Well is it just income taxes or is it payroll taxes as well? If its payroll taxes then that completely eliminates funding for social security and medicare, and I’m assuming that’s likely the goal so that they can be privatized.
Its another one of these deals that the average American hears and thinks is an amazing idea, but would create havoc in the form of either eliminating a significant amount of government services or creating the largest budget deficits the country has ever seen.
Its all a word game. Instead of saying “we support eliminating social security and medicare and other services many Americans find essential” they say “no tax on anyone making less than $150k.”
I mean, I’m probably going to make over $150k this year, but sure I’d love to not have anything taxed on that first 150k, but I’d also like to make sure that when I fly there are enough air traffic controllers working so its safe, or that there are people actively regulating the amount of toxins that can be in my drinking water, or government assistance in the event a huge natural disaster. The administration is already trying to significantly limit these services, now imagine if 90+% of Americans stopped paying taxes altogether.
I’d also be curious how
@scotchtiger and other traditional “taxes are a punishment for the successful” Republicans view this. Does this not make the tax system even more unfair for those who earn more?
Also - the idea that tariffs could make up for the revenue shortfall of eliminating so many taxes is crazy talk. You’re talking about eliminating trillions of dollars in revenue, the administration’s tariffs are expected to generated approx $120 billion per year, so that’s a pretty significant shortfall.
But I’m open to hearing more about the plan.