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AKA never.
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Did not see this one coming, for sure. /s
Bet the ultrarich tax breaks are marked with a bright red “Priority No. 1” though, right? 🥸
Well yeah, that’s the order of strategies…
Step 1: Tax cuts for the rich.
Step 2: Declare and win wars with… Canada, Greenland, Mexico, Panema, China, Palestine, Ukrane.
step 3: Attempt to completely eliminate the national debt. by cutting all services and regulations.
I’m sure another dozen steps… but trust me, those of us making under 150k are on the list.
Reminder that retiring the US debt would retire the US dollar
That was a good read, thanks!
Still waiting for healthcare to get “fixed” almost 10 years later.
It will be. Right after infrastructure week fixes all the roads and bridges.
muskrat’s new flying cars will save us from decaying and crumbling infrastructure.
“Balancing the budget” means “fuck your health”.
Never trust a rapist.
So, everyone earning less than 150k will have no taxes and everyone earning more than 150k will have no taxes. Who the fuck will be paying taxes?
Tariffs!!!
…and a Monorail!!!Presumably Mexico, Canada, and China, through tariffs.
Oh wait no, Americans pay those too. And since tariffs/sales taxes are regressive, they will disproportionately be paid by everyone earning less than 150k.
He successfully got Mexico to pay for the wall so I don’t see this being an issue whatsoever.
He also has a gorgeous natural complexion and very real, very luscious hair.
And the smarterest brain of anyone.
STOP with your high-falutin’ maths, logic, and facts BS…and hop aboard the Monorail!!!
I call the big one Krasnov
Tariffs don’t work like that. They are taxes in foreign goods, so Americans are the ones paying.
Yes, that’s what I said.
The order of business is to first remove taxes for people earning more than 1 million, before in a second step attempting to balance the budget. If (and only if) that second step succeeds will people under 150,000 see a tax cut. In other words that will never happen.
To be clear, the TCJA adds 4.5 Trillion in deficit. The Trump admin promises but has utterly failed to come close to cutting 2 Trillion in deficit by dismantling government systems and services.
Unless they magically conjure 2.5 Trillion dollars from thin air without borrowing a single dollar from the Treasury, the budget will never be balanced. That is the plan.
Right after he drops the major greatest and bestest healthcare plan called “Obamacare Replacement”, everyone is saying the healthcare plan is the universally humongous and very very super nice.
I’m sure he’ll get around to this right after Infrastructure Week
That idiot can barely balance his own body while standing still.
is that mythical balanced budget gonna happen before or after you steal more from future generations by piling trillions onto the national debt to give handouts to the rich… ?
It’s never, but also that
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They already used Grover Cleveland for the $1000 and are planning to put Assface on the $100, oh and maybe a new $250 too…
Reading about the $100 from your link literally made me gag. I had no idea about this.
This sounds so much like the “when the Communist revolution comes” of old Soviet countries…
As a leftist, if he were to actually do this, it generally seems like a good idea to me. (Although 150K is probably too high)
Disregarding the rest of his policies, are there any leftist arguments why this particular measure would be a bad idea ?
(Please respond politely. This doesn’t mean I like Trump, I still think he’s evil and stupid. But even Hitler himself had at least one good idea : being vegetarian.)
Setting aside the fact that he’s lying –
You’d have to make up the lost tax revenue from somewhere. Either by increasing or creating some other tax, or by cutting spending.
The programs that would be likely to be cut are ones that poor people need. And he’s likely to try and throw down a federal sales tax, which loads a higher tax burden on poor people.
Without those details, “eliminating federal income tax for people making under $X” cannot be qualified as good or bad. You must define the other parts of the equation.
Depends on how the income is replaced for the federal government.
If you look at income taxes as a way for the federal government to keep things running for all citizens to enjoy, you could argue that every citizen should pay a fixed even amount, roughly $15k a year. (based on 2024 IRS Income tax collection and estimated population)
Federal minimum wage makes ~15k a year so minimum wage jobs turn into basically slavery for the feds where the slaves are homeless. The average family of 5 in the US, who have a mean income somewhere around 70k now owe 75k in taxes putting them and any poorer families into debt with the government, before being able to feed, cloth, and house themselves and all other taxes are off the table.
As it stands right now, single filers making 90k AGI owe about 15k so people making less than that are basically being subsidized by anyone making more.
If you keep the IRS income tax revenue the same, but apply it to only earners of 150k+ AGI you have ~20% of the population shouldering the full $5.1T income tax. Spread that evenly and now they would owe 70k per person (currently they owe ~29k) You can play the tax bracket game again to slowly ease people into paying that amount, you’re only increasing the amount of taxes being paid by the higher earners. If that’s what would actually happen, then sure this is can be a good thing to help bolster the economy in terms of more money flowing between citizens, but there’s no way in hell this administration will raise taxes on the higher earners in the US.
If Trump did this, what would be more likely is the income revenue gets replaced by sales taxes and tariffs which is closer to the first scenario I described where the federal income is more evenly distributed among all citizens, working or otherwise.
And the revenue will have to get replaced, the federal government subsidizes the fuck out of almost everything and even the 1%ers do not want a reality where the DoD isn’t issuing multi billion dollar contracts. You can’t make a living scraping off the top of contracts when there are no more contracts. Trump and co. celebrating millions of dollars saved by the federal government aren’t even making scratches against current revenue from income taxes, it’s political theater just like this tweet
