Maybe, maybe not but we’ll see what happens won’t we? Coming up with the more simpler income tax system might be better than just getting rid of it entirely…
I’m going to wait and I hear from Trump, and tell them I don’t wanna personally get my hopes up. My point don’t pay any attention to rumors.
Giant corporations and the super rich write the tax playbook, so only they can afford the top accountants to avoid tax through many loopholes.
They pay a smaller percentage of their turnover than smaller businesses.
I have always said, instead of "tax deductions" for "business costs". Just have a straight up tax.
Based on tiers.
This would apply to everyone, as an example (just a guide).
The first 20,000. Zero tax
if you make 40,000., then STILL zero on the first 20, and 2.5% (e.g.) on the 2nd 20,000.
Make 60,000, zero on the 20, 2.5% 20 - 40 part. And then 5% on the above 40.
And so on, all the way up to the millions+. These numbers are just made up, so real percentages and levels would have to be worked out etc.
I think this would be fair, even a multi-millionaire would get the same tax free funds at the lower levels.
My idea for this came from the fact, that here in the UK, you could get a wage increase from 29,999 to 32,000, but end up with less take home money than when you earned 29,999 , because you went into a higher tax band. To make it worth your while you needed a much larger pay increase (again, I just made those numbers up as an example).
Going into a higher tax band can be bad, but with a fairly tiered system, you would not feel it, because your lower level funds are not suddenly taxed at a higher level if you cross a threshold.
Hong Kong literally uses this kind of tax system, but with an additional rate cap at 15% of entire income. Half of the wage earners in HK pay less than 2% of their income.
Hong Kong's income tax is almost never referred as "Income Tax", but referred separetely as Salaries Tax, Profit Tax and Property Tax.
As it is called, "Profit Tax" is taxation on the income subtracted by expenses. And like Salaries Tax, it is capped at 15%.
The name "property tax" is mesleasing because it actually refers to taxes on rent. That doesn't mean HK has no real property tax – for that is called Land Rent and Rates.
HK largely follows the Georgist model, with the government's income sourced largely from selling land.
Or how about this, let's say I go shopping at a grocery store right and when I buy something, the added TAX is divided between state and federal Government.
There is no legitimate way for govt to tax income: it REQUIRES invading your privacy to learn how much you made, so they can determine how much of it they want to rob from you.
All the discussion in this thread and others about HOW to tax your income, and how MUCH of your income to let government rob from you and how OTHER countries steal from their citizens after invading their privacy to determine how much they dared to earn,...it'a all akin to rearranging deck chairs on the Titanic.
Just say NO to the dreaded illegal income tax.
Slash the size of govt. by 90 percent.
Slash the insane millions of costly regulations.
Dump millions of teat-slurping bureaucrats into the workforce to GENERATE income for the economy for a change.
Raise money from tariffs, not by punishing the American people for their hard work and success.
I like the comments to this point BUT there is ONE thing I want to point out...President Trump is going to shrink the size of government AND BOTH HOUSES CLEANED, like a BABY'S BUTT and individuals that benefited from writing these codes cleansed from OUR GOVERNMENT...
PDJT is in "guerrilla" warfare mode to get these a$$holes out of government!!!!
Talking about these "things" now is making some to start thinking is it worth it to go down that pike...OOOOHHHH MY...THE BROWN STAIN IN THE SHORTS MOMENT WILL BE ARRIVING SOON ENOUGH!!!!!
Cleanse the top and bottom gets cleaned also...NO MORE GRAVY TRAIN!!!!!
Well, trying to make very big changes too suddenly could backfire by causing surprise problems. Maybe they just want to do their big one in a few stages. Start by simplifying the rules, observe what happens, only then fully change them?
Fine points, but that's just one of my buttons. The Surgeon General pick knots my stomach a little too. I'm ready to get on with it. See what really comes of America without absolute revolution. RFK, Elon I'm just edgy about the whole damn thing.
All that said, I do remain extremely hopeful. I've been at this for a very long time
We need to trash all income, capital gain and real estate taxes. Replace with tariffs on foreign goods and possibly one low sales tax. Tax consumption not income or property.
What blows me out of the water is that the government can take money from its citizens in the form of taxes and inflation, but they are incapable of making money by offering services that actually help their citizens.
Publican in the Bible is a Tax Collector aka Tax Farmer. The RE has two primary meanings-anew or backward.
Republican is a Biblical word and many say this is going to be Biblical.
We are also a Republic.
God asks for a flat tax in a sense. Being 10 percent. The Government is not God nor a god. The People are the rightful masters of the government.
The re-education these woke nut jobs always cry about is a correct statement. In reality they are crying out saying they need reeducated. How best to reeducate them? Not by their standards. By dismantling the MSM and unlocking the American Virtue? When Americans can be free to create those woke people will either repent, commit suicide, move to another country. Some people truly hate to see people doing good.
Let the good people and good times come and we should shun their crying tears of hatred.
IDK .. heard the US Govt is about to have a Department named after a coin Elon and Paul bros like. And doing a Dept acronym after their 3rd fave 'Dink Doink' would have been a bit wordy IMHO..
I don't like this either... I've heard 18% thrown out there for the fed, plus 8-18% for state. Will they exempt food, housing, utilities, medical care, already taxed gas, etc? Is this goods and services, or only goods, new and used? Seems like the tax base will grow and will impact people with smaller income very negatively.
Crypto good news, now do the same for metals.
I hope they get rid of the corporate transparency act on the small businesses too.
How about no capital gains on gold and silver and all income and the stock market too. If you gonna fix the country fix the fucking country. Ffs you all plan on staying in bed with the federal reserve???
So no getting rid of income taxes?
Maybe, maybe not but we’ll see what happens won’t we? Coming up with the more simpler income tax system might be better than just getting rid of it entirely…
I’m going to wait and I hear from Trump, and tell them I don’t wanna personally get my hopes up. My point don’t pay any attention to rumors.
There should definitely be a simpler system.
Giant corporations and the super rich write the tax playbook, so only they can afford the top accountants to avoid tax through many loopholes.
They pay a smaller percentage of their turnover than smaller businesses.
I have always said, instead of "tax deductions" for "business costs". Just have a straight up tax.
Based on tiers.
This would apply to everyone, as an example (just a guide).
The first 20,000. Zero tax
if you make 40,000., then STILL zero on the first 20, and 2.5% (e.g.) on the 2nd 20,000.
Make 60,000, zero on the 20, 2.5% 20 - 40 part. And then 5% on the above 40.
And so on, all the way up to the millions+. These numbers are just made up, so real percentages and levels would have to be worked out etc.
I think this would be fair, even a multi-millionaire would get the same tax free funds at the lower levels.
My idea for this came from the fact, that here in the UK, you could get a wage increase from 29,999 to 32,000, but end up with less take home money than when you earned 29,999 , because you went into a higher tax band. To make it worth your while you needed a much larger pay increase (again, I just made those numbers up as an example).
Going into a higher tax band can be bad, but with a fairly tiered system, you would not feel it, because your lower level funds are not suddenly taxed at a higher level if you cross a threshold.
Hong Kong literally uses this kind of tax system, but with an additional rate cap at 15% of entire income. Half of the wage earners in HK pay less than 2% of their income.
I thought I invented it!
That's great and it should be more widespread, it seems a common sense and fair approach.
Still think that business expense deductions should get the chop too. Does Hong King use it on just wages/income or does it apply to businesses?
Hong Kong's income tax is almost never referred as "Income Tax", but referred separetely as Salaries Tax, Profit Tax and Property Tax.
As it is called, "Profit Tax" is taxation on the income subtracted by expenses. And like Salaries Tax, it is capped at 15%.
The name "property tax" is mesleasing because it actually refers to taxes on rent. That doesn't mean HK has no real property tax – for that is called Land Rent and Rates.
HK largely follows the Georgist model, with the government's income sourced largely from selling land.
Thank you, Hopefully Trump is looking at tearing up the the old system and creating something new.
No.
No more govt intrusion into your private life to see how much you made
That's what Elon has been hinting at
Taxes are slavery.
Or how about this, let's say I go shopping at a grocery store right and when I buy something, the added TAX is divided between state and federal Government.
Give it time.
There is no legitimate way for govt to tax income: it REQUIRES invading your privacy to learn how much you made, so they can determine how much of it they want to rob from you.
All the discussion in this thread and others about HOW to tax your income, and how MUCH of your income to let government rob from you and how OTHER countries steal from their citizens after invading their privacy to determine how much they dared to earn,...it'a all akin to rearranging deck chairs on the Titanic.
Just say NO to the dreaded illegal income tax.
Slash the size of govt. by 90 percent.
Slash the insane millions of costly regulations.
Dump millions of teat-slurping bureaucrats into the workforce to GENERATE income for the economy for a change.
Raise money from tariffs, not by punishing the American people for their hard work and success.
Replacing the tax code might be Step 1. Then, clean up government spending so only tariffs are needed.
I like the comments to this point BUT there is ONE thing I want to point out...President Trump is going to shrink the size of government AND BOTH HOUSES CLEANED, like a BABY'S BUTT and individuals that benefited from writing these codes cleansed from OUR GOVERNMENT...
PDJT is in "guerrilla" warfare mode to get these a$$holes out of government!!!!
Talking about these "things" now is making some to start thinking is it worth it to go down that pike...OOOOHHHH MY...THE BROWN STAIN IN THE SHORTS MOMENT WILL BE ARRIVING SOON ENOUGH!!!!!
Cleanse the top and bottom gets cleaned also...NO MORE GRAVY TRAIN!!!!!
meh DJT Jr just saying.. maybe they'll get rid of income tax..surprise me
Ron Paul says, "But I mean real flat, like zero."
Ideas are easy. Fighting the deep state.... That's a way different game.
Moot. It's not a government of the people if it perpetrates crime on it's citizens.
Well, trying to make very big changes too suddenly could backfire by causing surprise problems. Maybe they just want to do their big one in a few stages. Start by simplifying the rules, observe what happens, only then fully change them?
Fine points, but that's just one of my buttons. The Surgeon General pick knots my stomach a little too. I'm ready to get on with it. See what really comes of America without absolute revolution. RFK, Elon I'm just edgy about the whole damn thing.
All that said, I do remain extremely hopeful. I've been at this for a very long time
I thought there were no surprise problems because game theory, Looking Glass, the Plan, etc.
We need to trash all income, capital gain and real estate taxes. Replace with tariffs on foreign goods and possibly one low sales tax. Tax consumption not income or property.
Give the asshole pigs in Congress a sales tax, and they will jack it to 25% and higher in the blink of an eye
Its that or the plan sucks.
Does DOGE even have constitutional authority to do that? As a department under the executive they cant exactly rewrite law.
Not good enough.
What blows me out of the water is that the government can take money from its citizens in the form of taxes and inflation, but they are incapable of making money by offering services that actually help their citizens.
Publican in the Bible is a Tax Collector aka Tax Farmer. The RE has two primary meanings-anew or backward.
Republican is a Biblical word and many say this is going to be Biblical.
We are also a Republic.
God asks for a flat tax in a sense. Being 10 percent. The Government is not God nor a god. The People are the rightful masters of the government.
The re-education these woke nut jobs always cry about is a correct statement. In reality they are crying out saying they need reeducated. How best to reeducate them? Not by their standards. By dismantling the MSM and unlocking the American Virtue? When Americans can be free to create those woke people will either repent, commit suicide, move to another country. Some people truly hate to see people doing good.
Let the good people and good times come and we should shun their crying tears of hatred.
which cryptos are made in USA?
Bitcoin will be primarily mined in the USA , and is the only relevant crypto
IDK .. heard the US Govt is about to have a Department named after a coin Elon and Paul bros like. And doing a Dept acronym after their 3rd fave 'Dink Doink' would have been a bit wordy IMHO..
I don't like this either... I've heard 18% thrown out there for the fed, plus 8-18% for state. Will they exempt food, housing, utilities, medical care, already taxed gas, etc? Is this goods and services, or only goods, new and used? Seems like the tax base will grow and will impact people with smaller income very negatively.
Crypto good news, now do the same for metals.
I hope they get rid of the corporate transparency act on the small businesses too.
The tax code is 10 times that big, around 70,000 pages.
How about no capital gains on gold and silver and all income and the stock market too. If you gonna fix the country fix the fucking country. Ffs you all plan on staying in bed with the federal reserve???
Revelation
If 10% is enough for the Lord, it should be enough for Uncle Sam!
As long as it ends with tariffs only, I'm on board.
Must repeal 16th Amendment
Will take another Constitutional Amendment, no?