Oddbean new post about login | logout I just saw this headline that Trump wants to eliminate the income tax. I think the income tax and property tax are the two most evil taxes of all, so this was interesting to me (not that I trust Trump to follow through or think he is likely to get it through Congress). I have wanted to eliminate the income tax (and all other taxes) and replace it with only a sales tax so we are no longer nickel and dimed to death and so we can see, with every purchase, how much we are really paying. Unfortunately that isn't Trump's plan. He wants super high tariffs. He actually thinks tariffs would be paid by China and not the American people who buy their products. He wants a 25% tariff on imports. That will just mean the price of everything will go up 25%. No Thanks! (although it still is probably better than the income tax because it keeps the government out of our personal business). He should also realize the moment we implement high tariffs on imports, other nations are going to implement high tariffs on our exports. https://libertyonenews.com/trump-drops-bombshell-proposal-suggests-eliminating-income-tax-during-dc-republicans-meeting/ #grownostr #economics #taxes
Yeah, starting a trade war will be really bad for average living standards 😖
On the other side, local production (National or regional) will be cheaper by comparison. If people purchase based on price it would force fiat to remain within the naional system. I'm not saying thats good or bad just a statement. The opertunity in this problem is to refocus on local production and by extension push bitcoin adoption as the contraction in fiat effects inflation.
If fiat remains within the US rather than being exported then domestic inflation gets worse. You don't boost local production by raising taxes to cut off the supply of cheap tools & capital equipment. I just bought a Chinese excavator for half the price of anything I can get here. I buy most of my tools from Harbor Freight. Making my tools and certain supplies more expensive just increases my cost of doing any sort of business. You want to boost domestic production you remove govt licensing restrictions & cut taxes. You don't increase taxes on the flow of inexpensive stuff.
It's not like he would actually do it, would he? Of course he can't, for he's one of them.
Taxation without representation is when the government forces you to pay for something you don't want, you didn't ask for, you don't support, and very often it is something you strongly oppose. For example, public education, social security, foreign wars, and medicare. People should be able to decide on an individual basis whether or not they want to pay for and/or use a government service. A government should never force anyone to pay for, support, or use a government product or service they don't want or agree with. That other socialist definition of "taxation without representation" that everyone learns from the socialist public education system is one of the biggest scams ever perpetrated upon humanity.
I love that idea and would totally support it, but I try to be practical on what might (even if on the off chance) be doable. Most people aren't ready for that and the politicians definitely aren't because they wouldn't have power anymore.
Tariffs is how it worked before 1913, and America became the wealthiest most powerful nation on the planet under our tarrifs system, with zero federal income tax. Sure politicians tried putting a federal tax on people here and there, but it always got shot down in court. That's why they, the forced-collectivist, had to sneak their income tax amendment into the constitution, and that is when America was fundamentally changed into a socialistic society.