As i see it, trump will eliminate income tax
Let's consider that.
Right now, the federal budget has revenues from these sources:
- Individual income tax: 54% of revenue
- Social Security tax: 30% of revenue
- Corporate income tax: 9% of revenue
That's 93% of all revenue coming into the federal governent from "income taxes" (these are all based on "income," no matter what they are called).
The other 7% is from
- Excise taxes (2%)
- "Other" (5%)
https://www.taxpolicycenter.org/briefing-book/what-are-sources-revenue-federal-government
And with all of that, they STILL have a $2 TRILLION PER YEAR budget DEFICIT.
Let's break this down to what similar numbers would look like for an individual.
- Total income: $40,000 per year ($4 trillion total fed gov't revenue)
- Total expenses: $60,000 per year ($6 trillion fed gov't spending)
- You have to borrow: $20,000 per year to make ends meet ($2 trillion fed deficit)
Now, you decide you will quit working and live on only your investment income.
Your job income is 93% of your $40,000, and your investment income is 7%.
So, now you have:
- $2,800 per year income, but a
- $60,000 per year spending habit
How do you balance these out?
Remember: You are also IN DEBT $350,000 ($35 trillion fed gov't total debt), and have maybe $2,000,000 in unfunded liabilities -- debts you WILL have, some day ($200 trillion fed gov't unfunded liabilities -- that they will admit to; it's probably much more).
So, how do you clean all that up on $2,800 per year?
See the problem?
As i see it, trump will eliminate income tax
Let's consider that.
Right now, the federal budget has revenues from these sources:
- Individual income tax: 54% of revenue
- Social Security tax: 30% of revenue
- Corporate income tax: 9% of revenue
That's 93% of all revenue coming into the federal governent from "income taxes" (these are all based on "income," no matter what they are called).
The other 7% is from
- Excise taxes (2%)
- "Other" (5%)
https://www.taxpolicycenter.org/briefing-book/what-are-sources-revenue-federal-government
And with all of that, they STILL have a $2 TRILLION PER YEAR budget DEFICIT.
Let's break this down to what similar numbers would look like for an individual.
- Total income: $40,000 per year ($4 trillion total fed gov't revenue)
- Total expenses: $60,000 per year ($6 trillion fed gov't spending)
- You have to borrow: $20,000 per year to make ends meet ($2 trillion fed deficit)
Now, you decide you will quit working and live on only your investment income.
Your job income is 93% of your $40,000, and your investment income is 7%.
So, now you have:
- $2,800 per year income, but a
- $60,000 per year spending habit
How do you balance these out?
Remember: You are also IN DEBT $350,000 ($35 trillion fed gov't total debt), and have maybe $2,000,000 in unfunded liabilities -- debts you WILL have, some day ($200 trillion fed gov't unfunded liabilities -- that they will admit to).
So, how do you clean all that up on $2,800 per year?
See the problem?
As i see it, trump will eliminate income tax
Let's consider that.
Right now, the federal budget has revenues from these sources:
- Individual income tax: 54% of revenue
- Social Security tax: 30% of revenue
- Corporate income tax: 9% of revenue
That's 93% of all revenue coming into the federal governent from "income taxes" (these are all based on "income," no matter what they are called).
The other 7% is from
- Excise taxes (2%)
- "Other" (5%)
https://www.taxpolicycenter.org/briefing-book/what-are-sources-revenue-federal-government
And with all of that, they STILL have a $2 TRILLION PER YEAR budget DEFICIT.
Let's break this down to what similar numbers would look like for an individual.
- Total income: $40,000 per year ($4 trillion total fed gov't revenue)
- Total expenses: $60,000 per year ($6 trillion fed gov't spending)
- You have to borrow: $20,000 per year to make ends meet ($2 trillion fed deficit)
Now, you decide you will quit working and live on only your investment income.
Your job income is 93% of your $40,000, and your investment income is 7%.
So, now you have:
- $2,800 per year income,
- but a $60,000 per year spending rate.
How do you balance these out?
Remember: You are also IN DEBT $350,000 ($35 trillion fed gov't total debt), and have maybe $2,000,000 in unfunded liabilities -- debts you WILL have, some day ($200 trillion fed gov't unfunded liabilities -- that they will admit to).
So, how do you clean all that up on $2,800 per year?
See the problem?
As i see it, trump will eliminate income tax
Let's consider that.
Right now, the federal budget has revenues from these sources:
- Individual income tax: 54% of revenue
- Social Security tax: 30% of revenue
- Corporate income tax: 9% of revenue
That's 93% of all revenue coming into the federal governent from "income taxes" (these are all based on "income," no matter what they are called).
The other 7% is from
- Excise taxes (2%)
- "Other" (5%)
https://www.taxpolicycenter.org/briefing-book/what-are-sources-revenue-federal-government
And with all of that, they STILL have a $2 TRILLION PER YEAR budget DEFICIT.
Let's break this down to what similar numbers would look like for an individual.
Total income: $40,000 per year ($4 trillion total fed gov't revenue) Total expenses: $60,000 per year ($6 trillion fed gov't spending)
You have to borrow: $20,000 per year to make ends meet ($2 trillion fed deficit)
Now, you decide you will quit working and live on only your investment income.
Your job income is 93% of your $40,000, and your investment income is 7%.
So, now you have only $2,800 per year income, but a $60,000 per year spending rate.
How do you balance these out?
Remember: You are also IN DEBT $350,000 ($35 trillion fed gov't total debt), and have maybe $2,000,000 in unfunded liabilities -- debts you WILL have, some day ($200 trillion fed gov't unfunded liabilities -- that they will admit to).
So, how do you clean all that up on $2,800 per year?
See the problem?