Do away with property taxes too! We should be allowed to live off the land! Why are we forced to be wage slaves! If we buy a home, we should be able to retire early, stay home and enjoy the fruits of our labor!
You are getting fed wolf tickets. They can NEVER remove federal tax. It takes a massive amount of money to run the government. They give an idea that's incredible but then end up give a tax break on tips... and then Trump does Tariffs which hurts consumers just like you, and YOU end up paying for it. It's the US consumer that ends up paying the difference. And one tariff is always countered by another tariff, so it ends up hurting both countries in the long run
@@mistyvaughn6356 you will pay a flat sales tax on non essential items. You pay a little more but you will also have more in the pocket because money is not being withheld from your paycheck. Being taxed on labor is unconstitutional. The taxes you pay every April go to pay interest on the money government borrowed to the federal reserve which is a private entity owned by families of bankers which creates money out of thin air. Time to wake up and do something else research. The treasury should have control of our money. Going back to gold back currency.
The title of this video is a big lie, JD Vance said that with the current congress would be unlikely to pass the elimination of Income Tax. Please, NBC, try to be honest on your titles.
Vance you should listen to your boss. He did not say anything about aspiration. With Donalds own mouth, He said he would do away with all federal income tax.
@@harleydad1975 How would that be awesome?? Our government won’t make enough off of tariffs, and our exports would be met with retaliatory tariffs. We would open the door of a federal consumption tax, and your spending (instead of your earnings) will be tracked, and scrutinized.
You have to be a bot because you just made that up he did not say that. People keep asking HIM about it and he says yes he believes it’s possible. He has never said we are for sure doing this. You can not name a time or place he did or video.
Small taxes can affect investment decisions such as whether to choose tax-free municipal bonds over taxable bonds or do a Roth IRA conversion. I’ve been sitting on over $745K equity from a home sale and I want to invest on the stock market, how do I achieve this without being taxed twice?
There’s more benefit to holding fixed-income assets in tax-deferred retirement accounts as opposed to taxable accounts. If you're not who understands strategies to invest in the market, seek a Financial advisor to guide you.
Indeed, I did make use of a financial counselor. As I get closer to retirement, their advice has been really helpful. I thought compound interest on index funds wouldn't be sufficient because I started late. It's amusing how I've done better than colleagues who have more years of investment experience. I've profited more than $886k tax free.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
GREGORY LEO CATTEL is the licensed FA I work with, I can't speak much about him you should make a search with his name, you'd find the necessary details to schedule an appointment.
The short answer is yes. Everybody would definitely enjoy having more money in their pockets by not having to pay federal taxes anymore. I’m all for tariffs. Let’s do it Trump and Vance. I totally support that great idea. 🇺🇸
Donald Trump has proposed a wide variety of tax policy changes. Taken together, these proposals would, on average, lead to a tax cut for the richest 5 percent of Americans and a tax increase for all other income groups. If these proposals were in effect in 2026, the richest 1 percent would receive an average tax cut of about $36,300 and the next richest 4 percent would receive an average tax cut of about $7,200. All other groups would see a tax increase with the hike on the middle 20 percent at about $1,500 and the increase on the lowest-income 20 percent of Americans at about $800. Greeting from Switzerland, good luck americans
@@SyrinxArcadianNymph Tariffs are the absolute answer to cover the extreme spending our government has. Instead of cutting spending, we are going to remove ourselves from the world market with a costly tariff, and force other countries to build their own equipment and become the new leading trader in farming equipment and technology. Or, we could also just pay the high retaliatory tariffs on our exported equipment, and cause our American based companies to make little profit.
@@zster8044 Trump has offered several tax proposals, which are all included in these estimates: (Some of Trump’s proposals cut taxes dramatically, particularly his proposal to extend the temporary 2017 tax provisions. But his proposed tariffs, which would be largely passed onto consumers as increased prices, would more than offset those tax cuts for all income groups outside the richest 5 percent) -Extending the temporary provisions in Trump’s 2017 tax law that will otherwise expire at the end of 2025, except for the $10,000 cap on State and Local Tax (SALT) deductions, which Trump says he would not extend -Exempting certain types of income from taxes (overtime pay, tips, and Social Security benefits) -Reducing the corporate tax rate from 21 percent to 20 percent and then further reducing it to 15 percent for “companies that make their product in America” -Repealing tax credits enacted as part of President Biden’s Inflation Reduction Act that provide incentives for the production and use of green energy -Imposing a new 20 percent tariff on imported goods, with a higher rate of 60 percent for goods from China.
@@travelingdude1621 @zester Some of Trump’s proposals cut taxes dramatically, particularly his proposal to extend the temporary 2017 tax provisions. But his proposed tariffs, which would be largely passed onto consumers as increased prices, would more than offset those tax cuts for all income groups outside the richest 5 percent. Trump has offered several tax proposals, which are all included in these estimates: Extending the temporary provisions in Trump’s 2017 tax law that will otherwise expire at the end of 2025, except for the $10,000 cap on State and Local Tax (SALT) deductions, which Trump says he would not extend Exempting certain types of income from taxes (overtime pay, tips, and Social Security benefits) Reducing the corporate tax rate from 21 percent to 20 percent and then further reducing it to 15 percent for “companies that make their product in America” Repealing tax credits enacted as part of President Biden’s Inflation Reduction Act that provide incentives for the production and use of green energy Imposing a new 20 percent tariff on imported goods, with a higher rate of 60 percent for goods from China the final, concrete result (very low margin of error, a few dollars) is what I wrote in the first message. Without propaganda ( by both Harris and Trump, every politician lies here and there to win the elections)
The government cam stand to stop taking a cut of everything. This way we keep all of our money due to no income tax. We stop buying foreign products due to the tarrifs so the government won't get tarrif money either. Trump is different from greedy politicians who want all your cash.
@alexcameron2880. This is false. It was not ratified during Christmas. It passed congress on July 12th and it had a wide coalition of support. Moreoverstatevast majority of state ratified it over the course of four years. You can debate on whether you want the income tax or not but it is constitutional as it is explicitly allowed un the Constitution. Moreover, the people who proposed the income tax were actually the poor, the working class, and the farmers of this country because tariffs were a huge burden on them. Not just the higher prices that consumers had to pay at the market, but also farmers when they exported their goods to other countries to do business, the other countries put tariffs on their products and they lost money on exports. Yeah, the U.S didn't have any income taxes prior to 1913, because the government was far smaller with basically no social safety net and a far less advanced military. So unless you want to throw seniors into poverty and make sure they have no healthcare, and far weaker military, it probably would not be a good idea to simply abolish the income tax and replace it with tariffs. We pay taxes because they are a necessity not because we want to.
2 місяці тому+13
I don’t understand why people want to pay more taxes.
Because they get jealous that rich people get richer and they think tariffs will raise the price of all goods. But we are already having horrible inflation right now anyway so
@iziotenth bingo you got it. The peasants will be subservent to corporations 😂 and they can make the value of your tax free money worthless 😂😂😂 but don't worry...all the things you buy will likely be Made and Designed in America. Land of the mostly poor...but a few rich who run the show. And when you cut programs designed to help the poor...ya'll will have a civil war 😂
Do you really think that the guy who couldn't get Mexico to pay for the wall is going to get a bunch of more powerful countries to pay for everything else? it's not real.
@kirkdandie you can't be serious? Look whether you like him or not it is nonsensical to act like jd vance isn't intelligent. It's hard to take ppl who make comments like yours serious.
@@kirkdandie haha no. Sorry. The polls don’t seem to show that. Trump is running away with it. And a good chance he is plus 325. Yikes. This very well could be a landslide. Partly because of how bad your candidate actually is. Good try though. 😆
When the government relied on tariffs instead of income tax, its size was 3.5% of GDP. Today, its overall size in the economy is around 25%. The method of collecting taxes, whether through tariffs-which are passed down to consumers and can cause retaliation-or through income tax, is not the core issue. The real problem is the insanely high government spending and intervention in the economy. Allowing the government to dominate the economy and making the population dependent on it through excessive spending is a terrible idea. I'm speaking from experience 😔🇻🇪
Two of your cons are actually pros. Abolishing the irs saves over 3 trillion in 5 yearS just in salary, pension and cutting bill passed for hiring 81k new employees.
Say goodbye to the precious military y'all virtue signal so much. And say goodbye to healthcare and retirement for millions of the eldery. These are our biggest budget items per CBO.
@@concernedcitizen6572 Nobody is saying get rid of the military, dingus. Unless you support the military industrial complex, endless wars, and reckless spending. You can maintain a strong military at a big fraction of the current budget with tariffs.
@@concernedcitizen6572Our taxes go to torture methods at guantanmo bay and to the Ukraine war where people are killed every day don't dare try to twist this
@ but look at what was intentionally made for. Pay off civil war expenses. Not extra stuff like paying for new roads,schools, etc. When you say yes to income taxes, you are giving more power and control to the government.
Actually as you already know Mr. JD Vance, income taxes are voluntary!! If anyone reading this doesn't believe me please go find the former IRS Agent Sherry Peele who actually was looking for the law that says we are required to pay taxes on our income because someone offered a $50,000 reward to anyone who could find the law that says we are required to pay taxes on our income and she researched this to high heaven and never found the law!! Then after you have done that, please go read your state's constitution and find out in your state what is taxable at a state level....furthermore, 99.9% of Americans don't make income. Income is something corporations make. ua-cam.com/video/mlmyhuQ-HDQ/v-deo.html
Did Sherry Peele consider reading the Internal Revenue Code? It very clearly states that individuals must pay taxes on all sources of income unless specifically excluded by the code.
@ I’ve read through several parts of the internal revenue code and it comes down to definitions…99.99% of Americans don not live within the Internal Revenue Service’s listed jurisdiction!!
If you make under a certain amount, you shouldn't be taxed at all. What's the point of taxing poor people then telling them to apply for benefits. Just stop taking their money.
Well for one most poor people cant afford things like fancy private schools or expensive medical care. So thats why in the rest of the developed world like Japan, Israel and Europe etc everyone has some tax but if you fall through the cracks and get cancer or cant find work that pays all the bills you can still know you will have baseline care. The USA is very behind. Much of it is like a 3rd world country.
Actually by the law books taxes shouldn't be in play unless the us is at war so why do we have taxes. Instead of taxing country's for let shipping in our country that could pay our taxes. Really this is why the us has 1.2 million laws it's to blind people from the truth. All other country's has less than 50000 laws so theirs the truth
do you realize that the top 1% of tax payers pay 99% of the taxes and it is the excess that gives returns to people. It is called redistributing the wealth. Do not believe me look it up yourself. The government does not run on taxes. This is known as the deficient, taxes only pay the interest on the deficient. The government sells bonds (mostly to foreign counties like China) the notion that the government only spends income from taxes is silly. They hand out more in returns then they take in You could never tax people enough to cover what they spend. So thinking you could tax those that pay the most to solve the problem means you failed math
He isn't answering because he fundamentally disagrees with her question. What the reporter is trying to get him to answer is whether Trump will or will not eliminate federal income tax which Vance contends is 1) unrealistic and 2) not a primary objective for a Trump/Vance term. And Trump didn't propose that _he_ would eliminate income tax. What he actually argued was that a tariff-based tax system was better and that the U.S. once had such a system prior to the implementation of federal income tax. It's inarguable that Trump, both in his first term and within proposals for his second term, has made large strides toward lowering federal income tax and increasing tariffs. As Vance states, it is an aspiration for their campaign, but not necessarily something they could or would achieve. While in ideological support of such a motion, Vance and likely also Trump don't find it currently feasible. IE: It is wrong to say Trump will eliminate federal income tax, but it would be antithetical to his objective to not seek to eliminate federal income tax. The actual answer to this question is neither yes nor no since it's not a question the Trump campaign seeks to answer.
@@zettour.The U.S. had gold standard too. Are they going to reinstate that as well? The global socioeconomical landscape wasnt the same as pre federal income tax, which was more than 100 years ago. While the 2018 tariffs were on limited farmed goods, so the cost being passed down to the consumers would be greater and the government has less means to subsidize to compensate for the producers' loss due to fewer sources of government revenue unless they are just going to issue bonds with increased debt ceilings.
Well said.. vance .. u & trump just cut the taxes on all our overtime pay and you will have a great presidency.. simple common sense things and its why i voted for you. Americans need a break and i mean real break that if they work overtime all of it should be tax free .. figure out how to do that and get it passed.. thats what we want
What a deceptive headline. Says Vance states elimination of income tax is unrealistic, but doesn't tell us that Vance says it's only unrealistic because the democrats in congress who won't pass it. This news outlet is terrible and a waste of time.
Working on cutting taxes to save the people a few pennies. Gee Thanks. I mean who else is going to cover the lost tax revenue when billionaires still pay ZERO taxes???
Fun fact he's more economically illiterate than a business man who managed to bankrupt 6 casinos, the great depression was triggered by raising trade tariffs
Fun fact those tax cuts put hundreds of more dollars in my bank account every month and I was making 48k a year at the time. Actually anyone making under 100k got a tax cut of around 16 to 26 percent
Vance the MOST VIP! Federal Tax Redemption: Shift the COSTS "UPON THE VAMPAYAAAAA" (onto Corporations). And to them - don’t you dare raise prices onto my little nieces/nephews lifestyle OR MY 🤬 🤙
Not only must THE UNJUST, UNCONSTITUTIONAL INCOME TAX be done away with, BUT ALSO THE UNJUST, AND EVIL PROPERTY TAX. How absolutely evil to require a person pay a repeated tax upon THEIR SHELTER, not to mention that it is based upon theoretically value, based upon builder profit margins, and how beautiful it is, AND WHICH INCREASES YEARLY WITH INFLATION created by the very people demanding your money at the barrel of their g u n, while your income remains stagnant or lowers accordingly. It is a scam to keep you enslaved, while feeding the beast system that oppresses you. property tax ALSO INFRINGES NOT ONLY OUR RIGHT TO LIFE AND LIBERTY but ALSO the pursuit of happiness AND FREEDOM OF SPEECH, because you are prevented from creating a building to the greatest extent of beauty (expression) you are capable, due to the increase in taxes that will accompany it due to it being valued higher, thus making it unaffordable to express yourself fully, or at all.
You’d rather have a federal consumption tax? I don’t know about you, but I’d rather not have the IRS tracking what people do with their money. The IRS is not going away any time soon, and I’m fairly certain the government would still like a good portion of your money, and they will definitely make sure you don’t cheat the system.
@@MC_Oluomo What do you think would happen with our exports, especially if we are putting tariffs on imports? Would our exports be met with similar tariffs? With all of the things you mention, do you think our government would bring in enough money to completely replace income taxes? It sounds like a great dream, but our government spending is nothing like it was pre ww2. You’re inviting in policies for a federal consumption tax that would bridge the gap, which would grow the IRS. And in turn, they’d look deeper into your spending, instead of your earnings.
@ Quality and Economic MOAT will prevail in our favor. Regarding consumption tax and privacy. News flash bud, most transactions these days are digital. The government already knows what you spend your money on. I’m also a minimalist and very okay with a consumption tax.
Income tax in the United States was first introduced with the Revenue Act of 1861, which aimed to fund Civil War expenses. However, it was repealed in 1872. The modern federal income tax system was established with the 16th Amendment, ratified on February 3, 1913, granting Congress the authority to tax income without apportionment among states. Later that year, the Revenue Act of 1913 was enacted, introducing a federal income tax with rates starting at 1% for incomes over $3,000. Adjusted for inflation, $3,000 in 1913 would be approximately $91,273 today, based on changes in the Consumer Price Index (CPI).
They’ll allow it. They’d rather check out exactly what you spent your money on, rather than just how much you made, through a federal consumption tax. The federal income tax is fairly simple now (which definitely affects lower to middle class families) but if you get rid of that, you open the door for the federal government to scrutinize your consumption. Ask yourself how the IRS will make sure they get their money. The IRS is not going away any time soon, unless we severely want to cut our funding for multiple sectors in our government. And no, it won’t be your least favorite sector that goes first.
He said in this video "Is it on the table with the Democratic congress that we have I don't think that's realistic". Well... it's now Republican Congress and President. PASS IT!!!!
He said that because he was dodging the question. They will not get rid of free money. That is free money to them. Why would they get rid of it? They don't care about you. No politician has ever cared. Don't get your hopes up.
Dont care what he cutting....we don't here him saying whike he doing what he doing that...the people who got taxed...by the country will get more or get wice from what they got taxed for
Taxes are already simple for the vast majority of Americans. Taxes have become complicated for the wealthy because they’ve successfully lobbied for all the loopholes that allow the, to reduce their tax liability.
" is that possible with the democrat congress we have"? Seriously blaming the democrats won't work Vance.. Republicans have both branches of congress and the white house 😅. Unfortunately people will hear this and never question it 🤦♀️
Obviously it wouldn't happen overnight but why not put massive tarrifs and move manufacturing back to US. Sure things would be become more expensive short term but we would be able to regulate the emissions generated during manufacturing. Along with cheaper labor thats one of the main reasons things are made overseas. No pesky epa 😂
What did he say? You probably watch corporate media which take his words out context. Or you are a paid shill. Lots of my friends that are in or are now veterans love DJT. So, what did he say about the military that made you not vote for him?
He said in this video "Is it on the table with the Democratic congress that we have I don't think that's realistic". Well... it's now Republican Congress and President. PASS IT!!!!
You forgot to mention in your title he's said "I don't think that is realistic with the DEMOCRATIC CONGRESS we currently have" your title almost seems misleading or click bait thats weird 🤔 I would not expect ABC to lie 😅😅😅😅
So what if he says he wants to cut taxes on overtime. Most Americans don't even get 40 hours a week. I m in minnesota and minnesota overtime is 48 hours a week. Again I say so what whoopee yahoo
Sorry to burst your bubble but all current home owners are mostly your grandparents or a home that got handed down thru your grandparents not many people are buying homes too many corporations own all the houses
was it? The USA was built on tariffs. Tariffs are a means of protecting domestic industry. The depression was triggered by over speculation on the stock markets that had nothing to do with tariffs
@@bullwinkle5445 Yup we had a surplus of money.. untill we started getting ride of tariffs in exchange for income tax. People just spew the nonsense they hear media outlets say. When I heard trump say that on rogan I instantly went and researched it. Tariffs do cause a small price increase untill the factorys are moved back onshore then the prices drop, so when he leaves office the prices should be back to normal if not lower with the added effects of jobs. I would love to see Detriot come back to life.
@@EnlistedBombin That's assuming we don't get into a tariff war, which we did under Trump's administration and had to pump billions of dollars in failing industries like agriculture. We ran up a record deficit in the process which in turn slowly dragged us into an inflation. The pandemic at the end of his term also exacerbated the situation.
@@cyberpunked2077 Nope, the subsdies were not pumped highly until 2020, check the records. So your whole statement is built off a false premise. 2020 was the higest and at no point before did he ever go above historical highs. Running up the defecit in such a short time by both Trump and Biden was the cause of inflation. Do I think it would have gone as far under trump no.
Do away with property taxes too! We should be allowed to live off the land! Why are we forced to be wage slaves! If we buy a home, we should be able to retire early, stay home and enjoy the fruits of our labor!
Na na that won’t happen lol. They are all together we will see now. Let the walls crumble why they buy it all up
Property tax is the biggest fkn scam
So are hunting and fishing licenses
Property tax is theft!
Amen to that brother
You are getting fed wolf tickets. They can NEVER remove federal tax. It takes a massive amount of money to run the government. They give an idea that's incredible but then end up give a tax break on tips... and then Trump does Tariffs which hurts consumers just like you, and YOU end up paying for it. It's the US consumer that ends up paying the difference. And one tariff is always countered by another tariff, so it ends up hurting both countries in the long run
Income Tax did not exist before 1913 ... not constitutional ... tariffs all the way
Neither did immigration restrictions
World was different back then
@@michaelhutchings6602they did exist you had to prove you’d be able to support yourself
Y'know we the consumers are the ones that get to pay extra when there's tariffs, right?
@@mistyvaughn6356 you will pay a flat sales tax on non essential items. You pay a little more but you will also have more in the pocket because money is not being withheld from your paycheck. Being taxed on labor is unconstitutional. The taxes you pay every April go to pay interest on the money government borrowed to the federal reserve which is a private entity owned by families of bankers which creates money out of thin air. Time to wake up and do something else research. The treasury should have control of our money. Going back to gold back currency.
The title of this video is a big lie, JD Vance said that with the current congress would be unlikely to pass the elimination of Income Tax. Please, NBC, try to be honest on your titles.
And then congress went red😂
This is exactly why the mockingbird MSM is totally discredited. Total mischaracterization of what Vance said.
Vance you should listen to your boss. He did not say anything about aspiration. With Donalds own mouth, He said he would do away with all federal income tax.
You're fake news
And that would be awesome!!!!!
@@harleydad1975
How would that be awesome?? Our government won’t make enough off of tariffs, and our exports would be met with retaliatory tariffs. We would open the door of a federal consumption tax, and your spending (instead of your earnings) will be tracked, and scrutinized.
@zster8044 You seem to have Stockholm syndrome in my opinion.
You have to be a bot because you just made that up he did not say that. People keep asking HIM about it and he says yes he believes it’s possible. He has never said we are for sure doing this. You can not name a time or place he did or video.
Small taxes can affect investment decisions such as whether to choose tax-free municipal bonds over taxable bonds or do a Roth IRA conversion. I’ve been sitting on over $745K equity from a home sale and I want to invest on the stock market, how do I achieve this without being taxed twice?
There’s more benefit to holding fixed-income assets in tax-deferred retirement accounts as opposed to taxable accounts. If you're not who understands strategies to invest in the market, seek a Financial advisor to guide you.
Indeed, I did make use of a financial counselor. As I get closer to retirement, their advice has been really helpful. I thought compound interest on index funds wouldn't be sufficient because I started late. It's amusing how I've done better than colleagues who have more years of investment experience. I've profited more than $886k tax free.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
GREGORY LEO CATTEL is the licensed FA I work with, I can't speak much about him you should make a search with his name, you'd find the necessary details to schedule an appointment.
he appears to be well-educated and well-read. I ran a Google search for his name and came across his website; thank you for sharing.
First 50k of Income should be tax free!
Yeah that’s what I’m thinking seriously
Why only 50k? Why should the government get any money you earn? All they do is give away and squander it while laughing at us
Second 50k too
I thought it was 🤦🏽♂️🤦🏽♂️🤦🏽♂️🤦🏽♂️ imagine funding terrorists when ur struggling to take carr of ur family
There should be no income tax at all
The short answer is yes. Everybody would definitely enjoy having more money in their pockets by not having to pay federal taxes anymore. I’m all for tariffs. Let’s do it Trump and Vance. I totally support that great idea. 🇺🇸
Donald Trump has proposed a wide variety of tax policy changes. Taken together, these proposals would, on average, lead to a tax cut for the richest 5 percent of Americans and a tax increase for all other income groups.
If these proposals were in effect in 2026, the richest 1 percent would receive an average tax cut of about $36,300 and the next richest 4 percent would receive an average tax cut of about $7,200. All other groups would see a tax increase with the hike on the middle 20 percent at about $1,500 and the increase on the lowest-income 20 percent of Americans at about $800.
Greeting from Switzerland, good luck americans
@@SyrinxArcadianNymph
Tariffs are the absolute answer to cover the extreme spending our government has. Instead of cutting spending, we are going to remove ourselves from the world market with a costly tariff, and force other countries to build their own equipment and become the new leading trader in farming equipment and technology. Or, we could also just pay the high retaliatory tariffs on our exported equipment, and cause our American based companies to make little profit.
@@zster8044 Trump has offered several tax proposals, which are all included in these estimates: (Some of Trump’s proposals cut taxes dramatically, particularly his proposal to extend the temporary 2017 tax provisions. But his proposed tariffs, which would be largely passed onto consumers as increased prices, would more than offset those tax cuts for all income groups outside the richest 5 percent)
-Extending the temporary provisions in Trump’s 2017 tax law that will otherwise expire at the end of 2025, except for the $10,000 cap on State and Local Tax (SALT) deductions, which Trump says he would not extend
-Exempting certain types of income from taxes (overtime pay, tips, and Social Security benefits)
-Reducing the corporate tax rate from 21 percent to 20 percent and then further reducing it to 15 percent for “companies that make their product in America”
-Repealing tax credits enacted as part of President Biden’s Inflation Reduction Act that provide incentives for the production and use of green energy
-Imposing a new 20 percent tariff on imported goods, with a higher rate of 60 percent for goods from China.
@@travelingdude1621 @zester
Some of Trump’s proposals cut taxes dramatically, particularly his proposal to extend the temporary 2017 tax provisions. But his proposed tariffs, which would be largely passed onto consumers as increased prices, would more than offset those tax cuts for all income groups outside the richest 5 percent.
Trump has offered several tax proposals, which are all included in these estimates:
Extending the temporary provisions in Trump’s 2017 tax law that will otherwise expire at the end of 2025, except for the $10,000 cap on State and Local Tax (SALT) deductions, which Trump says he would not extend
Exempting certain types of income from taxes (overtime pay, tips, and Social Security benefits)
Reducing the corporate tax rate from 21 percent to 20 percent and then further reducing it to 15 percent for “companies that make their product in America”
Repealing tax credits enacted as part of President Biden’s Inflation Reduction Act that provide incentives for the production and use of green energy
Imposing a new 20 percent tariff on imported goods, with a higher rate of 60 percent for goods from China
the final, concrete result (very low margin of error, a few dollars) is what I wrote in the first message. Without propaganda ( by both Harris and Trump, every politician lies here and there to win the elections)
The government cam stand to stop taking a cut of everything. This way we keep all of our money due to no income tax. We stop buying foreign products due to the tarrifs so the government won't get tarrif money either. Trump is different from greedy politicians who want all your cash.
Eliminate the unconstitutional income tax. The US had no income tax for the first 136 years.
So what? The US didn't have a lot of things the first 136 years.
@@TheSpartan3669 Yeah, a lot of things like, uh, reckless spending?
But it is constitutional. Didn't you look at the 16th amendment
@@ahabarhossain773 You don't know the history...it was ratified during Christmas when barely anyone was there. It's immoral and should be abolished.
@alexcameron2880. This is false. It was not ratified during Christmas. It passed congress on July 12th and it had a wide coalition of support. Moreoverstatevast majority of state ratified it over the course of four years. You can debate on whether you want the income tax or not but it is constitutional as it is explicitly allowed un the Constitution. Moreover, the people who proposed the income tax were actually the poor, the working class, and the farmers of this country because tariffs were a huge burden on them. Not just the higher prices that consumers had to pay at the market, but also farmers when they exported their goods to other countries to do business, the other countries put tariffs on their products and they lost money on exports. Yeah, the U.S didn't have any income taxes prior to 1913, because the government was far smaller with basically no social safety net and a far less advanced military. So unless you want to throw seniors into poverty and make sure they have no healthcare, and far weaker military, it probably would not be a good idea to simply abolish the income tax and replace it with tariffs. We pay taxes because they are a necessity not because we want to.
I don’t understand why people want to pay more taxes.
Because they get jealous that rich people get richer and they think tariffs will raise the price of all goods. But we are already having horrible inflation right now anyway so
@iziotenth bingo you got it. The peasants will be subservent to corporations 😂 and they can make the value of your tax free money worthless 😂😂😂 but don't worry...all the things you buy will likely be Made and Designed in America. Land of the mostly poor...but a few rich who run the show. And when you cut programs designed to help the poor...ya'll will have a civil war 😂
Conditioning and brainwashing are powerful.
Do you really think that the guy who couldn't get Mexico to pay for the wall is going to get a bunch of more powerful countries to pay for everything else? it's not real.
I'm tired of the Democrats lies I voted Trump 🇺🇲
What they lie about
But you were perfectly fine with the Trump lies😂
If you have any sense - repeat lF - you'll regret it.
@@crismcdonough2804 You can't compare the two as like they are the same.
Can we cancel the interviwer already. I cant stand her. Stop interrupting! He is talking so calmly too.
He wasn’t answering the question directly.
All he had to say was yes or no. Sounds like a child in trouble with their parents😂
Senator Vance has to use small words for this numb arz “journalist” to understand 😂
Nope. Vance doesn't know big words.
Go back down in Mommy's basement and play video games @@kirkdandie
@@kirkdandie Is that why he made Walz look like a knucklehead? (His own words?!)
No joke she was so annoying I would have just said next question you’re badgering
@kirkdandie you can't be serious? Look whether you like him or not it is nonsensical to act like jd vance isn't intelligent. It's hard to take ppl who make comments like yours serious.
She has to be the worst interviewer just trying to get this gotcha moment that never works. Just awful.
Sorry, Mickey. It DID work. Maybe you missed it. 🤪
@@kirkdandie haha no. Sorry. The polls don’t seem to show that. Trump is running away with it. And a good chance he is plus 325. Yikes. This very well could be a landslide. Partly because of how bad your candidate actually is. Good try though. 😆
@@michaelmcdonald4471 you trust the polls, we'll trust the vote. 😂
@@sidneyalberts2916 Just like in 2016 eh?
@@CoolguyTEB more like 2020, when he lost the election to Biden. 😉
keep living in the past. It's all you have to cling to.
When the government relied on tariffs instead of income tax, its size was 3.5% of GDP. Today, its overall size in the economy is around 25%. The method of collecting taxes, whether through tariffs-which are passed down to consumers and can cause retaliation-or through income tax, is not the core issue. The real problem is the insanely high government spending and intervention in the economy. Allowing the government to dominate the economy and making the population dependent on it through excessive spending is a terrible idea. I'm speaking from experience 😔🇻🇪
Two of your cons are actually pros. Abolishing the irs saves over 3 trillion in 5 yearS just in salary, pension and cutting bill passed for hiring 81k new employees.
Wrong! It is completely doable! Especially if we drastically cut spending.
Say goodbye to the precious military y'all virtue signal so much. And say goodbye to healthcare and retirement for millions of the eldery. These are our biggest budget items per CBO.
@@concernedcitizen6572 Nobody is saying get rid of the military, dingus. Unless you support the military industrial complex, endless wars, and reckless spending. You can maintain a strong military at a big fraction of the current budget with tariffs.
Also, why is it my responsibility to pay for someone else's expenses? I'm not responsible for others needing social security and medicare.
@@concernedcitizen6572Our taxes go to torture methods at guantanmo bay and to the Ukraine war where people are killed every day don't dare try to twist this
Income tax is constitutionally illegal
Truth
Read the 16th amendment. It very clearly states that congress can tax the incomes of US citizens.
@ but look at what was intentionally made for. Pay off civil war expenses. Not extra stuff like paying for new roads,schools, etc. When you say yes to income taxes, you are giving more power and control to the government.
@TatureBud i didn't even respond back to them....thanks for following up.
Kristen loves to interrupt him. She's got that Liberal Supremacy mind-set
Actually as you already know Mr. JD Vance, income taxes are voluntary!! If anyone reading this doesn't believe me please go find the former IRS Agent Sherry Peele who actually was looking for the law that says we are required to pay taxes on our income because someone offered a $50,000 reward to anyone who could find the law that says we are required to pay taxes on our income and she researched this to high heaven and never found the law!!
Then after you have done that, please go read your state's constitution and find out in your state what is taxable at a state level....furthermore, 99.9% of Americans don't make income. Income is something corporations make.
ua-cam.com/video/mlmyhuQ-HDQ/v-deo.html
Did Sherry Peele consider reading the Internal Revenue Code? It very clearly states that individuals must pay taxes on all sources of income unless specifically excluded by the code.
@ I’ve read through several parts of the internal revenue code and it comes down to definitions…99.99% of Americans don not live within the Internal Revenue Service’s listed jurisdiction!!
@@earwasel2-c2j proof that 99.99% of Americans were born outside of the Internal Revenue Service’s jurisdiction!!
26 USC 7701(a)(9)
26 USC 7701(a)(10)
You're hired!. You're fired!
No income tax. No property tax.
I wish seniors on a fixed low income wouldn't have to pay income taxes.
Trump 2024
Vance 2028 ❤️🇺🇸❤️
Start with eliminating sales tax. It’s stupid, we already get tax when we get paid. Why tax us when we buy stuff?
I ♥️ JD Vance!!!
If you make under a certain amount, you shouldn't be taxed at all. What's the point of taxing poor people then telling them to apply for benefits. Just stop taking their money.
Well for one most poor people cant afford things like fancy private schools or expensive medical care. So thats why in the rest of the developed world like Japan, Israel and Europe etc everyone has some tax but if you fall through the cracks and get cancer or cant find work that pays all the bills you can still know you will have baseline care. The USA is very behind. Much of it is like a 3rd world country.
Dissapointing to hear him say this.
Actually by the law books taxes shouldn't be in play unless the us is at war so why do we have taxes. Instead of taxing country's for let shipping in our country that could pay our taxes. Really this is why the us has 1.2 million laws it's to blind people from the truth. All other country's has less than 50000 laws so theirs the truth
Hurry up and shut down the IRS
Why couldn’t he answer yes or no? Its like asking democrats what is a woman. Theres never a short definitive answer
Sooo give back the money thats been stolen from our paychecks.
Trump!!
do you realize that the top 1% of tax payers pay 99% of the taxes and it is the excess that gives returns to people. It is called redistributing the wealth. Do not believe me look it up yourself. The government does not run on taxes. This is known as the deficient, taxes only pay the interest on the deficient. The government sells bonds (mostly to foreign counties like China) the notion that the government only spends income from taxes is silly. They hand out more in returns then they take in You could never tax people enough to cover what they spend. So thinking you could tax those that pay the most to solve the problem means you failed math
He's not answering her question. Trump proposed eliminating the income tax, yes or no. Sounds like a no.
Well its not as simple as a yes or no don't be naive you cant eliminate income tax over night.
He isn't answering because he fundamentally disagrees with her question. What the reporter is trying to get him to answer is whether Trump will or will not eliminate federal income tax which Vance contends is 1) unrealistic and 2) not a primary objective for a Trump/Vance term.
And Trump didn't propose that _he_ would eliminate income tax. What he actually argued was that a tariff-based tax system was better and that the U.S. once had such a system prior to the implementation of federal income tax. It's inarguable that Trump, both in his first term and within proposals for his second term, has made large strides toward lowering federal income tax and increasing tariffs. As Vance states, it is an aspiration for their campaign, but not necessarily something they could or would achieve. While in ideological support of such a motion, Vance and likely also Trump don't find it currently feasible.
IE: It is wrong to say Trump will eliminate federal income tax, but it would be antithetical to his objective to not seek to eliminate federal income tax. The actual answer to this question is neither yes nor no since it's not a question the Trump campaign seeks to answer.
@@zettour.The U.S. had gold standard too. Are they going to reinstate that as well? The global socioeconomical landscape wasnt the same as pre federal income tax, which was more than 100 years ago. While the 2018 tariffs were on limited farmed goods, so the cost being passed down to the consumers would be greater and the government has less means to subsidize to compensate for the producers' loss due to fewer sources of government revenue unless they are just going to issue bonds with increased debt ceilings.
@@FlyingKoreanMinja While I could, did I ever argue on either side of this issue which prompted this response?
Trump will say anything that makes you happy just like Dems.. He is a politicians not a statesman
😢 u know umm if u coud umm stop talking 500$ a pay check frome me I coud get a car and b able to eat nun frozen foods
She is so annoying trying to catch people with yes or no gotcha questions.
Well said.. vance .. u & trump just cut the taxes on all our overtime pay and you will have a great presidency.. simple common sense things and its why i voted for you. Americans need a break and i mean real break that if they work overtime all of it should be tax free .. figure out how to do that and get it passed.. thats what we want
God I hate when they interrupt so rude and annoying
I was listening close and I didn't hear him say it's not realistic
and cutting taxes on bonus. Yeah we need to get the IRS out of here. We're taxed on everything.
He literally said with the Democratic congress that they have it isn’t
But the republicans are the majority in the house so it is possible
What a deceptive headline. Says Vance states elimination of income tax is unrealistic, but doesn't tell us that Vance says it's only unrealistic because the democrats in congress who won't pass it. This news outlet is terrible and a waste of time.
Working on cutting taxes to save the people a few pennies. Gee Thanks. I mean who else is going to cover the lost tax revenue when billionaires still pay ZERO taxes???
I’d be happy to have income tax cut. I paid over $700 in federal income tax this month. That’s pretty big
Good lord, is she obnoxious!
What annoying interviewer to interrupt constantly once her guest begins to speak.
Solution: repeal The 2017 Trump Tax Cuts that mostly benefited the ultra wealthy and corporations 💰
Fun fact he's more economically illiterate than a business man who managed to bankrupt 6 casinos, the great depression was triggered by raising trade tariffs
Fun fact those tax cuts put hundreds of more dollars in my bank account every month and I was making 48k a year at the time. Actually anyone making under 100k got a tax cut of around 16 to 26 percent
Fun fact repealing that will bring back the $1k mandated fine Obamacare has in place for not having healthcare
The less taxes corporations pay, the more they stay in the US and the more people they hire. Trump for 2024!!! 🇺🇸
Instead their solution would just be another massive govt ending tax cut that will overly benefit the super rich
Vance the MOST VIP!
Federal Tax Redemption: Shift the COSTS "UPON THE VAMPAYAAAAA"
(onto Corporations).
And to them - don’t you dare raise prices onto my little nieces/nephews lifestyle OR MY 🤬
🤙
MAGA2024!! Say no to border Czar Kamala! Reject open borders! Save USA!!
Not only must THE UNJUST, UNCONSTITUTIONAL INCOME TAX be done away with, BUT ALSO THE UNJUST, AND EVIL PROPERTY TAX. How absolutely evil to require a person pay a repeated tax upon THEIR SHELTER, not to mention that it is based upon theoretically value, based upon builder profit margins, and how beautiful it is, AND WHICH INCREASES YEARLY WITH INFLATION created by the very people demanding your money at the barrel of their g u n, while your income remains stagnant or lowers accordingly. It is a scam to keep you enslaved, while feeding the beast system that oppresses you. property tax ALSO INFRINGES NOT ONLY OUR RIGHT TO LIFE AND LIBERTY but ALSO the pursuit of happiness AND FREEDOM OF SPEECH, because you are prevented from creating a building to the greatest extent of beauty (expression) you are capable, due to the increase in taxes that will accompany it due to it being valued higher, thus making it unaffordable to express yourself fully, or at all.
Try living on Social Security lady. She has no idea.
Getting rid of the federal income tax would be a dream come true
You’d rather have a federal consumption tax? I don’t know about you, but I’d rather not have the IRS tracking what people do with their money. The IRS is not going away any time soon, and I’m fairly certain the government would still like a good portion of your money, and they will definitely make sure you don’t cheat the system.
But who is gonna pay money to military, employees and where do you think they will get money from?
For infrastructure
@@Abhinav-m4oTarriffs, exports and treasury bonds!! That’s how it was pre WW2
@@MC_Oluomo What do you think would happen with our exports, especially if we are putting tariffs on imports? Would our exports be met with similar tariffs?
With all of the things you mention, do you think our government would bring in enough money to completely replace income taxes? It sounds like a great dream, but our government spending is nothing like it was pre ww2.
You’re inviting in policies for a federal consumption tax that would bridge the gap, which would grow the IRS. And in turn, they’d look deeper into your spending, instead of your earnings.
@ Quality and Economic MOAT will prevail in our favor.
Regarding consumption tax and privacy. News flash bud, most transactions these days are digital. The government already knows what you spend your money on. I’m also a minimalist and very okay with a consumption tax.
Income tax in the United States was first introduced with the Revenue Act of 1861, which aimed to fund Civil War expenses. However, it was repealed in 1872. The modern federal income tax system was established with the 16th Amendment, ratified on February 3, 1913, granting Congress the authority to tax income without apportionment among states. Later that year, the Revenue Act of 1913 was enacted, introducing a federal income tax with rates starting at 1% for incomes over $3,000.
Adjusted for inflation, $3,000 in 1913 would be approximately $91,273 today, based on changes in the Consumer Price Index (CPI).
This broad needs to stop yapping and let him finish his answers
i didnt expect income taxes to go away congress wouldnt allow it.
You do realize they work for you, right?
They’ll allow it. They’d rather check out exactly what you spent your money on, rather than just how much you made, through a federal consumption tax. The federal income tax is fairly simple now (which definitely affects lower to middle class families) but if you get rid of that, you open the door for the federal government to scrutinize your consumption.
Ask yourself how the IRS will make sure they get their money. The IRS is not going away any time soon, unless we severely want to cut our funding for multiple sectors in our government. And no, it won’t be your least favorite sector that goes first.
He said in this video "Is it on the table with the Democratic congress that we have I don't think that's realistic". Well... it's now Republican Congress and President. PASS IT!!!!
He said that because he was dodging the question. They will not get rid of free money. That is free money to them. Why would they get rid of it? They don't care about you. No politician has ever cared. Don't get your hopes up.
Dont care what he cutting....we don't here him saying whike he doing what he doing that...the people who got taxed...by the country will get more or get wice from what they got taxed for
Still no talk about doing away with income tax
this lady is so obnoxious
no respect for authority keep cutting your vice president off his position is higher on the totem pole shut up
having to write an essay to explain what Trump actually said.. word gymnastics..
Can we at least simplify the code for individuals? Implement a low flat tax and be done with it?
Taxes are already simple for the vast majority of Americans. Taxes have become complicated for the wealthy because they’ve successfully lobbied for all the loopholes that allow the, to reduce their tax liability.
" is that possible with the democrat congress we have"? Seriously blaming the democrats won't work Vance.. Republicans have both branches of congress and the white house 😅. Unfortunately people will hear this and never question it 🤦♀️
Left-wing "gotcha" journalism. Such entitled idiots.
Obviously it wouldn't happen overnight but why not put massive tarrifs and move manufacturing back to US. Sure things would be become more expensive short term but we would be able to regulate the emissions generated during manufacturing. Along with cheaper labor thats one of the main reasons things are made overseas. No pesky epa 😂
If this administration and legislature end income taxes, they are going down as the greatest gubernatorial body of all time.
This veteran not voting for trump because of his statements about the military and he doesn't like over time, get your story straight vance.
The military sucks, and chumps join.
Lots of us could care less about your service or the military.
Donnie Bone Spurs = draft dodger deluxe. 💩💩💩
@@RebeccaPerry-Piper-u8x He retired with honor after a full career with the services.
Do you really think anyone's going to fall for this @@RebeccaPerry-Piper-u8x
What did he say? You probably watch corporate media which take his words out context. Or you are a paid shill. Lots of my friends that are in or are now veterans love DJT. So, what did he say about the military that made you not vote for him?
Click baiting is at an all time high 😅
How about perpetual property taxes? At least for single family homes owned by families.
Will federal income tax is it illegal. And non-constitutional. So I say go for it
God she is so infuriating🤨NBC is such garbage
BS do away with it by cutting elsewhere
Vance is a great speaker
Vance listen to your daddy.
So they DO want that
Get rid of it replace it with a fair tax and tariffs
Find a way!
He said in this video "Is it on the table with the Democratic congress that we have I don't think that's realistic". Well... it's now Republican Congress and President. PASS IT!!!!
She sucks😅 very annoying. If u ask a question let someone answer and then speak after the tell u their answer. If not why bother asking questions 😅😅
lol leave it up to nbc
She’s a terrible interviewer. Too many interruptions
Vance needs to get up to speed!
What about us that make commission? I don't pay overtime taxes, but i get taxed extremely harshly if i decide i want to haul an extra load.
You forgot to mention in your title he's said "I don't think that is realistic with the DEMOCRATIC CONGRESS we currently have" your title almost seems misleading or click bait thats weird 🤔 I would not expect ABC to lie 😅😅😅😅
A positive vision.
Use tariffs to fund the shortfall.
Congress 😂😂😂 it’s time they work for us!!!
So what if he says he wants to cut taxes on overtime.
Most Americans don't even get 40 hours a week. I m in minnesota and minnesota overtime is 48 hours a week. Again I say so what whoopee yahoo
What the heck u do if your job not giving you any overtime
No income tax equals Higher property taxes (unconstitutional anyway) Just another way for people to lose their homes.
I’m not a homeowner yet. I’d rather stack up the money they take from my check to save for a home.
Sorry to burst your bubble but all current home owners are mostly your grandparents or a home that got handed down thru your grandparents not many people are buying homes too many corporations own all the houses
fake news
Vance/Ramaswamy '28 🇺🇲🇺🇲
Shes... special...
Let him talk..
Vance? You mean pence jr
Disgusting reporter
Like Trump would do this!
How do they it! Just lie through their teeth !
Haha clown world
We already know we’re not required to pay federal income tax, we don’t need your permission to stop funding the government!
The speech Trump gave at Madison New York was amazing!! He said it's time for Americans to get a break.. no over tax, no taxes on social security
Misleading title
The great depression was triggered by raising trade tarrifs
was it? The USA was built on tariffs. Tariffs are a means of protecting domestic industry. The depression was triggered by over speculation on the stock markets that had nothing to do with tariffs
@@bullwinkle5445 Yup we had a surplus of money.. untill we started getting ride of tariffs in exchange for income tax. People just spew the nonsense they hear media outlets say. When I heard trump say that on rogan I instantly went and researched it. Tariffs do cause a small price increase untill the factorys are moved back onshore then the prices drop, so when he leaves office the prices should be back to normal if not lower with the added effects of jobs. I would love to see Detriot come back to life.
@@EnlistedBombin That's assuming we don't get into a tariff war, which we did under Trump's administration and had to pump billions of dollars in failing industries like agriculture. We ran up a record deficit in the process which in turn slowly dragged us into an inflation. The pandemic at the end of his term also exacerbated the situation.
@@cyberpunked2077 Nope, the subsdies were not pumped highly until 2020, check the records. So your whole statement is built off a false premise. 2020 was the higest and at no point before did he ever go above historical highs. Running up the defecit in such a short time by both Trump and Biden was the cause of inflation. Do I think it would have gone as far under trump no.
Maybe if biden would subsidize some ag we would not be paying 100% more for eggs and milk just saying.
How there you to disrespect the most declarative military commander because of the truth no wonder why none of the service members not voting for you
Trump said he would so he will