Something has to be done. I'm paying 30% in taxes with zero dependents and an additional 10% goes to insurance. I'm seriously about ready to quit working and work under the table. I'm sick of working by butt off only to have almost half of my paycheck going to Ukraine. I'm sick of it!
Government should Not be taking income tax and tariffs from from society. From 1776 - 1913 US society never paid income taxes. Get rid of income tax and the IRS at the same time.
Listen I’m all for taxes if everyone paid their fair share and our taxes actually go towards the infrastructure of this country and not in the pockets of corrupt politicians. But i agree with you
That’s all fine until roads need repaired or bridges need built, or the military needs funding unless you want your go back to every person was called up when needed for defense of the country. Income tax should not exist but tariffs and sales tax should be a thing also. The real issue is the government needs to stop spending so much money
After a certain age you shouldnt be taxed period!!! On anything. You spend 3/4ths of your life working and paying tax, thats enough, you have paid your civil duty. @DanWright6
you should have paid attention in reading and arithmetic classes in school; I've done my own taxes for over 40 years. It's easy if you read, and can do basic math.
what DJT has proposed already is going to make the tax code even more complicated and costly. Nobody should get to deduct interest on car loans, for example. It will result in more debt, and failure to pay debts, which will fall to us as higher interest rates we will pay. There is no free lunch, either you pay taxes or you pay inflated prices or interest rates.
Yep. Flat tax. Not a "fair tax". No deductions, no exclusions, no exemptions, no whining. Everyone pays 10%. Everyone hates having to pay it, and everyone now has skin in the game. Nobody is happy when the govt wastes money on goofy stuff.
Nah. Make it 0% for everybody under $100k and make it 30% for any income above $100k. This would eliminate federal income tax for the bottom 75% of the population while balancing the budget and preserving social security + medicaid.
@@shubashuba9209 Absolutely not. Poor people need to have that righteous indignation when Congress wastes money. This takes them out of the loop and perpetuates class warfare. 10% flat tax for everyone, without exception. Also the "poverty line" is subject to political whim. Politicians get way too much mileage out of promising to tax the "evil billionaires" but then when they actually do it, we're all "evil billionaires" who have to pay more. No more of that. Flat 10% tax on everyone. If you make $20K you pay $2K in taxes. If you make $20B you pay $2B in taxes. Get rid of 99% of the IRS, all the tax lawyers, and put H&R Block out of business. Free up all that time and money people spend doing taxes on worthwhile pursuits.
@darbyheavey406 "Tax return on one page." Why? Why do you assume that the problem is complexity, instead of the problem being that the government has made your personal finances THEIR business? Why should there be ANY "tax return"? Why permit the government to monitor your personal finances AT ALL? Do you see how brainwashed you are? You just automatically ASSUME that your income and spending habits are fair game for the government to monitor. However crazy you think I'm am for even questioning that, is the measure of how brainwashed you are.
Tax laws can be so complex, and it’s super helpful to break them down like this. Understanding how different policies can impact our finances is crucial for making informed decisions.
Making profitable investments during this time of political change can be risky without that insight. For me, working with an adviser is the best first step to navigate these complexities and make informed choices.
I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Sophia Maurine Lanting’’ for about two years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I just googled her name and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.
Sean Duffy Fox News was appointed by Trump as Secretary of Transportation congratulates Fox News has many people serving in the Trump administration young people with a promising future in a new life Sean Duffy leaves for DC
Please, please, please simplify or get rid of it!!!!!!! I am begging for my sanity and the safety of anyone near me during tax season!! It is just insane. Why should we have to pay someone else to do our taxes and lose even more of our hard earned money?!
I hate that term,"tax compliant"! How about NO income tax! America did it once, and everyone did well. But when 1913 rolled around, happy day's weren't there again!
The tax code should be reduced to one sentence: A 5% flat tax on all purchases, except for food, clothing, shelter, and medicine which will not be taxed.
@@garypollio4960 That money went into your IRA pre-tax and now it's time to pay the piper. If wanted untaxed RMDs, you should have put your after tax money in a Roth IRA.
Here is the problem: the rich don't make "income," so any tax on income (including the "tax prep industry") is funded by the wage earners, while the truly wealthy just need to sell an inherited painting or other asset, and they live off that sale for a year or two. No taxes!
When you tax spending, all taxes become truly voluntary. But never tax energy, food, clothing, or housing. All of these are needed for survival. It's evil to tax these.
The problem with a vat tax is that it penalizes every productive activity in the economy rather than just penalizing the importers which are non-productive enterprises.
The ideal that I heard Trump float was to replace income taxes with tariffs which would be similar to other countries VAT. I sort of kind of like that idea... The only confusing part is when you say you're putting tariffs on everything, other countries interpret that as being a penalty when in our case it's not; it's just our system of taxation.
Then the cost would be put on the consumers as the cost of imported goods go up. Then other countries retaliate with their own tariffs on American goods.
I am an American living in Singapore. My US taxes take me the better part of a day to fill out and file. My Singapore taxes take about 15 minutes. I file Singapore tax online. It is a simple, graduated tax based with only a few special deductions or credits (most of which the tax authority calculates for me) and tax is *collected in the year FOLLOWING my tax year* (no estimated taxes to file!) . They even collect the tax in monthly payments directly from my bank account in the year following my tax filing in April. While it may never be possible to make US income tax this simple, it shows that a developed economy CAN have a simple tax system if there is the political will.
And we're all consumers. The more you make, the more you spend, the more you spend, the more you pay in VAT. Taxation then gives each of us some choice, no one pays ZERO in taxes.
I already paid income tax my whole life, now I’ve learned that half my retirement fund will be taxed again. I’ve already paid on my savings, wtf, how is this possible? We need to fix this!!
If your agency, the IRS, puts virtually NO effort towards customer service, it's because they KNOW that what they are doing is wrong, and a LOT of honest citizens will have complaints about it. Abolish!!
The tax code is insane. First you try to fill out a form but you need a schedule but 1st you need a publication but if you go to the library they will tell you that they won't get it for you then you try to get in touch with the IRS it takes all day and I give up.i try to do it by mail and it takes 6 to 9 weeks. After all this you have to find out what applies to you. Several years ago I just gave up. Now i look at last year's return and figure what % I paid, fill out the 1040 as well as I canand send a check and let them write me a letter.
A federal sales tax should be seriously considered whether it’s our current sales tax system or if they implement a VAT way of handling taxes. Simplifying the tax code would eliminate a lot of government waste spent on enforcing the tax laws and time that people and companies spend trying to figure out what they owe.
There is no reason why we are taxing people who make less than 200k a year or wage earners. Why is the federal government taxing social security for retirees?
The irs destroyed my entire life since 1978. They came after me. At my grandfather's house, after both my parents passed while I was in high school . My grandfather was a judge and in charge of all land tax assessors in the country. The things they did to ne are still messed up.Any attorneys out there who can help with a 550 million dollar law suite.
The sales tax would be great way to take over income tax. It makes it sound scary with consumer cost, but we just have to change to shopping 1-2 times a month. Bulk store.
That is a horrible ideal. You’d have to dramatically raise the sales tax to make up for the loss of income tax. It’d solely hurt those who make less money.
A constitutional amendment eliminating the income tax, impose a VAT tax (that shows up on every single receipt on every purchase), and exempt food, housing, medical care, and maybe transportation.
We all people can't believe the one person that ya can't figure out for secretary of treasury to take Mrs. Yellen place cause it's really simple cause there is really only one person that can do that job right. Period.
Let's look at the "experience" side of the tax T-Chart for a moment instead of the hypothetical "education" side. DJT has wisely addressed an extremely minor cash flow item by removing tax from social security income. How about a truly major economic cash flow infusion that seemingly nobody talks about ... which is ... remove the tax implication on the volume of dollars frozen in 401K's in America. Pick a date as the triggering event where all funds in 401K would not be taxed if redeemed by the holder. Those funds would be retrieved by Americans and immediately spent into the US economy. The positive material effect would be massive in contrast to the dribs and drabs coming into the government through taxation. This would serve as an economic incentive at the State and Federal level rather than a detriment to owner withdrawal.
The Federal government shouldn't be collecting revenue from individuals and corporations, anyway. They should only be collecting revenue from the States. The States, or course, would collect from the Counties, the Counties from local Municipalities, and only the Municipality would collect directly from individuals and companies. And doing it THAT way, property tax as the ONLY tax makes the most sense. Forget taxing income or sales.
How about just don't allow things like turbo tax? We need a direct tax bill, not the guess work through companies. Get rid of the companies and bill people directly!
Replace income tax with VAT. The more you spend, the more you pay. The rich spend more so the rich pay more, everyone gets to pay, no more people paying zero in taxes.
The income tax is the only tax you should have. You should get rid of all the other taxes, and all itemized deductions. Tariffs are also bad-where they are appropriate, you would be better off with a complete trade embargo.
CPA's and accountants do a LOT more than taxes. In fact, taxes, in most cases, is the lowest on the spectrum they do for clients. This would not put them out of business. A business, Government agency, Non-profit and the list goes on and on, needs a CPA/accountant for many more important things than taxes. The long list of things they do for clients all year to make their business/agency function certainly makes it easy for the end of the year tax season because the tracking has been done all year but a CPA/accountant does not work for a company etc simply for taxes. Now, H&R block/turbo tax etc? Yeah. CPA's/ Accountant? HARD NO
Can I get a refund for prior years where I’ve had to pay exorbitant amount of taxes? I’ve been poor my whole life and just the past two years I’ve done well and they’ve taken a TON from me. It’s unfair.
The IRS isn’t the problem. It’s the tax code that they are responsible for enforcing. That’s like saying defund the police because you don’t like the laws.
I don't know about everyone else, but I know how to spend my hard earned money! Why would I let someone like the government WASTE. It's like the government taking my credit card so they can spend and I pay the bill....WTF!
Swith to fixed 15% for all except retirees. No deductions. Compensate by VAT of 15%. This would allow reducing the size of the IRS to a fraction of the current size and remove the need for accountants for private taxpayers.
I would love to see the income tax go, but I wouldn't count on it while we have such a massive debt to wrangle. I'll be happy if we go to the only fair option: a flat tax.
Something has to be done. I'm paying 30% in taxes with zero dependents and an additional 10% goes to insurance. I'm seriously about ready to quit working and work under the table. I'm sick of working by butt off only to have almost half of my paycheck going to Ukraine. I'm sick of it!
you are not kidding
Unless you’re making over 180k a year then I call BS.
You could be sicker living in Ukraine, so pay your taxes.
@@rayrussell6258 Bruh
Take that, proletariat!
Government should Not be taking income tax and tariffs from from society.
From 1776 - 1913 US society never paid income taxes.
Get rid of income tax and the IRS at the same time.
Listen I’m all for taxes if everyone paid their fair share and our taxes actually go towards the infrastructure of this country and not in the pockets of corrupt politicians. But i agree with you
That’s all fine until roads need repaired or bridges need built, or the military needs funding unless you want your go back to every person was called up when needed for defense of the country. Income tax should not exist but tariffs and sales tax should be a thing also. The real issue is the government needs to stop spending so much money
@@jasonshumake777 Roads and bridges need to be done at the state level, not federal.
@ I can agree with that
@@jasonshumake777Roading in most places around the world gets paid with excise taxes. The people that actually use the roads pays for them.
No tax for retirees, common sense. Taxing SS, absurd.
Don’t worry, these traitors will sell out social security and Medicare right into their pockets.
I agree on the SS. but many retirees have a lot of income from investments which ought to be taxed.
♻️💵
After a certain age you shouldnt be taxed period!!! On anything. You spend 3/4ths of your life working and paying tax, thats enough, you have paid your civil duty. @DanWright6
no, that's not going far enough. the more correct thing to say would be to get rid of social security.
10% is good enough for God; it should be good enough for the government.
to bad that 10% goes to paying abuse victims
Old Testament Israel had to give more like 25%, and Jesus requires 100% if you read the gospels carefully.
10% refers to tithing.
less for the government.
@@jeanah685 that's only for spices read in context
I spend about 500 a year having an accountant do my stupid taxes. I would love to see that go away.
I do my own taxes for free... get my w2 and fill in the boxes on turbo tax. Simple and fast.
you should have paid attention in reading and arithmetic classes in school; I've done my own taxes for over 40 years.
It's easy if you read, and can do basic math.
@@jeremybutler2578 your basic. I have two houses in different states , investments, land, etc…
Overhauling the tax code is #1 on my wishlist for DOGE.
Important but pales in comparison to slashing spending. *All spending is taxation,* and most of it is waste, and/or used against us.
One step at a time . 1st get rid of all wasteful spending . Then Balance a Budget for 1 year . then you can reform the tax code.
@@roboparksThat’s a very sensible approach…👍
DOGE is only going to be around for a year and a half. Be hard to get anything done in that timeframe.
what DJT has proposed already is going to make the tax code even more complicated and costly.
Nobody should get to deduct interest on car loans, for example. It will result in more debt, and failure to pay debts, which will fall to us as higher interest rates we will pay. There is no free lunch, either you pay taxes or you pay inflated prices or interest rates.
10% flat tax...hold government accountable for how it gets spent.
Yep. Flat tax. Not a "fair tax". No deductions, no exclusions, no exemptions, no whining.
Everyone pays 10%. Everyone hates having to pay it, and everyone now has skin in the game. Nobody is happy when the govt wastes money on goofy stuff.
15% Federal and State combined sales tax only. No more property tax.
Nah. Make it 0% for everybody under $100k and make it 30% for any income above $100k. This would eliminate federal income tax for the bottom 75% of the population while balancing the budget and preserving social security + medicaid.
@@shubashuba9209 Absolutely not.
Poor people need to have that righteous indignation when Congress wastes money. This takes them out of the loop and perpetuates class warfare.
10% flat tax for everyone, without exception.
Also the "poverty line" is subject to political whim. Politicians get way too much mileage out of promising to tax the "evil billionaires" but then when they actually do it, we're all "evil billionaires" who have to pay more.
No more of that. Flat 10% tax on everyone. If you make $20K you pay $2K in taxes. If you make $20B you pay $2B in taxes.
Get rid of 99% of the IRS, all the tax lawyers, and put H&R Block out of business. Free up all that time and money people spend doing taxes on worthwhile pursuits.
Yup
I will be glad when he is sworn in so he can get to work on our woke world.
Yay, a dictatorship
Take more of you and give to Musk.
A woke little child is under your comment spewing nonsense about dictatorship. They are programmed to repeat everything they hear on MSM.
I did see where the IRS employees alone owe millions in back taxes 😡
End taxes and dissolve IRS!!!
😂
You should give some thought to becoming an adult someday.
My position is no taxes on anything ever. Elect me president.
@@SamClemens-d5n Define Adult. I bet you can't define Woman. LOL
End taxes?
Broken bridges have entered the chat
US taxes, where it takes a higher IQ to figure out what you owe than it does to make the money in the first place
Hope they get this done.
The LAST thing you want is a government app installed on your phone!!!! ESPECIALLY one from the IRS!!!!
Bet there are millions stupid enough to install
And
Bet they all voted comrade Harris
Goodbye to the CPAs.
They are expensive.
The hidden taxing such as tobacco, spirits, auto tags, building inspection/permits and so many more.
Sell the oil under our country, use the proceeds to pay for our government, no taxes for Americans
Socialism is not the answer !
they could have been doing it for a long time but the powers that be want us to suffer and stay on the hampster wheel.
Simplifying the tax code is an obvious no brainer. Tax return on one page.
@darbyheavey406 "Tax return on one page."
Why? Why do you assume that the problem is complexity, instead of the problem being that the government has made your personal finances THEIR business?
Why should there be ANY "tax return"? Why permit the government to monitor your personal finances AT ALL? Do you see how brainwashed you are? You just automatically ASSUME that your income and spending habits are fair game for the government to monitor.
However crazy you think I'm am for even questioning that, is the measure of how brainwashed you are.
I Thank God SO MUCH !!!!!!!
May God and their security keep President Trump and JD Vance and all those who have their backs safe and healthy.
Tax laws can be so complex, and it’s super helpful to break them down like this. Understanding how different policies can impact our finances is crucial for making informed decisions.
Making profitable investments during this time of political change can be risky without that insight. For me, working with an adviser is the best first step to navigate these complexities and make informed choices.
I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.
Hmmm this is quite interesting, Please can you leave the info of your investment advisor here? I’m in dire need for one.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Sophia Maurine Lanting’’ for about two years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I just googled her name and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.
Who else loathes Obama, Kamala Harris, Walz, Biden, Jack Smith, Mayorkas, Schumer, Newsom, Schiff, Hochul, Willis, Fauci, Pelosi, Cheney, Hillary, AOC, Woke Hollywood, CNN, ABC, CBS, MSDNC, Facebook, google and TH-cam censorship..?
I do
I’m with President Pussygrabber.
Just stop. Dumb take
Me
I'm with the woke ...
Abolish all taxes. Abolish IRS. Replace taxes with tariffs. It’s doable.
No school tax for childless homeowners.
I agree 100%. I dont have kids and don't plan to have kids. Why should I have to pay school taxes?
I agree with you too.
Yes!!!!
I favor getting rid of the income tax, but it must be done by a constitutional convention, with constitutional repeal of the income tax.
My position is no taxes on anything ever. Elect me president.
Sean Duffy Fox News was appointed by Trump as Secretary of Transportation congratulates Fox News has many people serving in the Trump administration young people with a promising future in a new life Sean Duffy leaves for DC
Go back to your constitution and recognise that there is no suggestion of personal tax, only Company Taxation …. Reset the Taxation system !
The federal reserve isn’t federal so it can go and take its IRS with it.
My position is no taxes on anything ever. Elect me president.
God Bless
Please, please, please simplify or get rid of it!!!!!!! I am begging for my sanity and the safety of anyone near me during tax season!! It is just insane. Why should we have to pay someone else to do our taxes and lose even more of our hard earned money?!
I hate that term,"tax compliant"! How about NO income tax! America did it once, and everyone did well. But when 1913 rolled around, happy day's weren't there again!
My position is no taxes on anything ever. Elect me president.
Scott Bessent would make a good Treasury Secretary
🤑🤑 NO TAXES. 🤑🤑🤑🤑🤑MAKE AMERICA GREAT AGAIN‼️‼️‼️🌟🇺🇸❤️🇺🇸🌟👍😎🙋♀️
It’s supposed to be us donating what we want or can for roads etc….. not mandatory stealing from us or jail
They tried that with the Articles of Confederation. There’s a reason that got scrapped bud
The tax code should be reduced to one sentence:
A 5% flat tax on all purchases, except for food, clothing, shelter, and medicine which will not be taxed.
Argentina 🇦🇷 Brava 👏
Get rid of all the loopholes for the rich.
loopholes are available to everyone. Get to learning
Trouble is the top 10% of earners do pay 85% of the taxes. But we have over 50% who pay zero. That is climbing with the illegal invasion
@@Sheedeval21 you're right, every American can own a personal aircraft. Where's yours?
Its called legislated tax law buddy
🙋♀️NO TAXES PERIOD. MAGA‼️‼️‼️🇺🇸🌟🇺🇸👍😎
I would love to see no tax on my social security
and stop taxing RMDs
@@garypollio4960 That money went into your IRA pre-tax and now it's time to pay the piper. If wanted untaxed RMDs, you should have put your after tax money in a Roth IRA.
America has a problem with SPENDING not taxes.
200 billion a yr on illegals is a good start
Cut the waste,abuse,fraud&our taxes could be lowered.
They have a problem with both these things.
Your problem in spending IN WARS
BOTH
Great idea....!!!!
Here is the problem: the rich don't make "income," so any tax on income (including the "tax prep industry") is funded by the wage earners, while the truly wealthy just need to sell an inherited painting or other asset, and they live off that sale for a year or two. No taxes!
Awesome
We don't need to simplify the tax code. We need to get rid of ALL income and property taxes, and tax ONLY spending.
When you tax spending, all taxes become truly voluntary.
But never tax energy, food, clothing, or housing. All of these are needed for survival. It's evil to tax these.
And at what rate? 70%? 100%? C’mon. Consumption taxes adversely affect the poor. And the rich just get richer. Great plan
@@protorhinocerator142👍 Necessities should never be taxed
@@steveguillory7568 You have not checked out the reference I gave, or you would not be saying that.
The problem with a vat tax is that it penalizes every productive activity in the economy rather than just penalizing the importers which are non-productive enterprises.
The ideal that I heard Trump float was to replace income taxes with tariffs which would be similar to other countries VAT. I sort of kind of like that idea... The only confusing part is when you say you're putting tariffs on everything, other countries interpret that as being a penalty when in our case it's not; it's just our system of taxation.
Then the cost would be put on the consumers as the cost of imported goods go up. Then other countries retaliate with their own tariffs on American goods.
Y'all are dumb.
USA is a top country with most purchase power so they ain't gonna stop exporting to USA it's never happening
NO TAXES
My position is no taxes on anything ever. Elect me president.
No one taxes, no govt, no president
He meant for the rich. Not the poor or middle class.
She/her lost get over it 😂
It's almost a joy watching the news now !
Sure is, the entertainment Trump and his ex Fox employees are going to give us in the next four years 😂😂😂
Im not against all taxes, but the amount that each of us are taxed is absurd. Its 100x worse for businesses.
I am an American living in Singapore. My US taxes take me the better part of a day to fill out and file. My Singapore taxes take about 15 minutes. I file Singapore tax online. It is a simple, graduated tax based with only a few special deductions or credits (most of which the tax authority calculates for me) and tax is *collected in the year FOLLOWING my tax year* (no estimated taxes to file!) . They even collect the tax in monthly payments directly from my bank account in the year following my tax filing in April.
While it may never be possible to make US income tax this simple, it shows that a developed economy CAN have a simple tax system if there is the political will.
Be aware of what Onge is suggesting to replace corporate tax with VAT. VAT is paid by consumers.
And we're all consumers. The more you make, the more you spend, the more you spend, the more you pay in VAT. Taxation then gives each of us some choice, no one pays ZERO in taxes.
I already paid income tax my whole life, now I’ve learned that half my retirement fund will be taxed again. I’ve already paid on my savings, wtf, how is this possible? We need to fix this!!
KISS (keep it simple silly) is always a good principle to follow. Problems arise when things become complicated.
If your agency, the IRS, puts virtually NO effort towards customer service, it's because they KNOW that what they are doing is wrong, and a LOT of honest citizens will have complaints about it. Abolish!!
Tax consumption not income
TRUMP / VANCE 2024 !!!!!!!!!!!!!!!!
they already won the election.
The election already happened. Let's move on to specifics.
That's pretty mindless.
@SamClemens-d5n says the kamala supporters that lost lol
@@josephjacob3274 I voted for Trump.
You are mindless.
Flat 20% tax for EVERYONE even on Welfare except for retires on Social Security
I think they are having fun, doing the right thing!!
Audit the federal reserve!!!
The tax code is insane. First you try to fill out a form but you need a schedule but 1st you need a publication but if you go to the library they will tell you that they won't get it for you then you try to get in touch with the IRS it takes all day and I give up.i try to do it by mail and it takes 6 to 9 weeks. After all this you have to find out what applies to you. Several years ago I just gave up. Now i look at last year's return and figure what % I paid, fill out the 1040 as well as I canand send a check and let them write me a letter.
A federal sales tax should be seriously considered whether it’s our current sales tax system or if they implement a VAT way of handling taxes. Simplifying the tax code would eliminate a lot of government waste spent on enforcing the tax laws and time that people and companies spend trying to figure out what they owe.
There is no reason why we are taxing people who make less than 200k a year or wage earners. Why is the federal government taxing social security for retirees?
The irs destroyed my entire life since 1978. They came after me. At my grandfather's house, after both my parents passed while I was in high school . My grandfather was a judge and in charge of all land tax assessors in the country. The things they did to ne are still messed up.Any attorneys out there who can help with a 550 million dollar law suite.
I'd like to see those two whistleblowers from the IRS given some sort of very high promotion.
The sales tax would be great way to take over income tax. It makes it sound scary with consumer cost, but we just have to change to shopping 1-2 times a month. Bulk store.
That is a horrible ideal. You’d have to dramatically raise the sales tax to make up for the loss of income tax. It’d solely hurt those who make less money.
Getting rid of income tax - just imagine!
Make money, pay taxes. We should all pay less taxes but we should still pay some.
A constitutional amendment eliminating the income tax, impose a VAT tax (that shows up on every single receipt on every purchase), and exempt food, housing, medical care, and maybe transportation.
Get rid of EIC. Nobody should get back more money than they pay in.
HOW MANY FOREIGNERS WOULD BE FILING TAXES ONLINE AND RIPPING OFF AMERICAN TAXPAYERS ?!?!!!!
We all people can't believe the one person that ya can't figure out for secretary of treasury to take Mrs. Yellen place cause it's really simple cause there is really only one person that can do that job right. Period.
just think how many lawyers will be unemployed
Let's look at the "experience" side of the tax T-Chart for a moment instead of the hypothetical "education" side. DJT has wisely addressed an extremely minor cash flow item by removing tax from social security income. How about a truly major economic cash flow infusion that seemingly nobody talks about ... which is ... remove the tax implication on the volume of dollars frozen in 401K's in America. Pick a date as the triggering event where all funds in 401K would not be taxed if redeemed by the holder. Those funds would be retrieved by Americans and immediately spent into the US economy. The positive material effect would be massive in contrast to the dribs and drabs coming into the government through taxation. This would serve as an economic incentive at the State and Federal level rather than a detriment to owner withdrawal.
Put people's ss into privatized retirement account untaxed or after taxes.
alot of good comments along with a good video!
NO VAT. IT IS THE MOST EGREGARIOUS THING EVER!!!! VALUE ADDED TAX IS NOTHING BUT THEFT!!!
rich or poor.. 10% flat.. if not that, no tax on income. only tax is sales tax.
The Federal government shouldn't be collecting revenue from individuals and corporations, anyway. They should only be collecting revenue from the States.
The States, or course, would collect from the Counties, the Counties from local Municipalities, and only the Municipality would collect directly from individuals and companies.
And doing it THAT way, property tax as the ONLY tax makes the most sense. Forget taxing income or sales.
How about just don't allow things like turbo tax? We need a direct tax bill, not the guess work through companies. Get rid of the companies and bill people directly!
Replace income tax with VAT. The more you spend, the more you pay. The rich spend more so the rich pay more, everyone gets to pay, no more people paying zero in taxes.
The income tax is the only tax you should have. You should get rid of all the other taxes, and all itemized deductions. Tariffs are also bad-where they are appropriate, you would be better off with a complete trade embargo.
Taxes is your lifetime loyal friend.
No one without a best friend.
The CPAs would all be out of business... unemployment of the accounting class would skyrocket.
So what's your point?
CPA's and accountants do a LOT more than taxes. In fact, taxes, in most cases, is the lowest on the spectrum they do for clients. This would not put them out of business. A business, Government agency, Non-profit and the list goes on and on, needs a CPA/accountant for many more important things than taxes. The long list of things they do for clients all year to make their business/agency function certainly makes it easy for the end of the year tax season because the tracking has been done all year but a CPA/accountant does not work for a company etc simply for taxes. Now, H&R block/turbo tax etc? Yeah. CPA's/ Accountant? HARD NO
CPAs make a ton of money from business clients. Those aren't going anywhere if the tax code is simplified.
The Untouchables, a way better name then DROGE, clean it up .
Lobbying should be illegal
This sounds like a pipe dream.
Absolutely no VAT tax.
Can I get a refund for prior years where I’ve had to pay exorbitant amount of taxes? I’ve been poor my whole life and just the past two years I’ve done well and they’ve taken a TON from me. It’s unfair.
Defund the IRS, 15% flat SALES tax, problem solved
The IRS isn’t the problem. It’s the tax code that they are responsible for enforcing. That’s like saying defund the police because you don’t like the laws.
I gladly pay thousands of $$ to avoid paying tens of thousands $$$
No income or capitol gains on 401K after the age of 59 1/2
I don't know about everyone else, but I know how to spend my hard earned money! Why would I let someone like the government WASTE.
It's like the government taking my credit card so they can spend and I pay the bill....WTF!
We already had free file but Turbo Tax was the ones involved with building it. They have lobbied and obscured it since Bush 2.
Of course wealthy people hate income tax.
Ron Paul as Treasury Secretary would get to desired outcome on income tax.
I wish Trump would consider the seniors on a fixed income - our raise for Soc Sec is only 2.5% - paying for my groceries have doubled.
Swith to fixed 15% for all except retirees. No deductions. Compensate by VAT of 15%. This would allow reducing the size of the IRS to a fraction of the current size and remove the need for accountants for private taxpayers.
Reminder:
The top individual rate reached a high of 94 percent in 1944-45, and the top corporate rate reached a high of 53 percent in 1968-69.
I wish they'd come up with something to help us retirees; what measly pension we get is trimmed even more by Fed taxes.
That would be a Godsend to us!
I would love to see the income tax go, but I wouldn't count on it while we have such a massive debt to wrangle. I'll be happy if we go to the only fair option: a flat tax.
AMERICA THE LAND OF OPPORTUNITY