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(last updated 2024-08-09/Close of previous day debt was $35123327978028.47 )

1/29/25

TRUMP WANTS TO ELIMINATE THE FEDERAL TAX CODE

TRUMP WANTS TO ELIMINATE THE FEDERAL TAX CODE

Commentary

Trump wants to get rid of the Federal Income Tax. The Democrats again are going to act like their hair is in knots. Here is what is going on. The Democrats say the rich have loopholes. I was a tax preparer in the Army and in SoCal. I speak from experience. The 'real' loopholes are designed for the Democratic base. What the Democrats don't understand is BUSINESS. The Government gives taxes deductions to businesses and real estate developers to drive investments since we are a Capitalistic society. They MUST have people willing to take risks. Some businesses don't turn a profit for years if at all.

I did taxes for a lady one year in California. She made 48K that year, which is nothing in California, along with being a single Mother of four kids. She paid in $1,800 in Fed Tax. I got her back $4,800. There was no magic. There was no funny math. She got back more than she paid in. It was the Child Tax Credit. That 'Credit' is a 'Refundable' Credit, meaning, it reduces you tax liability BEYOND $0. For example, if your tax liability is $300, and you have a NON REFUNDABLE CREDIT of $1,000, you can only use $300 of the credit. If you have a REFUNDABLE Credit you can use the entire credit. There your tax liability is -$700. You get to keep the $700 of free money. It's the back door way of giving away FREE MONEY. Another reason people fight over the kids.

If you recall, during the first weeks and months of the Harris/Biden Administration Harris was pushing for two things, open borders and an INCREASE in the CHILD TAX CREDIT. Then the CHILD TRAFFICKING began. There are 300,000 missing minors that Biden and Harris lost track of that I am sure appeared on new social security numbers which were used on a fee tax returns. That's all you need is a Social Security Number for the child. Blood relationship doesn't matter. So, many of the members of the Democrat voter demographic benefit from that BAKED IN THE CAKE LOOPHOLE, meaning those with children under age 18. That would be couples and single parents.

As far as the 'Rich' or the top '1%', they actually pay 40% of the total tax revenue. The bottom 45% to 50% hardly pay anything. The rest is paid by people in the middle. That would be you.

What Trump wants to do is make it a more fare system letting more people keep more of their own money and not have a system where people 'Profit' off of what someone else has to pay in. Yes, there will be tariffs. However, you would pay the tax if you bought something. It would also eliminate a system designed for fraud up and down. The Illinois Mayor is a Billionaire. Still one year he had a bathroom ripped out of one of his mansions to keep from paying full property tax. I guess that would be a 'LOOPHOLE'.

The people at the top have accountants and lawyers to dig through a tax code 3 inches thick. The people in the middle just hope to break even. Then many of the rest don't know what a tax code is and simply look at it as a once a year income stream.

If eliminating the Fed Tax ever happens it WILL result in more job creation and investment, and many would say it would benefit the rich or top 1%, and it WILL. However the price of goods and services WILL increase.

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