In an economic move that everyone except the mainstream media can get behind, President Donald Trump is considering reducing the heavy taxation burden on Americans to help boost the economy. Lower taxes means less is stolen from the producers and flowing into the hands of the parasites.
No one should care how much money the government will lose. Theft is theft whether it’s done by the government or by individuals, and governments are the heavyweight champions of theft. This is like being upset that your home got broken into and the thief only stole your TV so now maybe, he doesn’t have enough.
According to The New York Times, Trump confirmed that he was considering “various tax reductions,” including a payroll tax cut, to stimulate an economy that is beginning to slow. Trump made the announcement Tuesday and has pointed several companies as signs of economic strength that are now warnings of weakness. United States Steel, an early champion of Trump’s metal tariffs and a frequent mention in the president’s Twitter feed, is laying off workers and slowing production at a plant in Michigan. Home Depot on Tuesday lowered its sales outlook for the year as it braces for consumer spending to take a hit from Trump’s Chinese tariffs.
Lower taxation is a boost for the economy as less is stolen from the worker’s paycheck. More take-home pay is going to boost consumer spending and add a little padding for those living paycheck to paycheck. Taxation is still theft in any amount, but the lower the rate of theft, the better.
Taxation has been stealthily imposed at an ever-growing rate and it is astounding so few people are aware of the profound enslavement that entails. -Jeff Berwick
While Trump didn’t say his tax cuts would be to boost the economy or to help prevent a recession, they very well could. “I’ve been thinking about payroll taxes for a long time,” he said. “Whether or not we do it now, it’s not being done because of recession.”
In addition to potentially cutting payroll taxes, which would benefit workers by putting more money in their paychecks, Trump told reporters that he was thinking about unilaterally reducing capital gains taxes. Such a move would largely benefit wealthy investors by reducing the amount of taxes owed on profitable sales of stocks, bonds, and other investments.
A tax reduction would help the economy and could also boost Trump’s reelection chances. People don’t enjoy being taxed to death and showing that he’s willing to remove the heavy burden could definitely be in Trump’s favor in 2020; especially if people start to see more money in their paychecks.
If you go back prior to WW I payroll taxes were and still are illegal. The payroll tax was introduced to pay for the war effort. There was a sunset provision in place to remove the tax after the war because it was ruled unconstitutional to tax ones labor. That is absolutely true only profits can and should be taxed. It’s a labor tax call it what it is not what a company would call it.
I think all of us here can support a reduction in taxes. I can hear the freeloaders and all the other scum crying now about their so-called ‘entitlements’. They can go pound sand. No one is entitled to anything. No one is even owed anything. As individuals it’s all we can do to take care of ourselves and our own. Just like everyone here I’m sick of any of my tax dollars supporting scumbags who won’t do anything for themselves.
Jump just moved his Queen out. The Dems & the MSM may try to crash the economy, but as long as Trump answers with tax cuts, he can not lose. And he can do it by executive order. Check and Mate you stupid Libs.
Trying to get the balance of Roadrunner vs. Coyote just right.
Everybody can ALREADY reduce their apparent taxes.
if you work for a wage, claim 50 dependents on your W-4.
Then on payday take the money they normally would have withheld and buy a Tbill. The pick a Tbill maturity to be before 1 April.
Keep this money in a separate account at your Credit union
( never get a bank account). You will earn interest on your money during the year as opposed to nothing.
When your taxes are due you will have more than enough to pay your tax. If you owe a penalty, make sure the IRS figures the penalty, don’t send it yourself or let your preparer do it. IRS will send you a bill. I’ve owed a penalty for the last 10 years.
I’ve yet to receive a bill, but I keep that money aside just in case.
Pros,
It is your money, you make interest on it, it is secure and with Tbills your are getting some of your tax dollars back.
You also don’t have to pay state income tax on Tbill interest.
Cons – it is extra work, You have to be disciplined and not spend the money from your “Tax” account.
If you claim more than 9 dependents that info goes right to the IRS! I claim married and 7. I still get a refund of 1k to 1500k. I know it’s an interest free loan to the scumbags but it works out for me. DON’T FOOK WITH THE IRS!
I haven’t got a refund from the IRS in well over 30 years.
Some of those years they quit deducting SS from my pay in the month of October so I was making good money.
I guess you have to examine your personal situation.
If you are getting a refund you are doing it wrong.
Nothing I mentioned in my previous comment is illegal.
I did find this from a tax guy
“It’s possible that the IRS could inform your employer to increase your withholding if the withholding on your W2 is not enough to cover your tax liability. I have never seen that happen to anyone—but the IRS is allowed to do that if they think it’s necessary.”
If you challenge it by noting you have a history of paying all your taxes, they will probably just ignore you.
I have written many letters to the IRS, over the years but they have always ruled in my favor. I don’t break any laws and I pay what I owe, but not a penny more.
rellik my friend, that is the absolute worst tax advice I’ve heard. I can’t believe it is you saying it. The Failure to Deposit penalty will be many times the minuscule interest you will receive on the T-Bill. In addition, you are now a member of the IRS repeat offender list. The revenue service may be evil but they ain’t stupid. When they find a person who repeatedly owes penalties & interest, they start going back to that source of easy money more and more via audit. Those penalties you say you have owed “for the past 10 years” but never paid are accruing interest (currently @ 6.5%). When the amount gets worth their while to collect, they will. Please trust me on this. I cannot say more but I know to a moral certainly of what I speak.
btw, claiming more than 7 dependents requires proof and is AUTOMATICALLY forwarded to the IRS.
Pay Caesar the tribute he demands and move on.
Stew,
They have never sent me a bill. I can’t pay a penalty, they are supposed to compute, if I don’t know what it is, so that argument goes away. Generally my penalty is less than $100. I always figure out what it is.
I stand by this statement,
“If you are getting a refund you are doing it wrong.”
I pay my taxes once per year. Period.
How about the option to eliminate all income taxes and eliminate all of the alphabet agencies not authorized by the Constitution? That would kick the economy into a frenzy of development that would make your head spin.
Eliminating those alphabet agencies is called “draining the swamp”. It is one of the things Trump was elected to do. I’m not impressed with his progress thus far.
Taxman
The Beatles
One, two, three, four, one, two
Let me tell you how it will be
There’s one for you, nineteen for me
‘Cause I’m the taxman, yeah, I’m the taxman
Should five per cent appear too small
Be thankful I don’t take it all
‘Cause I’m the taxman, yeah, I’m the taxman
If you drive a car, I’ll tax the street
If you try to sit, I’ll tax your seat
If you get too cold, I’ll tax the heat
If you take a walk, I’ll tax your feet
‘Cause I’m the taxman, yeah, I’m the taxman
Don’t ask me what I want it for
(Ah ah, Mr. Wilson)
If you don’t want to pay some more
(Ah ah, Mr. Heath)
‘Cause I’m the taxman, yeah, I’m the taxman
Now my advice for those who die (taxman!)
Declare the pennies on your eyes (taxman!)
‘Cause I’m the taxman, yeah, I’m the taxman
And you’re working for no one but me (taxman!)
Source: LyricFind
Songwriters: George Harrison
Taxman lyrics © Sony/ATV Music Publishing LLC
“Home Depot… braces for consumer spending to take a hit from Trump’s Chinese tariffs.”
This is a perfect example of the misleading propaganda the MSM and now this site engage in. Home Depot’s revenue is dropping because people are buying new homes instead of fixing up old ones. It is a well understood and documented phenomenon.
But hey, never miss an opportunity to bash Trump’s tariffs, eh Mac?
“… Reducing capital gains taxes. Such a move would largely benefit wealthy investors”.
Again, an absolute leftist lie. Any American with retirement savings invested in anything except cash receives Capital Gains.
Yes, wealthy people benefit more in absolute dollars because – well Sherlock – they’re WEALTHY but ANY American with investments benefits proportionally – and people who are not “wealthy” will notice the tax reduction to a greater degree than the wealthy.
A payroll tax cut is not a tax cut. It merely moves your tax payment to April 15 from even withholding throughout the year.
On April 15 you get a nasty surprise. It is pissing on you and telling you it is rain. It is smoke and mirrors. That’s why Obozo did it.
And, of course, who cares that Trump’s “economic policies” result in trillion dollar deficits.
Heart, is one of importen organ in human !