I have a better idea. Eliminate all taxes at the federal level, implement tariffs like we had before. Tariffs should match whatever is needed to bring pricing on par with US made products, and for products not made in the US, offer incentives for corporations/industries to migrate some or all of their production to the US.
Furthermore severely limit what a state can implement in sales/income and other taxes. So that the maximum total direct tax any citizen can pay is, say 5%.
If we cannot end the federal income tax then at least end automatic deduction of Federal Income Tax from paychecks to ensure US citizens understand how much of their money is taken by the Federal Income Tax.
Require US citizens to pay their Federal Income tax each month from their own bank account/money supply just like they pay their phone bill, electric bill, water bill, car payment, etc.
The goal is to get all US citizens to eventually demand and support the end of the Federal Income Tax.
I would say that should count as income and therefore tax exempt under this policy.
Hello. I am giving this idea a thumbs down because I believe we should not have federal income tax at all. My suggestion is to rework the IRS into an AI whose primary function is to advise citizens on how to increase their earnings the following year. This could be really handy during the government transformation when laws are changing quickly. So you would still report your earnings but not to be taxed but rather advised. The secondary function would be to make recommendations to the house and senate on laws that would be beneficial to the economic health of citizens. Not sure how much it would cost to run such a large AI. The numbers would have to be crunched. But thinking it would cost less than paying all those IRS agents. Internal Revenue would be redefined as revenue to US citizens and businesses.
Iām admittedly confused. I was advocating for either a sales tax with rebate component, similar to the fair tax that was mentioned, or a taxation method that is collected from each state, but each state decides how they collect that from its citizens. I believe the latter will inspire competition and eventually prove the most efficient method (versus attempting to try to determine one national approach all at once). If I wasnāt clear on this, let me know and I apologize.
Wrong. There is VERY much a revenue problem in that Congress creates all sorts of carve outs and have 2 ppl that make the same incoming paying very different % to the feds.
While we DO have a serious spending problem, we also have a revenue problem.
I respectfully disagree. A low-income earner spends a larger percentage of their income on necessities. Anyone who can afford a second home, a yacht, or a plane wonāt be as impacted by the tax on such a purchase. A national sales tax should be coupled with some sort of rebate for those below the poverty line, similar to the current standard deduction on income taxes, or a basket of necessities identified that would be exempt from the sales tax.
My analysis : Trumpās Agenda 47 approach aims to generate revenue through economic growth, increased business activity, and efficient use of resources, rather than through direct taxation eliminating Federal income Tax eventually.
I believe the shift will be a free market economy with a consumption tax approach, the focus should be on creating an environment that encourages private sector innovation, investment, and competition. The governmentās role would be to facilitate these activities, provide necessary infrastructure, and ensure fair competition rather than directly operating businesses or heavily intervening in markets.
Examples are more Public/Partner Partnerships, more Research Grants and royalties (trumps quantum initiatives), streamlined regulation (DOGE), Concession agreements (Freedom cities), more fed land leasing, more resource extraction on fed lands (drill baby drill), more block chain base trading (Trumpās pro crypto stance), more voluntary citizen programs, more education vouchers( Trump building America university), and etc
Excellent idea !00%
Everyone is on the grid then. People who get paid in cash have to pay tax when their money is spent if this is in effect.
I like this idea. but we should instill a cap. For example 15% total tax with the Federal Government not getting more than 10%. Or another example The Federal Government not receiving more than half of the total tax.
1 Like
A National Sales Tax wouldnāt be bad, since weāre the ones paying it in the end anyway.
I think Trumpās current plan is to use tariffs to replace taxes though. But it depends how much money we can make from that, so maybe those two ideas can be combined.
I know that before Fed Income Tax, we relied on tariffs, which is how he got the idea.
If itās necessary to have a sales tax as well, then so be it. But hopefully after DOGE, it wont be necessary.
Hearts are great but, Please touch the light blue āConstitutional Amendmentā
Link and Vote. Thanks
Income tax is misapplied law.
Elimination of IRS / Reduction in Taxation Proposals a summarization of What most Citizens donāt know!
This is a partial list of Policies listed under Economy:
āAbolish the IRS, Simplify The Tax Code, end Self Employment Tax, Flat Sales Tax, End Property Taxes, Veterans Should Be Tax Exempt, IRS Dismantling, End Federal Income Tax in Favor of National Sales Tax, No Tax on Homes or Land After Payoff, No Taxes for Seniors, Rev. Al Sharpton should be paying taxes, Eliminate Capital Gains Tax on Housing, No Capital Gains Tax, One Time Roth Conversion Plan, Estate Tax, Taxes Paid to the State not Federal Government, .1 Cent Tax on Stock Market Transactions, Stay at Home Mom Income, Property Owners Taxation, No Property Tax on Primary Home, Implement a National Consumption Tax Effectively Eliminating IRS and Federal Income Tax, Less Government Intervention Eliminate Taxes for Small Business, Student Loan Payments are Tax Creditable, End the IRS by Implementing a Flat Sales Tax, Abolishing of Property Taxes, No Federal Tax On, Tax Elimination Strategy, Tax Remittances, Simplify the Tax Code Eliminate the IRS, Raise IRS Reporting Limits on Casino Winnings, Raise Casino Jackpot Amount W2/ Taxes, Replace Income Tax With a National Sales Tax on Online Sales, End All Inventory Tax, Pre Tax Student Loan Repayment, Flat Tax, Simplify Tax Policy, End All Income Tax, ā
Each of these Proposals fail to attack the Root Cause of ALL Our Taxation Policies. 1913 Amendment 16 was passed and gave the government UNLIMITED Taxing authority.
Sixteenth Amendment
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
Under Amendment 16 the government can establish a UNLIMITED, UNEQUAL Tax on anything government defines as income!
Please understand the above listed Tax Policy Changes will not work. They are ALL dependent on a current Administrations ideologies and ability to change them where Taxation is concerned. A new Administration could come in and change or dispose of each listed Policy.
Please consider this proposal to amend the United States Constitution Amendment 16:
This proposed amendment would eliminate direct taxation and restore the Founders concept of indirect taxation in the United States. Some examples, Indirect Taxation equals NO Income Tax, Property Tax or anything other than equal Sales or Stamp Taxes.
This would restore the original sprit and Protections of Our Constitution Reestablishing Citizen control over taxation. Before Amendment 16 in 1913 government could not apply direct taxes on the Citizenry. Therefore Amendment 16 is the root cause of Our taxation problems. Repeal is mandatory and would solve 95+% of the suggestions listed above and on this sight.
Repealing Amendment 16 will end the tyranny of taxation as it pertains to Property Ownership. Currently you effectively do not own Property. If this was not the case you would not fear loosing your Property when you are unable to make Property Tax payments due to sickness or other unexpected expenses. Family farms would no longer be in jeopardy because of Property Taxes. These changes would apply to all Personal Property. There would be no unequal Income tax or other employment related taxation or taxation on savings & retirement.
In short, Repealing Amendment 16 will end the punishment for working, owning and saving. Citizens would again be allowed to say NO to taxation they feel is excessive or unjust. An example would be planing a vacation. You could choose between a location that has a State / County $20.00 per night Occupancy Tax versus a location that had a State / County $2.00 per night Occupancy Tax. The control is in the choice. Locations with extraordinarily high taxation would see receipts fall and go to locations with lower tax rates. The key is in providing the Citizens with choice and equality again. You may not like the tax but at least you know the person standing in line in front of you has paid the same tax you paid no more and no less. Choice and equality in taxation are what I believe the majority of Citizens are looking for.
Feel free to share this information and link.
Thank you for Your consideration, Fred Walker
Harts / likes are great but votes count. Please click the link (light blue) and vote for:
INCENTIVE TO HELP PETS/PREVENT OVERLOAD OF SHELTERS and ENCOURAGE NATURE CONSERVATION ON PERSONAL PROPERTY (stretching what is already provided to farmers to benefit city people). personally would like to include a deduction for other humanitarian efforts - for each pet or for maintaining a garden for food or for conservation. We would maybe be able to save more pets this way as so many needlessly get sent to shelters when their owners move or when the pets get older and need medicineā¦. It is so inhumane right now. I would like to work on being a resource to help owners learn how to hospice their pets at home, or use natural medicine to help their pets thrive. I would be happy to create a cat or dog sanctuary, but it is so expensive to maintain. Help by tax deduction may add to the affordability of such. This is something i believe in very much.
No, itās the exact same thing, one cannot exist without the otherā¦
And the Subject of End the Fed already existed before I jumped onto this Forumā¦
Currently, the UK has a value-added tax of 20%.
Standard rate (20%): Most goods and services
Reduced rate (5%): Some goods and services, eg childrenās car seats and home energy
Zero rate (0%): Zero-rated goods and services, eg most food and childrenās clothes
The standard rate of VAT increased to 20% on 4 January 2011 (from 17.5%).
Tariffs are hidden taxes, just like business taxes of any kind. All consumers want the best products at the lowest cost, all other things being equal. Tariffs penalize products from other countries that have a strategic advantage in environment or natural resources, despite shipping charges. The Constitution disallows tariffs between the States. What if Minnesota orange farmers wanted to compete with Florida and needed a tariff to keep solvent? A really dumb comparison but you get the point. A free market benefits the consumer and the seller with the highest efficiency in production for the lowest cost. There may be some factors like slave labor involved that make a simple issue more complex, but there are endless what ifs. In essence it is government (force) preventing its citizens from buying products from the vendor of their choice which is a loss of individual freedom no matter how you look at it.
Exploring Tax Solutions to Achieve a Balanced Budget
The U.S. federal government faces a significant challenge in balancing its annual budget. Currently, the federal expenditure is around $6.2 trillion annually. To meet this revenue requirement, various tax proposals, including income tax, sales tax, financial transaction tax, import tariffs, and unconventional methods like minting a trillion-dollar coin, have been considered. This article explores a plan to balance the budget while emphasizing that there is no income tax on individuals making less than $1 million per year.
Current Revenue and Deficit
Current Revenue**: Approximately $4.0 trillion annually.
Current Deficit**: Approximately $2.2 trillion annually.
Proposed Tax Solutions
- National Sales Tax
- New Revenue Target: $2.1 trillion
- Adjusted Rate: 7-9%
- Details: This replaces a portion of the revenue previously generated by income tax. Essential goods like groceries and medicine should remain exempt to protect lower-income households. By comparison, the current income tax paid by individuals making less than $1 million annually is approximately $2.2 trillion. The sales tax spreads the tax burden across a broader base while exempting essentials.
- Financial Transaction Tax
- New Revenue Target: $0.7 trillion
- Adjusted Rate: 0.3%
- Details: This tax targets high-frequency trading and generates substantial revenue with minimal impact on average investors.
- Corporate Income Tax
- New Revenue Target: $0.8 trillion
- Adjusted Rate: 20-23%
- Details: This ensures corporations contribute fairly to national revenue without excessively burdening them.
- Import Tariffs
- New Revenue Target: $0.5 trillion
- Adjusted Rate: Variable rates targeting specific non-essential goods
- Details: Apply tariffs selectively to avoid significant consumer price increases.
- Platinum Coin Strategy
- New Revenue Target: $0.4 trillion
- Details: Use sparingly as a last resort to avoid economic disruptions.
- Social Security Tax
- Revenue Target: $1.35 trillion
- Rate: 12.4% (unchanged)
- Wealth Tax
- New Revenue Target: $0.11 trillion
- Rate: 1% on assets over $100 million
- Details: Targets the wealthiest individuals to generate additional revenue.
- High-Income Tax
- New Revenue Target: $0.3 trillion
- Rate: 35% on all income above $1 million
- Details: Ensures high earners contribute significantly, covering income from wages, capital gains, and investment income.
Summary Table
| Revenue Source | Current Tax Structure (in trillions) | New Revenue (in trillions) | Current Rate | New Rate |
|---|---|---|---|---|
| National Sales Tax | $0 | $2.1 | N/A | 7-9% |
| Financial Transaction Tax | $0 | $0.7 | N/A | 0.3% |
| Corporate Income Tax | $0.6 | $0.8 | 21% | 20-23% |
| Import Tariffs | $0.3 | $0.5 | Variable | Lower variable |
| Platinum Coin Strategy | $0 | $0.4 | N/A | N/A |
| Social Security Tax | $1.35 | $1.35 | 12.4% | 12.4% |
| Wealth Tax | $0 | $0.11 | N/A | 1% on assets > $100M |
| High-Income Tax | $0 | $0.3 | N/A | 35% on income > $1M |
| Total | $4.25 | $6.21 |
Variance Under the New Plan
- Current Deficit: $2.2 trillion.
- New Revenue Target: $5.7 trillion (with the elimination of $500 billion in government waste, the inclusion of the wealth tax, and the high-income tax).
- Estimated Revenue with New Plan: $6.21 trillion.
- Deficit with New Plan: Surplus due to $0.51 trillion extra funds.
Implementation and Economic Impact
Implementing these tax changes gradually over 1-2 years can help minimize economic shock. Starting with lower rates and phasing in increases allows businesses and consumers to adjust, reducing the risk of inflation and market disruption. Monitoring the economic impact closely and making necessary adjustments is crucial to ensuring long-term stability.
Conclusion
Achieving a balanced budget requires a multifaceted approach. By combining a national sales tax, financial transaction tax, corporate income tax, import tariffs, a wealth tax, and a high-income tax, the U.S. can generate the necessary revenue while minimizing hardship for lower and middle-class Americans. Crucially, there is no income tax on individuals making less than $1 million per year. The proposed sales tax replaces a portion of the revenue previously generated by income taxes, spreading the tax burden across a broader base and providing a sustainable path forward. Careful implementation and monitoring are essential to maintaining economic stability and public support.
Footnotes
- U.S. Federal Expenditure: Congressional Budget Office (CBO) data
- National Sales Tax Estimate: Calculated based on U.S. Census Bureau data on retail sales
- Financial Transaction Tax Estimate: Derived from Congressional Research Service reports
- Corporate Income Tax Impact: Based on economic studies and analyses from the Tax Policy Center
- Import Tariffs Revenue: Estimated using U.S. International Trade Commission data
- Platinum Coin Strategy: Legal and economic implications discussed in various economic journals
- Wealth Tax and High-Income Tax Estimates: Based on IRS and financial data
This article outlines the proposed plan to balance the budget, emphasizing the absence of income tax for individuals making less than $1 million per year. It compares the proposed sales tax to the current income tax paid by these individuals, illustrating the benefits of the new system. Let me know if thereās anything else youād like to adjust or add!