reply on: Can we really, finally, be nearing the end of the IRS? \ stacker news ~econ

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119 sats \ 14 replies \ @Undisciplined OP 20 Feb \ parent \ on: Can we really, finally, be nearing the end of the IRS? econ

The way things are moving really does feel different. I could see this happening.

185 sats \ 10 replies \ @grayruby 20 Feb

I think the bond market will have something to say about this.

40 sats \ 0 replies \ @kepford 20 Feb

Indeed

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.

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.

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.

25 sats \ 5 replies \ @grayruby 20 Feb

26T of federal debt is held domestically. That would be a fun day when that all gets written to zero.

40 sats \ 4 replies \ @Undisciplined OP 20 Feb

You know I'd be eating popcorn and laughing at the chumps who gave their money to the Feds willingly.

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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.

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.

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.