Looks like The bill to abolish the income tax in the US has been introduced!...
"H.R.25 - To promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national sales tax to be administered primarily..."
(www.congress.gov)
Let's GOOOOOOooo
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Exactly. But it's not just cheap Chinese wrenches. The US has basically no domestic manufacturing now. So unless we all plan to go the Amish route, we'll be paying tariffs on almost everything we buy.
So u/Hodar is saying that the government needs to be making a steady income on tariffs before they reduce our taxes. So we'll be paying tariffs and taxes at the same time?
But then they say that as manufacturing jobs come back to the US, the government will be getting even more income via tariffs? How does that work?
Fair question. Say tax rate is 22%, and we have an idea after a month or so of what tariff income is, then tax rate drops to ~15%, then a quarter later we see oil, and production increasing. Drop taxes to ~10% Review data, and adjust. It's going to balance out at whatever the new equilibrium point well be. Eventually, taxes will be zero, as manufacturing increases.
Just like dieting - you make minor changes - you don't go on a starvation diet right off the bat.