As part of any legislation to eliminate income tax, there needs to be a law prohibiting or minimizing the reduction in wages. I think both employers and workers should benefit from this change, but I suspect that without regulation, many will take advantage to simply reduce actual wages overall.
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In a sane world, no income taxes don't cost them anything and their employees get a net raise in pay. Should be a no-brainer to leave their salaries as is.
But given what I've seen in the job market in the last few years, and the posts of the narcissistic sociopaths on LinkedIn that call themselves "founders" or "leaders", I suspect your concern is justified.
It is a clown world afterall.
AND YOU HAVE QUITE SUCCINCTLY HIT THE NAIL ON THE HEAD---SQUARE!!!!!!!!
In a thriving economy, employers will be competing more than ever. So I disagree.
Same here. It is always hard to find responsible people with great job skills. Employers will have to fight for them.
Blue states will significantly increase income taxes.
Won't be any blue states left. Didn't Q say that one major political party would cease to be? Something like that...
Free markets my friend. All the prices will change, but in the end will settle down at the right levels in a free market.
Any laws that would freeze existing wages would only serve to create inefficiencies in the market.
The markets aren't free though, as long as stuff like lobbying exists and courting politicians with money and gifts is legal.
I am glad you mentioned this. I have meant to write a post about why markets arent free, and that applies at multiple levels.
At the level of corruption (whether its considered as such, lobbying the way they do it now is nothing but corruption) and regulations making markets not free - you are absolutely right. To see the benefits of things like tax elimination etc, we also need to eliminate this kind of corruption.
I am quite confident that, that will happen, infact its a low hanging fruit when we reach the end of this disclosure and there is Great Awakening in the world.
What to me makes free markets completely redundant is the fact that free markets are only necessary when we have to find the most efficient means to share scarce resources. The most fundamental assumption in a free market system is that resources are scarce and markets provide the most efficient means to share these scarce resources.
What if we are actually living in a world of abundance? And scarcity is artificial ?
Thats a whole different discussion, but there is a good chance we will find out that we are living in a world of abundance.
There's nothing stopping companies from making great products that last decades so every household can have one, it's just not good for the bottom line so as a species we waste more to pad corporate profits.
Food is designed to go down easy and leave your body wanting more while farms and ranches that provide real food around the country mysteriously explode and burn down or virus concerns causes the government to demand the slaughter of whole herds. Oil was marketed as a "fossil fuel" to promote its "rarity" but now we find old wells that have been capped for a while and were tapped out are 80 percent full again, seems to renew. Diamond scarcity and value is a myth, just as some examples of the lies we buy into collectively.
We live in a world of haves vs have nots and the deck was stacked long before any of us was born. Companies and people like Schwab dream of future where we own nothing, and we are quickly heading that way, with healthcare, food, and housing ownership being out of reach of so many, each freedom taken from is because our government sells us out to these companies and foreign interests. Could we be post scarcity? Maybe soon, but some big, biblical scale things need to change first.
I agree with everything you wrote but I would make a correction:
The dividing line is not haves vs have nots - much as they want you to believe it. The dividing line is We the people vs the Shadow puppet masters who control us.
This was clear no other time better than during the pandemic. The number of "haves" who were forced to take vaccines simply to keep on being "haves" was shocking. At the same time, most people who managed to refuse it completely were those we would think of as "have nots".
The reason why we live in a society where products are cheaply made and quickly breadk down, piling up in some landfill can be directly traced back to the fundamentals of the fiat financial system.
The more money you print into a system, the more value you are sucking out of that system, and the only way to keep this charade going, even for a little while, is by stealing equal amount of wealth from the system.
Replacing nutrient rich food with processed foods is not really about profits (which at a mid level is the motive for sure), but really about keeping the ponzi financial system keep going for a little longer.
Same with replacing anything of real value with something whose value can be faked.
This book How an Economy Grows and Why it Crashes is probably the BEST way to not only understand this, but to relearn economics from first principles.
And I predict as the need for excellent workers becomes a dominate factor in the job market next year, companies will compete and salaries and benefits will increase.
Buying power with 1950's prices along with today's wages would be a good starting point.
We'd be kings. I keep looking at some places my dollar goes further to retire too. I would love to retire to the States!
i bet your fun at parties
Less government intervention equals more personal freedom. You don't like what I'm paying go work for somebody who pays more, or go into business for yourself. Simple.
Nah, employers will just reduce hours instead. It's a lot easier
That'll help keep up with added demand..
It could ripple into the cost of good falling.
I've not heard Trump mention whether Social Security and Medicare will continue with the employer contribution, as well as the employee's portion.
Since those are two separate things, they'll likely continue as-is "for now".
A true free market is self stabilizing.
Actually, employers no longer have to match those taxes taken in paychecks, so they and their employees get a savings. Extrapolate from there first.
I think you're referring to social security in that case. The income tax isn't part of the social security tax.
We'd still have to pay SS, and employers would still have to pay SS (Trump has mentioned "Commonwealth" being a beautiful word to him a couple of times ... I think he has a good idea to solve social security, but that's just speculation on my part).
However, repealing the income tax would wake a lot of people up as to how much they're paying in taxes in general. People look at me like I'm a retard when asked what my biggest yearly expense is ... its taxes ... and its taxes for most people.
Add up every single frigging tax you pay, from income to sales at the federal, state, and local levels, and you'll find that you're banking around 50% of what you earn. In some states like California, it's closer to 60%.
There is no fucking way it costs that much money to run a government even with a lot of the "government provided luxuries" (sarcasm implied) we have here in the USA.
Oh, and few get back what they pay into Social Security over their lives ... that's the second largest government scam next to the income tax when it comes to taxpayers (it's clear there are far larger government scams where people enrich themselves to the tune of billions ... I am merely discussing what used to be called Mr. or Mrs. John Q. Taxpayer being scammed :-) ).
This
Anything to keep a companies stock price up. They will in response probably give people an option, take massive pay cuts or be laid off... after of course they train one of those unemployed college grads on the way out the door.