Abolishing the income tax would make the typical American family $15,000 richer, and they would pay $18,000 less in income tax.
— Wall Street Silver (@WallStreetSilv) November 1, 2024
Plus it shrinks and neuters the federal government.
It would turn America overnight into the greatest economy on earth. https://t.co/qySDbRNfrr
"Trump Wants to Abolish the Income Tax."
It's official. Donald Trump wants to abolish the income tax. In a much anticipated interview with Joe Rogan, Trump said the country should return to the late 19th century when we had no income tax at all and funded the federal government with tariffs. Now for months, Trump has been making it clear he really does not like the income tax. He's promised to exempt tax on tips, Social Security, overtime pay, first responders, and even 18 million veterans. I kept hoping he would come out and just break up with the income tax once and for all, and indeed he did. So what if we end the income tax, laying off all 93,643 IRS agents? So you can keep every dollar you earn while Washington will have to run on bake sales. While the income tax currently costs American people $2.4 trillion dollars a year, Trump proposes to replace it with tariffs of 20% on everybody but China, who gets an extra special 60% tariff. All together that might bring in about $900 billion dollars a year this would grow America's economy like rocket fuel I run through some numbers on the free sub stack but maybe near term we were talking a 20% increase in the economy so about a $15,000 raise for the typical American family note that's on top of the een thousand of income tax you would no longer have to pay knock off $3,000 for the tariffs and you get about $30,000 in additional income for the typical American family close to $3,000 per month. Keeps getting better because going by low tax countries today or America before the income tax we might expect a doubling of annual economic growth. So 5% growth would be the new normal. Your kids would be three times richer than you as it used to work in America. America would be by far the richest country in the world, also as it was before the income tax. Of course, ditching the income tax would also mean the mother of federal budget holds after all replacing 2.4 trillion dollars with $900 billion dollars is a big hole even if you add say an extra $500 billion in payroll and excise tax from economic growth you still got about a trillion dollars to cover now we could just let it run a deficit letting the economy outgrow it I mean that's what they do with everything else that does not grow the economy but you could also cut a trillion dollars in federal spending out of the six and a half to seven trillion that we currently spend. How would one do such a thing? Well, the other day, Elon Musk estimated he could cut two trillion dollars in waste and fraudulent payments Ron Paul responded suggesting the military industrial complex and the Pharma industrial complex indeed going by countries like Britain perhaps $800 out of $900 billion dollars we spend on military is not for protecting Americans. So border, Coast Guard, nukes, it's for invading other countries. As for Pharma, really the medical industrial complex, if we simply copy countries like Singapore, we might save around about $2 trillion dollars or more and Americans would not go bankrupt getting knee surgery. And then there is illegals, $150 billion a year minimum, plus the $1 trillion or more we spend on welfare, much of it to the able-bodied. Sharpen some pencils, and you get $1 trillion easy, probably $2 trillion if you try. So your country is rich, the IRS is gone, and you get a nice lean government.
So what's next? The Uniparty will fight this like a rabid dog. But if a president can sell it to American voters, $30,000 is a chunk of change, Congress will go along out of sheer self-preservation; plus, the bake sales would be lit.
