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99 sats \ 15 replies \ @grayruby 20 Feb
That would be pretty wild.
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119 sats \ 14 replies \ @Undisciplined OP 20 Feb
The way things are moving really does feel different. I could see this happening.
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185 sats \ 10 replies \ @grayruby 20 Feb
I think the bond market will have something to say about this.
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40 sats \ 0 replies \ @kepford 20 Feb
Indeed
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40 sats \ 8 replies \ @Undisciplined OP 20 Feb
If there's a credible replacement plan for the revenue, then it shouldn't matter. If that includes removing capital gains taxes, then there should be more bond demand.
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21 sats \ 7 replies \ @grayruby 20 Feb
Markets don't like uncertainty. Hard to imagine they will view anything as a credible replacement plan until proven to be credible. A mass sell off in the US bond market will derail those plans very quickly whether credible or not.
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40 sats \ 6 replies \ @Undisciplined OP 20 Feb
That's fair and very plausible. Of course, I think they should just default on the national debt, so it's not much of a reason not to do something in my book.
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81 sats \ 2 replies \ @kepford 20 Feb
The issue is, where will the money come from to pay for all the spending in place and new spending Trump has planned.
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64 sats \ 1 reply \ @Undisciplined OP 20 Feb
There was a post earlier today (#891768) about that.
The basic idea is to replace most of the current taxes with a 23% sales tax, with a household rebate to offset how regressive that would be.
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124 sats \ 0 replies \ @kepford 20 Feb
Wild time to be alive. A lot of people are hurting financially. We've been gas lit for 5 years about how bad it is.
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29 sats \ 1 reply \ @denlillaapan 20 Feb
a kid can dream, eh
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0 sats \ 0 replies \ @Undisciplined OP 20 Feb
Can and will
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32 sats \ 1 reply \ @BlokchainB 20 Feb
No way in hell this ever happens
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57 sats \ 0 replies \ @Undisciplined OP 20 Feb
I hope you're wrong. There wasn't always an IRS and there doesn't need to be one, now.
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32 sats \ 5 replies \ @Aardvark 20 Feb
Didn't they make income tax an ammendment? I feel like we would just end up with a high consumption tax, and a new irs in the future
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42 sats \ 4 replies \ @Undisciplined OP 20 Feb
Yes, the amendment authorizes income taxation, but does not require it. I think they are already allowed to levy excise taxes.
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37 sats \ 3 replies \ @Aardvark 20 Feb
Right but if they are allowed to do it, then what's stopping them from doing it after they create the consumption tax? Maybe I'm jaded, but when the government does anything, I'm looking for the worst possible outcome.
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42 sats \ 2 replies \ @Undisciplined OP 20 Feb
What would stop them is that people hate the income tax and reimplementing it would get politicians booted out of Congress immediately.
It would certainly be ideal to repeal the amendment, which would be more politically feasible if there were no current income tax.
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40 sats \ 1 reply \ @Aardvark 20 Feb
My only real counter argument is the current state of affairs we find ourselves in today. Death by inches. I doubt they'd just open the flood gates, but certainly a tragedy like covid or 911 would be a good enough reason for a "temporary" small income tax... just to get us out of this mess...
Although I hadn't thought about the fact that the only way to feasibly repeal the ammendment is to remove the tax first.
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42 sats \ 0 replies \ @Undisciplined OP 20 Feb
At that point repeal would just be popular cheap talk.
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