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A US Tax Strike/Revolt: Your thoughts?
My daughter just sent me this graphic:
I suspect it could make the US default on servicing the national debt and that would be bad.
Trump might just attempt to replace lost revenues with more tariffs which would slow the economy and basically generate “sales taxes” effectively.
Any smart economists in this land of the Others?
Comments
I'm not a smart economist, but my accountant is pretty sharp. I will show these to him.
Item 4 looks promising, I wonder how long I can extend it. 20 years might be good.
I probably won't be around by then.
Tax loopholes are also a good thing. Most people here in OtherLand think that they are only available to the super-rich. They are actually available to everyone who cares to look. When I had my own business, my accountant knew them all. They change frequently and a good accountant will keep up.
Would you believe (spoken like Maxwell Smart) at that time, the lining of my office curtains qualified for an energy tax credit! There were several others, but that's the only one I remember. I thought it was funny! It helps to know a guy.
Bernie and a majority of voters would like to raise taxes on the top 10% but there are so many tax loopholes and tax dodges that I’d expect they would just game the system to protect assets.
California I believe has a “Wealth Tax” proposition under development… making laws by proposition is a pretty bad way to effect change but it’s left as a last resort since the legislative process requires compromise to make laws that have some staying power… bye-bye Obama Care. There’s a little detail in the ACA (“ObamaCare”) that made using pre-existing conditions as a reason to exclude someone from insurance coverage: I’d hate to see that remove from the books.
Trump has a “Framework of a plan” to fix healthcare… Lord help us. This is the year many smaller hospitals will close due to a lack of funding. That along with ICE, the inflationary impacts of Tariffs and just demonstrable age impacts should make him and his supporters unelectable assuming disciplined democrat candidates take the field over the next 3 years. I think MAGA has run its course… At least I hope so.
If we can get free and fair elections we’ll recover a lot of the aspects that Made America Great (at least for many Americans).
The damage done globally will take decades to repair since trust in the US has been shattered.
Out of necessity, I did the first two steps last month, not because of any trending social media post. You see, they still haven’t approved my 2024 refund. Sure, I’m aware that filing as an injured spouse takes longer. Still usually have gotten it by July.
Could be a coincidence, but given the current political and cultural climate, i don’t think it’s unreasonable to think that the gov is intentionally dragging their feet with my return due to the fact that my Italian last name is also a Spanish word. Add to that that my wife is from PR probably doesn’t help either, cause again, they just see her Spanish Maiden name, so they don’t look further right away.