockets for their hard work. This should be looked at by our new administration.
Save the middle and upper middle class. No taxes on income up to $1,000,000 net income. Meaning all expenses are deducted from your income. After the $1,000,000 net income deductible, only 25% income tax. No tax shelters, money earned in the US must be saved in the US, no foreign accounts unless you have citizenship in other country.
No Tariffs as tariffs are taxation. Instead ban trade with Asia, Africa, and Middle East. We can improve and expand our production and increase imports from Europe and the Americas.
Eventually, after the debt is paid off and American production is where it needs to be; including the government investing in production and other industries to pay for government, there should be no income tax.
Please communicate the following to Mr. President Trump if you want. Please advise your economic advisors for confirmation on the plan.
No Taxes, No Tariffs.
Phase 1: 25% income tax for 10 years as a transition: only after a $1,000,000 net income deductible for individuals, after a $5,000,000 net income deductible for corporations.
No tariffs instead we ban trade with Asia, ME, and Africa to protect our companies’ profits, product and service quality and competitiveness.
No tax shelters and money earned in the US must stay in the US unless you have dual citizenship.
Phase 2 (after 10 years of phase 1) : no income tax, tax income to be replaced by government owned new industries’ net income.
Phase 3 eliminate all taxes except sales tax. Sales tax should be 10%, of course, funding the counties.