Love it. Let those who by foreign goods fund the country. Will incentivize American manufacturing.
Discuss
Discuss
Trump Floats "All Tarriff Policy" to Replace Income Tax
- Thread starter fatpiggy
- Start date
Theoretically, it’s a great idea. Practically, it’d be nearly impossible for myriad reasons.
12 mos after that you would be ranting about record inflation and quoting catturd conspiracies about how it’s actually Biden’s fault.
A large portion of his voters don’t pay any federal income tax, so guess who wins again - his billionaire donors.
A large portion of his voters don’t pay any federal income tax, so guess who wins again - his billionaire donors.
An even larger portion of Democrats don't pay any federal income tax, hence entitlement expansion as a central party policy. But yea, lot of dumb, broke MAGAs too.
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Berkshire Hathaway (Warren Buffet’s company) paid $5B in taxes last year. That represents a 21% tax bracket. If the top 800 corporations, who are HDQd in the US paid their taxes at the same rate, the government would be fully funded, with a surplus based on the 2024 budget, and not a single person would owe a dime in personal income tax.
I like the idea here, but I have faith that our politicians would absolutely find a way to spend that surplus (that's both sides of the aisle).
No no no. You just don't get it. It's the family of 4 with two working parents making $400K+ that aren't paying their fair share and are the major problem with US tax revenue. That's why Joe wants to target them.
Take it up with your party that screeches like banshees about how corporations will flee overseas if they're taxed appropriately. I've made my opposition on the $400k tax well known on this board, but if one party wasn't completely committed to spreading their cheeks wide open for corporations then there'd probably be some easier tax law middle ground.
It's the same issue i have with companies shifting "green" responsibility onto individuals instead of addressing it themselves that i'm not going to bog this thread down with.
tldr i hate big corporations, and all this shit that's coming out today about PE getting involved with CFB is driving me closer to insanity.
Ya these corporations claim to be “job creators”, yet they don’t create jobs or don’t pay salaries that have kept pace with standard inflation. Since 1980, the implementation of Reganomics (which I still think works, if not for corporate greed), average employee salaries after raised a mere 17.5% while productivity grew at 61% (doing more with less employees). CEO pay in the same timeframe ??? 1209% increase……
“Trickle down economics” only works if the economics trickle down.
But please … continue arguing over chicks with dicks or gun control …..
Edit : I would just like to point out that my original post wasn’t from some lefty rag, blogger, or some Twitter libby…. It was a quote from Warren Buffet himself.
And FFS let’s not try to rebrand a half million a year in income as blue collar.
Well … actually … since we have been lying to kids for the last 4 decades about the value of a college education and selling kids on the “work smarter not harder”, thus driving up tuition costs, allowing colleges to grow massive endowments, all the while manipulating kids into taking on MASSIVE student loan debt ……… the trades has seen an alarming decrease in their work forces.
The average age of a plumber in the US? It’s 55 years old. The same is true for electricians, welders, HVAC techs ….. this means that in the next 10 years these trade guys will be in such demand … that YA …. $500k+ ain’t out of the realm of possibilities.
Additionally, the majority of the trades are AI proof…. Well … at least in the near future.
Wew buddy. Bit of a non-sequitur here but I’ll entertain it. Let’s pump the brakes and do some math . $500k for a single earner is $240/hour.
I just got done working on a task order proposal for the next decade that includes several of the highest paid trades escalated at 6% annually.
We pay welders who are qualified to work on nuclear reactor vessels $40-50/hour. At the top of that range and getting 20 hours OT 50 weeks out of the year puts them at $179k/annual in year zero.
Escalated at 3% (generous, the employer will typically take a larger proportion of the billed escalation), that works out to $233k at 10 years.
I wouldn’t count on trades being AI proof. Robotic welding machines have been a thing for a long time already and concrete pouring 3d printers are in prototype stages. Trades will not disappear entirely but the demand for labor in the highest paid trades will absolutely be affected.
We already have near record inflation Einstein....duh!!!
What’s your point?
I know a lot here in Mt. Pleasant, though obviously SC won’t be high in the list.
It’s not blue collar, but also not in the stratosphere of “Wall Street Billionaires” that the dems cite when complaining about people who don’t pay their fair share.
Basic roles in my org pay $200K. My front line sales people make $400K+ (some $1M+). Throw in a working spouse and….
$400K is not some holy grail of wealth. Not even close. And they already pay a lot of taxes. Perhaps anyone paying <20% effective federal rate should kindly STFU or say thank you.
Perhaps anyone paying <20% effective federal rate should kindly STFU or say thank you.
You want the people who own the business that pays you such a high salary to STFU and say thank you to YOU?
The money is the thank you.
What org are these “basic roles”?
Median US household income is $67k. Roughly 2% of households cross the $400k mark. 88% of households make less than $200k. $400k+ earners aren’t in the billionaire class by any means but you’re absolute kidding yourself if you think there’s any significant commonality between how the broad majority working middle class lives and how the +3σ earners live.
So am I.
There are lots of individual business owners who pay less than 20%. They are providing jobs to almost 50% of the people in the US. Not sure if your company is public, but I am sure the largest investors are paying less than 20%.
Still private. Likely ipo in 2025.
I’m talking about your run of the mill mouth breather paying an 8% effective rate who is voting to increase my 31.5% effective rate. It would be more appropriate for him to write me a thank you note.
What?
President Biden will fight to stop Republican plans to add trillions to the deficit with tax cuts skewed to big corporations and the wealthy—doubling down on their failed trickle-down tax cuts that already increased the nation’s debt by trillions of dollars. Republicans have proposed making all of President Trump’s tax cuts permanent, while refusing to pay for them by increasing taxes on big corporations or the wealthy. Instead, they would rather add trillions to the national debt than take back even one dollar of the $150 billion annual rate cut corporations received under President Trump. Their plan would add more than $3 trillion to deficits over 10 years, while providing tax cuts worth $175,000 per year to the top 0.1 percent of Americans that have incomes over $4.5 million. President Biden supports continuing tax cuts for families making less than $400,000, but opposes extending tax cuts or restoring tax breaks for those making more than $400,000 per year. And he believes that any extensions should be paid for by asking big corporations and the wealthy to pay their fair share.
While big corporations and the wealthy will pay more in taxes under President Biden’s policies, President Biden opposes tax increases on middle-class families. He has pledged that under his Administration, no one earning less than $400,000 will pay an additional penny in federal taxes—not one penny.
So if the corps pay their fair share you millionaires can be ok with your extended tax cuts.
The only thing Biden is trying to stop is crapping and pissing his pants in front of the world on national TV.
You actually think this is some genius plan that Biden came up with on his own? I bet he doesn't even get to choose what cereal he has for breakfast. He is not running this country. That should scare the sh!t out of every single one of the people of this nation.
His entire "wealth producing life" has been spent signing the back of checks, and not the front of them. The problem lies in the fact of where the money came from.
I don't give a crap whether you believe it or not, but this POS "SOLD" intelligence to our enemies for his monetary gain. It's ok though @firegiver, other less fortunate DEI folks will have to fight the battles his policies created, and you support.
No skin off your back.
Clearly it’s not HQ’ed in Charleston then. Lots of companies lining up for 2025 which is odd because the market has been friendly to recent IPOs (at least in tech).
It sounds absurd but $400k isn’t a lot of money in major cities if you are raising a family. The issue with federal and state income taxes is that it does not factor in cost of living. $400k in Charleston is a lot different than $400k in SF.
Personally, I accept taxes as part of our dues for what makes this country great. I wouldn’t have these opportunities in England, Germany, India, china, France, South Africa, Australia, or even Canada. I got lucky by being born here and so don’t have a problem paying back for that luck. Especially if it’s going to help those who might be disadvantaged.
That being said, I also get tax advantages of being able to classify income as long term capital gains. Theyve been talking about closing that loophole for 15 years and it never happens. Sadly the system rewards those who fund campaigns.
I would support the plan.
I’ve Been Holding Onto This Video & Now That Donald Trump Suggested Eliminating The Income Tax & Replacing It With Tariffs You Should Watch This
“I don't think people understand the depth in which the federal income tax has screwed the American people because the income tax didn't exist for the first 137 years America was a country. It was implemented in 1913 and shortly after that, the income tax would become the government's primary source of generating revenue.
The government would basically own your labor. So you’re taxed at 33%. 1/3 of your work for the entire year belongs to the government.
But before the federal income tax, tariffs were the government's primary source of generating revenue.
So the government would come along and say, if companies want to import goods from other countries, they have to pay a tax on those goods. And this was the government's primary way of generating revenue.
So let's use Nike as an example. They want to outsource their labor to other countries, India, China, and basically hire people that work for under $1 a day, basically sweatshops. They want sweatshops. Well, when they go to import those goods into the United States of America, they would be forced to pay that tariff. So if it's 25%, they would have to pay a 25% tax on the value of the goods coming into the country.
Now, they could either pay that themselves in which now the government's primary way of generating revenue is through these international corporations that want to outsource labor and do international business, or they could negotiate with the company that they're importing from. I mean, in this case, it's themselves, but if they're working with another company, they could say, hey, if you want us to keep manufacturing in China, if you want us to keep manufacturing in India, you have to help us with these tariffs. And now the government's primary way of generating revenue would not be by taking money from you, the federal income tax, but it's from charging those international corporations and corporations that are in other countries.
Isn't that a lot better than them taking the money from me and you? And yes, the price of international goods might go up. In fact, price of goods will go up. But that's okay because there's also an additional incentive for companies like Nike and all companies now to manufacture goods in America, which means American manufacturing would boom.
And this is in theory, this is what had actually happened and what the federal income tax really took away from us because from the period of 1860 to 1900, America had emerged as the preeminent manufacturing country in the world.
American steel, American oil, Europeans would come to America and they couldn't believe that we had electric powered curling irons. The United States of America, our country had become the innovative center of the world and jobs were booming. People talk about 1910 1920 1930 with the unions with Detroit and Detroit being the manufacturing center of the world, but that was really all of the United States of America. But once the federal income tax was passed, once that was established, the government no longer needed tariffs to be its primary source of revenue.
Now the primary source of revenue was reaching directly into our pockets. And once the government was able to do that, they were able to seriously consider abandoning economic protectionism, abandoning those tariffs so that international corporations could outsource our jobs to other countries and the government wouldn't be hurt.
The cost of goods would go down and the international corporations would do better than ever. But we would lose our jobs and the government would take ownership over our labor. And that was the real cost of the federal income tax.
And that's the conversation they don't want Americans having”
I can’t transcribe it all due to X’s text limits but this is an excellent listen
I’ve Been Holding Onto This Video & Now That Donald Trump Suggested Eliminating The Income Tax & Replacing It With Tariffs You Should Watch This
“I don't think people understand the depth in which the federal income tax has screwed the American people because the income tax didn't exist for the first 137 years America was a country. It was implemented in 1913 and shortly after that, the income tax would become the government's primary source of generating revenue.
The government would basically own your labor. So you’re taxed at 33%. 1/3 of your work for the entire year belongs to the government.
But before the federal income tax, tariffs were the government's primary source of generating revenue.
So the government would come along and say, if companies want to import goods from other countries, they have to pay a tax on those goods. And this was the government's primary way of generating revenue.
So let's use Nike as an example. They want to outsource their labor to other countries, India, China, and basically hire people that work for under $1 a day, basically sweatshops. They want sweatshops. Well, when they go to import those goods into the United States of America, they would be forced to pay that tariff. So if it's 25%, they would have to pay a 25% tax on the value of the goods coming into the country.
Now, they could either pay that themselves in which now the government's primary way of generating revenue is through these international corporations that want to outsource labor and do international business, or they could negotiate with the company that they're importing from. I mean, in this case, it's themselves, but if they're working with another company, they could say, hey, if you want us to keep manufacturing in China, if you want us to keep manufacturing in India, you have to help us with these tariffs. And now the government's primary way of generating revenue would not be by taking money from you, the federal income tax, but it's from charging those international corporations and corporations that are in other countries.
Isn't that a lot better than them taking the money from me and you? And yes, the price of international goods might go up. In fact, price of goods will go up. But that's okay because there's also an additional incentive for companies like Nike and all companies now to manufacture goods in America, which means American manufacturing would boom.
And this is in theory, this is what had actually happened and what the federal income tax really took away from us because from the period of 1860 to 1900, America had emerged as the preeminent manufacturing country in the world.
American steel, American oil, Europeans would come to America and they couldn't believe that we had electric powered curling irons. The United States of America, our country had become the innovative center of the world and jobs were booming. People talk about 1910 1920 1930 with the unions with Detroit and Detroit being the manufacturing center of the world, but that was really all of the United States of America. But once the federal income tax was passed, once that was established, the government no longer needed tariffs to be its primary source of revenue.
Now the primary source of revenue was reaching directly into our pockets. And once the government was able to do that, they were able to seriously consider abandoning economic protectionism, abandoning those tariffs so that international corporations could outsource our jobs to other countries and the government wouldn't be hurt.
The cost of goods would go down and the international corporations would do better than ever. But we would lose our jobs and the government would take ownership over our labor. And that was the real cost of the federal income tax.
And that's the conversation they don't want Americans having”
I can’t transcribe it all due to X’s text limits but this is an excellent listen
lol you have no proof of that, you just want to believe it. His administration brought microprocessor development back to the USA and its going to starve China as they were cheating off our paper over there. Sit back and watch the ruin of the paper tiger China.
No, not HQ’d in Charleston.
I heard a stat at a recent conference that something like 250 companies are trying to IPO by the end of 2025 and the market will only be able to accept <30. Will be an interesting 18 months.
I also accept taxes as part of living in the US. No problem. I don’t accept the nonsense from the left that I don’t pay my fair share and need to pay more.
I think you’re reading that wrong. Biden wants to tax corps more AND raise taxes on those making $400K+ by not extending the tax revisions that apply to them.
Without getting into specifics, it’s in the healthcare technology field.
Average tech ipo demand is 20-25 per year. We have about a 15-20 year backlog of candidates. Many companies will miss their window and get sold for parts, some will consolidate, some will get left with nothing. Tech moves too fast and there are a ton of lean, fast upstarts coming for those markets.
When you have Databricks and Canva in that pipe, both around $2.5b ARR and growing at 60% and 40% yoy, you will need to have a very strong business. They will suck up a lot of demand.
It’s going to be an interesting 24 months.
I like that Trump is at least willing open to discussing new ideas.
Do you think Joe Biden could think outside the box like that? Lol
Trump wants to get rid of the low flow shower heads. He should just take all the votes? Who likes shitty water flow? We all take that shit out as soon as we buy one so why the song and dance of the gov doing that crap?
Trump 2024!!!
Do you think Joe Biden could think outside the box like that? Lol
Trump wants to get rid of the low flow shower heads. He should just take all the votes? Who likes shitty water flow? We all take that shit out as soon as we buy one so why the song and dance of the gov doing that crap?
Trump 2024!!!
Trump: proposes one of the stupidest policies imaginable.
Maga: "this is brilliant, what a patriot!"
Everybody with a brain: "this is ****ing stupid"
Maga: "well he's just thinking outside the box!"
you guys are ****ing idiots
Maga: "this is brilliant, what a patriot!"
Everybody with a brain: "this is ****ing stupid"
Maga: "well he's just thinking outside the box!"
you guys are ****ing idiots
I know it's tough to hear with your narcissistic ego but Trump is a lot smarter than you are.
