Would that be fair to those with net operating losses? Also if 401k and IRAS become tax free the stock markets would tank. Do you really want to destroy wealth? Sorry it’s not as simple as a pen stroke, while still a worthy goal in the next 10 to 20 years
I agree! But just a question about retirement funds, what happens to those? Not that there are any left and no one can retire at a decent age anyhow .
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i agree.
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There would be no taxation on any savings. All the current savings plans would have to become tax free / exempt. No direct taxation.
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There would be no direct taxation. Business and individuals would not face any direct taxes. There would be no reason for loss deductions or any deductions for that matter.
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Under Trumps plans he has already moved IRS into Treasury to run side by side for a year. Then be eliminated. He plans on doing away with property tax, income tax, 15% tax on new items- old items no tax ( new/ used car /home). No tax on food clothes or other essential items. And has just stated no tax on capital gains, tips under Nesara Law. That tariffs will be a way of recouping from no taxes. This all sounds great to me. I do disagree with paying student loan debt. I paid my college bill, my two daughter’s college bills and now they are paying for their kids. Everything can’t be a free ride
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Maybe with student loans frozen balance for 10 years, then 2% then next 10 years, then 5% on the balance that has not been paid within 20 years. All student loans in the future are privately funded.
Makes total sense.
It’s ridiculous how large universities and non profits can exploit their endowment funds with impunity. Education endowments are supposed to be for the public benefit not private gain.
1000% agree on stripping these big universities of their tax exemptions until they change course.
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I believe the tax is called “luxury tax” - brand new vehicles, brand new houses is what I read.
150,000 Federal employees across various agencies owe approximately $1.5 billion in overdue taxes. This includes those who work for the IRS. They should not be exempt. Laws need to be made to include everyone in the government. When these laws are made and passed they don’t ever apply to the government. That needs to change. And someone needs to be in charge to oversee that they do. Federal income taxes were designed for the federal employees not average Americans .
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I agree with you, Bryan. Although taxes are a necessary evil (as is death), we cannot make massive overnight changes, as you pointed out. Although we need to pay down this massive deficit that we have accumulated with deficit spending for decades, the moves we make must be precise and well-researched before we impulsively throw every tax under the bus.
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Ban federal income tax on all income for citizens. Federal should only receive funding from tariffs and income tax on companies from other counties doing business in the US. IRS should be disbanded.
The federal government should not be dictating to States by federal laws or regulations on how a State can raise funds. The citizens of the States and their elected representatives are the only ones that can decide State issues.
I agree local and state taxes and fees need to be fixed but the federal government doesn’t have jurisdiction within any state unless the state violates the constitution.
To reform the IRS and control Federal and State Government spending make it illegal for any individual or company to collect or remit taxes for any other individual or company.
This reform would outlaw payroll deductions; public utilities collecting taxes and fees; stores collecting sales tax.
The result would be that every American would see exactly what Government costs. Then we could make intelligent decisions about how much government we are willing to pay for.
The Federal Reserve must be abolished!
Wars are precipitated by Bankers.
Please tell me how do you say eliminating income tax starting a war anywhere?
Though, of course I agree it would anger the Bankers…
I don’t disagree, the banksters would be the ones to ultimately pull the lever. But our tax code is too embedded in global finance. End it immediately and the disruptions would cause economic chaos which usually ends in war
The government creates money out of thin air. In as great a quantity is it likes. Every additional dollar printed dilutes the value of all other dollars previously printed. The money in your pocket burns. The dollar now has lost 99% of its value against a dollar 100 years ago. That was an invisible tax.
We pay taxes only to maintain the illusion that we contribute money to the operation of the government. It’s shocking, but it’s true.
That’s why I maintain that eliminating the income tax would have absolutely no intrinsic effect upon finance and markets.