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The Math Behind Eliminating Income Taxes

Heresy Financial 73 views

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So what if we eliminate $2T in spending?
Comment from : @Cheekiemoney

Flat tax for everyone Eliminate the IRS One page form 5,10,15
Comment from : @memjay9932

You can't just oversimplify a problem and imaging it's going to come out just like you think it is
Comment from : @Sean_neaS

So either way you look at it the us gov is screwing its citizens
Comment from : @shawngibson1104

What if…hear me out…we get rid of income tax and put a 5 tax on everything we buy from a candy bar to a private jet?
Comment from : @jeremycrumrine6091

Yeah, runaway inflation sounds like a great ideabrEverybody pile into gold and bits of data called coinsbrWhat could go wrong?
Comment from : @squeekycheese

The Pentagon can not account for 19 Trillion dollars, just last year If we can "lose" that much and not notice the entirety of federal income tax can be erased and we shouldn't notice right? 😊
Comment from : @leef1500

More money going to the rich one way or another
Comment from : @the-struggle-is-real2156

Well thankfully they are smart enough to cut expenditures first it's kind of what they're doing right now
Comment from : @hughmassey6712

I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket i want to invest around $250K savings
Comment from : @micheal_mills

To replace Income taxes, a national sales tax of 25 needs to be put it place This way the poor, who pay no income taxes, (the bottom 47 don't) will have to start paying their share of our government It's an easy do has most poor I talk to think they do pay income tax because it's on their paycheck stub They don't realize they get it all back with their refund People who don't realize that think they can avoid sales tax by not buying things And they are so dumb to realize not paying a penny in income tax is far more savings than they can save not buying stuff But we should give them what they want A National 25 Sales Tax Just call it the "Fair Tax for All" and the poor will be willing to support it Not realizing that buying income producing investments will not be taxed Just stuff people need Brilliant
Comment from : @sscalercourtney5486

Trump says he can replace tax revenues with tariffs
Comment from : @stuartwood5571

Dumdum hijacked this idea from the Libertarians We've wanted spend and tax for 40 years
Comment from : @KathyWhiplash

Nova Minerials on Webull I tried buying and got "This stock can only be liquidated" What
Comment from : @RW1LD

I dislike taxes for one main reason: the government requires individuals to calculate their own taxes and imposes heavy penalties for mistakes While I have no problem paying taxes as a US citizen, it seems strange to me that I have to do the paperwork when the government already has all the necessary information
Comment from : @theTeslaking

Social security, defense, medical 3 largest expenditures; start cutting
Comment from : @menochivo9507

They dont need to spend that much is the point
Comment from : @allenherrem5081

I will take no income tax and more inflation so my assets are worth more and my business can charge more
Comment from : @chiphoward8565

The Deep South would be in trouble They would not bring in enough to keep the lights on
Comment from : @MM-qs2ny

Sadly you can explain this to the masses in the simplest terms and they still won’t get it
Comment from : @HMAlaska

Great video
Comment from : @davidfritsch3303

How about payroll taxes That makes US workers more expensive and less competitive
Comment from : @danfarbecker2441

I’d be curious to see how much would be collected from a national sales tax
Comment from : @calebsanders4353

Or how about we charge an additional 10 sales tax on all new products
Comment from : @ryanh1222

Also Tax elimination should be gradual reduction
Comment from : @sirinath

To eliminate all taxes:br1 You need to make the government lean enoughbr2 Deficit might need to be financed by both borrowing and printing
Comment from : @sirinath

Orrrrr we can have a 15 flat tax on individuals and 20 on corporations :)
Comment from : @Zays_World7

The Dept of Defense is oir biggest expense and nobody will allow them to cut itthats the problem
Comment from : @Rktect3902

Your argument is FLAWED You said if the government spending can be cut to 1T, they would have to borrow the difference There IS NO DIFFERENCE There would actually ba a surplus Lets not forget tarrifs It's coming and not just as a tool
Comment from : @nolanmanley5359

What do u think the alternative is if nothing happens on present path
Comment from : @Jeffery-jf8dy

I think what you missed is that if IT is abolshed, corporate tax income will go way up as people spend
Comment from : @Primenumberszeta

I hope he’s successful at abolishing income taxes It’s such a scam
Comment from : @DeRothschild

Jessie Ventura when he was governor of Minnesota had a great solution Eliminating income taxes and replace with a federal sales tax Let how much you spend dictate how much taxes you pay This would close any tax loopholes
Comment from : @evantzovaras7190

Fun fact, the IRS doesn't pay the bills The IRS pays the interest on the debt
Comment from : @raptor29aaa

govt spending is figured into US GDP US GDP is not even in the list of top 20 countries but china and india are and if when the US Govt stops spending we go into a depression the real issue is that the top 10 that have 90 of the money are not paying their fair share and until we fix that a depression is almost a 100 certainty best to get ready for it
Comment from : @bpb5541

Wait a second You claimed that whether to pay individual income tax was a choice between having the government take our money directly via taxes or indirectly via inflationbrbrBut currently the government is doing bboth!/bbrbrGiven that, I’d strongly prefer that the government only had bone/b way to take wealth from us (via inflation-inducing borrowing) rather than through borrowing band/b taxing
Comment from : @punditry

The amount of “experts” here advocating for the elimination of income taxes or property taxes is mind blowing brHonestly , I’d love to see the elimination of all forms of taxation, heck, let’s get rid of the government and declare Trump king, what do we need government for?! Let’s do all that… and see what happens The millionaires who have been advocating for all this nonsense will be fine the smart guys commenting here won’t be We’ll all be f^>$ed
Comment from : @harold5560

This isn't really "the math" it's more just the pros of the situation In reality the math would tell you that the massive amount of increased spending along with the increase of government borrowing, along with the planned tarrifs would cause massive inflation and raise prices so for most people making under 75k a year won't even see those taxes back This would essentially just create a flat income tax in which billionaires are able to afford and save a ton on taxes because it's not a marginal rate And the poor would just suffer from higher prices
Comment from : @ceezus5536

Everyone talks about the income tax but nobody brings up the Grace Commission organized by Ronald Reagan in the 80s It proved that NONE of the money collected went towards ANYTHING beneficial to American citizens
Comment from : @HarrisonJBounel

Thrumps plan for covering that 2 trillion in deficit is through tariffs, he plans on holding our consumer base against other countries so they can make money with their products by paying America a trariff for access to us to buy their products and knowing his plan that he has presented to the public it will likely work eventually without borrowing
Comment from : @DGarleighjr

Unless they shrink government
Comment from : @Jaxboy86

My whole career is tax prep services 😂 my life is probably going to be screwed
Comment from : @josht1167

You can exempt from federal tax
Comment from : @alanwindeknecht5606

New currency nesara gesara currency gold and silver
Comment from : @alanwindeknecht5606

All my broke ass knows is about 2 thousand dollars 💸 gets taken from EACH of my paychecks I'll take my chances with Teriffs Give me back my money 💰
Comment from : @jdchatelain222

If everyone gets more wealthy, nobody is more wealthy Inflation would just even out the gains
Comment from : @derekwilson7946

Also, cut spending! I'm tired of paying OASDI taxes as i may very well not live long enough to claim social securitybrbrAdditionally, i could do way better than that pittance 40 years later by throwing that money to etfs or even market indices and actually have it grow
Comment from : @孤立した男

Can you do a breakdown of the federal debt?brbrI've heard brief summaries like "we owe 2/3 of it to ourselves"
Comment from : @孤立した男

It should never have been put in place Democrats love to take money out of our pocket for their GIANT GOVERNMENT desires
Comment from : @Marlen-CruzCommercial_2023

If Trump eliminates the income tax he does not intend on covering the spending with borrowing He intends to increase government revenue through tariffs which is basically a consumption tax
Comment from : @michaelsullivan4466

Well right now they are taking purchasing power from us through taxes and inflation So
Comment from : @jscottfischer

The Military is the strong arm of the corporations so indirectly government does create wealth in many examples
Comment from : @GregariousAntithesis

Eliminating SSI and mecicare would be a collasal mistake
Comment from : @GregariousAntithesis

no income tax no irs
Comment from : @lupe-u8o

What about tariffs making up some of the difference?
Comment from : @AdornamentDesigns

As far as business profit it's why you get a SSN and the government has you listed as a business
Comment from : @kevincross4626

Very lopsided analysis There are such a thing as public goods and without taxes you don’t get public goods If you want to see what low or zero taxes look like? See Somalia You want a nice place to live? Sweden? Denmark? Germany? Those are high tax countries Or look at the US Nice place to live? California , high tax Low tax states? Alabama, Mississippi, etc
Comment from : @aeronmarvelous3393

A national sales tax would make more revenue than the income tax
Comment from : @Naturenerd1000

Or We all withdrawal all FRNs from banks & stop using Bills of Credit, which are banned by the Constitution, & start using Constitutional silver/gold money, which are both expressed in Article 1 Section 10 of the US Constitution
Comment from : @Dgenr821

Remember guys, taxes are theft and are fake
Comment from : @CristianGonzalez-qf2os

My husband gets paid weekly and the fed income taxes only withdraw $53 from his paystub every week I don’t think $200 per month is a boom? It’ll help sure but idk if I’d call it a boom FICA takes another $82 per week I guess if you combine those it’s $130ish so that’s like $500ish per month extra That’s somewhat more significant
Comment from : @hillowl4977

I appreciate the video and the breakdown of why you believe cutting the income tax would not work However, I do not understand why you did not factor in the TARIFFS that Trump has made the centerpiece of his income tax cutting plan, which would take its place, taking things back to the way they were before 1913, as you mentioned earlier in the video 🤔
Comment from : @Beau-Jeffrey

Americans are so dumb and greedy Lowering income taxes disproportionately hurts the vast majority of citizens outside the wealthiest If we all have to pay for the same services but that fee is 50 of your income, but 0000001 of the wealthy's income, how is that a system any government should support? Taxes could be simplified by making them a flat rate and eliminating loopholes We could rid our debt by actually taxing the wealthy, provided we also didn't increase our spending
Comment from : @cameronno6039

Wow, that deficit chart Democrats keep deficit same or improve, while republican president's drop country into deep deficit So much for conservative!
Comment from : @fadenmac8092

Better than taking and inflating That's the course we were on
Comment from : @AnthonyAlvarado78

If my take home pay was higher, i would cut down on How many hours i work
Comment from : @bammc7637

An important point to keep in mind is: if all this pans out, we bring the annual spending to 3 trillion, cut taxes and bring the income to 15-2 trillion, and Americans keep more but there is inflation on the backend, there is also the tariffs he plans to implement which will compound on the inflationary aspect of the money brbrSo though it sounds great, “I keep 100k of my salary” there is the inflationary component and the tariffs that will bring prices up by 10-25
Comment from : @aidanvogel3757

We obviously need taxes to keep the government running but INCOME TAXES SHOULD NOT BE ONE OF THEM It makes no sense to take a family man’s hard earned money after working 9 hours a day
Comment from : @Sharpshooter649

Income tax was already ruled unconstitutional and now years later we are finally considering getting rid of it
Comment from : @markwalks4205

The COVID era federal stimulus payments and programs were major contributors to the inflation we have experienced since 2020 They also increased the federal deficit I am sure that eliminating income tax would set up an uncontrollable inflationary spiral A better idea is to introduce a simple flat lower tax rate that everyone pays combined with trimming the federal deficit
Comment from : @gregb9730

Eliminate income tax This puts real pressure and accountability for the irresponsible spending congress has been doing for decades Constitutional federal government is overdue
Comment from : @mobe1776

Very informative video I would say that despite whatever drawbacks there are to abolishing the income tax (and preferably the social security and medicare taxes) for me it's a bit beside the point The idea that the government can come up to you and say "you're employed therefore pay me money" while holding a gun to your head is morally repugnantbrbrThe government should be figuring out how to spend less money than they take in anyway Income tax only encourages them to do the opposite
Comment from : @definitelynotsarcasm

All taxes paid by corporations are passed to consumers brHave to eliminate all taxes
Comment from : @productionschedule6600

Federal government has a history of lying Just remember all of the promises that were made to native Americans And Ronald Regan said it best, "Government doesn't have a revenue problem, it has a spending problem"
Comment from : @jr260cc5

Flat 10 tax is the way
Comment from : @lxbanos

Maybe if the government didn't buy coffee and avocado toast they'd have the budget available
Comment from : @bmer117

Our tax money funds the 100k workers who work at the IRS It’s like our parking tickets that fund the guy writing them You see fix right?
Comment from : @dancrockett4454

I don't see the problem with eliminating government revenue
Comment from : @robertmatthews3909

Easy The government is WAY to big Drastically cut govt size Win win, no deficit Its vlear there are corrupt politicians and EXTREME wasteful spending Govt in incompitent and is unnecessary at the level it is now Founding fathers would be ashamedbrbrTaxation is theft
Comment from : @evogsr4807

Getting rid of income taxes is extremely regressive with the lower & middle class bearing the costs A government is not meant to be run like a business, it’s supposed to provide public goods we otherwise wouldn’t have because of market failures The government is the largest employer of the United States, & that is not even including contractorsI’m all for getting rid of inefficiencies, but through cost cutting measures that actually make sense, not just completely getting rid of agencies that are less than 1 of our budget (for ex USAID) The US seems to be going backwards and with high tariffs, & no income taxes, it’s a recipe for economic disaster
Comment from : @shelsea2031

When you leave and work in another country, you only pay US taxes if you move to a low tax haven to avoid taxes I moved to AU and it was a pain to file but I never paid US taxes as my AU taxes were higher
Comment from : @brettmiller6463

You cannot use conventional information or stats to discuss this What's happening now re-writes the rules brTaxes aren't used for expenses anyway The money collected from taxes is destroyed All government spending comes from borrowing Taxes are nothing more than inflation and citizen control
Comment from : @Heartlandrodcustom