people in the government that do a bad job will just get moved somewhere else, as well. contractors get fired, govvies get moved to another department to screw that up too.
The city of Houston built 2 major roads making them toll roads until the tolls recouped the cost of the construction, then the toll booths would come down. That was in 1980. They’re still toll roads. 😐
It shouldn't matter, regardless. The IRS already has all the info for your income taxes. Companies like Intuit (TurboTax) and H&R Block have spent billions lobbying politicians to prevent that data being used, and forcing most Americans to pay these companies. The IRS could've been either sending you a bill or a refund check at the end of the year all along.
yes - you are right on. It's just every normal citizen's responsibility filing a tax return every year and he/she shouldn't be depend on some professionals and pay them a fee.
I'm a massive Trump supporter. And I fully support getting rid of the IRS. Alas, I am a tax professional. I've spent my career saving people tens of thousands on their taxes while still being fully compliant within the tax code. I do fear my profession may vanish, but I believe it is for the greater good of all citizens.
As a tax professional you know income tax and property tax have been illegal then bam the fed came and irs nows it's a direct tax when for decades it was a indirect tax ive read and read no where have I found it's mandatory to pay those taxes. Only irs tax code does and last time I checked the irs is not a legislature that can create laws so alot of those codes are illegal. Up until the creation of the fed and irs the where up held to be indirect taxes. Tax codes are not laws the irs just create codes and say there law they are not congress. It's sad
I wasn't a tax professional - but when NAFTA was signed, like millions of Americans I watched my job get shipped to Mexico. Darwin's rule is "Adapt or Die". I had to adapt. This is nothing new. YOU will have to adapt as well and move on like millions of Americans did after NAFTA.
Voted for Trump three times. I work federal. 19 years til retirement for one of the necessary agencies within DoD. If they take my job I will sue them til my last breath unless I get properly compensated. I would love my tenure, retirement, 401k, and medical insurance.
I think there should be a tax overhaul the taxes are one of the worse things we have. I would hope he would simplify it, making it easier for people to understand a lot more.
Vivek is absolutely right, but at the same time It is pretty hard to tell someone "Yes your job will become obsolete". It's going to happen to a lot of people through automation anyway.
he should have just said it though, could have mentioned "it is unfortunate that accountants will see a decrease in business but the current tax structure forces individuals to pay an accountant to do their taxes for them and too many smart individuals are wasting their potential by doing everyone else's taxes when it is completely unneccesary, it doesn't add any value to the nation or individual, it exists soely to comply with bureaucratic regulations" i never thought i'd see vivek give a "very unsatisfying politician-dodging-the-question answer" but i guess maybe he was trying to avoid being taken out of context by someone clipping the answer.
The Tariff Act of 1890, commonly called the McKinley Tariff, was an act of the United States Congress, framed by then Representative William McKinley No one paid taxes until the dems brought in the debt of the federal reserve act of 1913 and downfall of America @@JedPotts-jv2ux
@@JedPotts-jv2ux I started feeling that, I am glad he did finally say it at the end but yes it definitely felt like "this is going to be taken out of context, people are going to say i want tax accountants to become homeless so lets give a minute long explanation to the question he didnt ask"
I am okay with property tax as they pays for a lot of local services. However the system I live under, in Illinois, makes no sense as the houses appraised value is not done by an actual appraisal, it is just a guess. A better solution would be a flat tax on sections of land, the actual property. Not on what is one on it but the land itself. So we parcel off land as a tax based on per acre. Every acre of land you own will have a specific tax. You offer a reduction of that tax for land that is SPECIFCALLY set aside for farm land, used for animal grazing or direct farming. Now you have a property tax that is fair, easy to understand and does not penalize people for success if they are able to upgrade the property.
Actually property taxes make a lot sense. The way they are implemented is terrible, but the people who own the land should be the ones paying for the infrastructure in their local area that they benefit from. How else do you think these services like fire, police, roads etc should be paid for?
I hope that they are able to do everything that they need to do. The working class Americans have been punished long enough!! Give us back our freedom and money
I saw this posted today: Land of the free. If you earn it, they tax it. If you spend it, they tax it. If you save it, they tax it. If you invest it, they tax it. If you build it, they tax it. If you sell it, they tax it. If you live in it, they tax it. If you drive it, they tax it. If you eat it, they tax it. If you give it away, they tax it. When you die, they tax it. Then they waste it.
The Problem is the PEOPLE, not "they". Why the people can NOT "SEE" they are NOT FREE. The Land is FREE for it was TAKEN by FORCE from the original CARE TAKERS.
I feel you. Property tax is tax form that actually enslave person and makes having a home a burden. Sometimes person needs multiple generation to have some property and as soon as person loses income they lose they home. Person can turn of lights, and limit they meals but if they need to pay for just having home then there is no options.
@@nemonucliosis Sales tax is better than property tax, people have choice do they need to buy or not. people often buy trash. And if they buy trash, let they pay for it. And there is other ways for government to generate income, like governmental investment funds. In some countries government manages billion of worth real estate, local and top level. Good example is Germany, state has stock on car industry worth of billions, owns real estate. Another good example is Norway oil fund, worth 1,5 trillion. The government don't have to run company, just own shares many companies to generate income. Other good tax place is the luxury tax. Not high but still taxed.
Exactly. No representation means the ones who take the taxes suffer no repercussions nor do they have to be transparent with their use of said stolen tax dollars
If you live in the US, you do have representation. The house and the Senate and the President. And both parties have sent aid to one place or another. Foreign aid is used to support American national security and commercial interests and can also be distributed for humanitarian reasons. the U.S. spends about $81 billion to protect global oil supplies (this includes the years of Trump's first Presidency by the way) We started doing it more after WWII to ensure greater global stability. If the U.S. really cut way back on foreign aid and refused to join any wars in the next decade, we should expect the world globe to change a lot and at least give the schools enough funds display the current world map for that year's geography coarse.
@@seannicholas6629 ill advised “representation” isn’t representation but treating special interest lobbying with US taxpayer dollars. It has been disguised as representation from past proclamations with no oversight. Of course most of the American citizenry not being involved is why such political parties tend to their own vises
i was waiting over two minutes for you to actually address this young man's question, a legit one. thankfully you finally did. and it was refreshing to see you were honest. appears as if he appreciated that. while having to look for a new profession would suck, getting to keep ALL the money you earn in that new profession would be worth the suck.
@@Momo_8kYep, and so many of these commenters are eating it up. You know they love the "pulled up by your bootstraps" fallacy, when many got to where they are through nepotism.
If you really think you'll get to keep all of the money you earn, I believe you'll be disappointed. Eliminating the IRS doesn't eliminate taxes, it just means we'll have to make taxes more simple. Taxes are necessary to pay for society, but eliminating waste will allow us to pay less.
@@charlesdeblanc3386 You know so little about how people "got where they are". The vast majority did not get there by nepotism. They got there through hard work and working toward the long-term goal. Picking yourself up by the bootstraps means not relying on someone else when times are hard. It means when times are hard, you work that much harder.. You need to stop believing you NEED someone to help you when you stumble or fall down. It is that belief in someone else having to help you that turns you into an entitled brat. You are owed NOTHING. You should EXPECT nothing. If you are a good kind person who helps others of your own free will when you have a surplus, then those around you will know that you are the type worth helping, and they will help you when you need it. You don't go around EXPECTING handouts when life is tough!
If there are no income taxes you wouldn't need to pay taxes and therefore the job wouldn't be necessary. Both simplifying the tax code and eliminating a job. So yes it should be that simple.
@@NEKingdom241Depends on the timeframe. That’s closer to us than the 13.7 billion years the universe existed. But compared to say 10 years ago, then that’s far away.
@@NEKingdom241the same way it was funded before the IRS was created. Or was you not taught in school that roads, bridges, utilities and infrastructure was still done without taxes? Look it up and educate yourself.
Brilliant BS... he never answered the question! He brilliantly explained income tax and then tells the guy that in ten years, he can find something new, and in the meantime, "keep doing what you do!" Absolute BS answer! The answer seemed obvious, but the question still remains... at least for that student.
@@Ben-qm9zq because it shows you how easily people can be misled when they hear someone confident talking with a smile. Anyone there should immediately have said "just answer the question", anyone watching it should say the same... but instead... they praise it
I'm a tax accountant, I don't mind the country being on the right path at the risk of my job. It's a worthwhile personal sacrifice for the greater good. As for me, God will have much better things for me to do. Praise the Lord! ✝️🙏
@prettyboyjeremy Thanks. I'd like to think I'm smart, tested an IQ of 144 when I was 13 thanks to God ✝️🙏 Probably not as smart as Elon Musk but am wiser than him so far in terms of beating the odds of a camel through the eye of a needle. 🤭 I hope he too will beat the odds someday.
Honestly no offense but you must not be a very good one if you think the country going completely no tax, which means bye bye your job, is a good thing. If we have no tax to fund a government then we have no country.
@ashventura3871 Who said anything about no tax completely? People here are talking about flat tax or simplified tax without the current overly complex tax rules with many loopholes btw. Also the income tax even if abolished completely (which is quite unlikely) it will just be replaced by a different type of tax. You obviously don't know anything about the U.S. tax system or how many tax specialties there are. We have personal income tax, corporate income tax (federal and states), payroll tax, gift tax, estate tax, property tax, sales and use tax, customs, tariffs and all sorts of local taxes. Each state also has their own tax rules, we're effectively dealing with 50 little different countries tax laws in addition to federal. Tax accountants specialize in different areas, very much like other professions. I specialize in income tax where there have been much talks about flat tax and simplifying the tax code. Even if income tax is simplified, it doesn't mean there won't be income tax, besides there're still a slew of other non-income based tax. You're talking to someone who has had decades of experience in the tax area. Get yourself educated at least with baseline concept before you shoot your mouth please.
Estonia is way ahead of most of the world in this way. There are no tax brackets and no tax write-offs so everyone just pays 20% income tax and it gets deducted off your pay every month. No one needs accountants for personal taxes because it doesn't need any skill or effort. Accountants only work for businesses to track money, but again, flat rate taxation for companies.
@@markbrowning4334 Wasn't it H.W. Bush that promised "NO NEW TAXES" and then proceeded to sign for new taxes. Don't let the R&D cloud cover your eyes, both are guilty of lying to the American people and if not calling for them, voting for them.
BRIAN KIM from Clear Value Tax has applied to DOGE, and I wish to strongly encourage him for consideration. He is brilliant, and would be an incredible asset to your team in Washington.
Better question: Why does our government make it so difficult for us to give them our money that we have to pay individuals that are then taxed on their services?
Because tax preparation companies lobbied to keep the system in place because they earn buckets of money from people needing their services just so they don't go to jail.
Nice to see something "temporary" terminated. The income tax was the original version of "two weeks to flatten the curve". Hard to imagine government would lie to us. Go get "em DJT! And Vivek, get the biggest wrecking ball you can find!
The income tax was never a temporary solution m. It was fully intended to be around forever and was the direct result from the Great Depression that was purposefully caused by the same banks that we pay income tax to.
As a Canadian who loses 46% of his income between federal and provincial (state level), this hits home, really hard! If you think Canada has a FREE medical system, I’ve been on a wait list for a family doctor for 25 months . A lot of times the only option for a doctor is to wait 12 to 20 hours in the ER. Would love to see Trump make this happen for Americans!!! I’d also love to see Pierre Polievre do it here when he smokes Trudeau in next year’s election!!
@scottbright595 Unrealistic is thinking Soc Sec will even be there when you get old enough to need it or thinking most welfare isnt being used by ppl that have been abusing it by playing the system for decades!
@@Bro_Jared I just pay into the system anyways while single moms and low income ppl get checks for 10K in a return while paying maybe 1500 into it and I'm paying into it about 6k...screw that crap! My income tax is going to ppl that are alone or working at a gas station or dollar store who take better vacations than I ever could with my money! Sorry but no! I'll keep my 6k+ and they can keep their 1500 and I'll go on vacation instead of them with my money! Tired of paying others way forward while I do without working my butt off 60 hours a week while they work about 30! Hell no!
The first lie he told was that income tax was a relatively new thing. President Lincoln started the IRS and income tax in 1862. Is that relatively new?
@@mxslick50 Um, I know when the Country was founded. Thanks for the history lesson though. What does that have to do with Vivek's first lie that he told?
Thanks for keeping us updated! I feel sympathy and empathy for our country. low income people are suffering to survive, and l appreciate Mrs Laura Lee Fair. You've helped my family with your advice. imagine investing $30,000 and receiving $95,460 after 28 days of trading.
Hello, how do you make such a weekly?? I'm a born Christian, and sometimes I feel so down of myself because of low finance, but I still believe in God.
Great talk and promises, the thing that has been done by politicians for THOUSANDS OF YEARS. Actions speak louder than words.....and NO, it AIN'T going to happen.
Find a job…. It’s a ridiculous industry. A lot of industries make their living solely because of the amount the government regulates business and taxes the hell out of us
@@niroritActually their jobs are why the tax code is so convoluted. Tax companies do not want the tax code to be simplified or else they would lose money. The tax professional industry hurts the American people more than it helps.
It's not a real job, it's theft, if you can't pass an audit it's theft! Pick a better career other than theft. Build something or fix something, contribute rather than being a leech of the public funds.
*I'm favoured only God knows how much I praise Him,* $230k every 4weeks! | now have a big mansion and can now afford anything and also support God's work and the church.
Only God knows how much grateful i am. After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!
I started pretty low, though, $5000 thereabouts. The return came massive. Joey is in school doing well, telling me of new friends he's meeting in school. Thank you Evelyn Vera, you're a miracle.
Wow...I know her too she is a licensed broker and a FINRA agent she is popular in US and Canada she is really amazing woman with good skills and experience.
"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men." - Woodrow Wilson (Wilson, lamenting the consequences of signing the Federal Reserve Act.)
NOT hope, It is the REALITY ( future exist NOW). The profession that will remain are the essentials such as Teachers, Doctors and certain Engineers/Workers, even Social Workers, Lawyers, Police, Soldiers will be a thing of the PAST! at least in two of the three timelines beginning 2025
@@jesussalas9262 what is more important, having Americans keep 100% of their income, which will greatly stimulate the economy, or keep the status quo? The former seems way more logical to me. If there was no income tax, yes, there would be no need for CPA's or IRS agents. That is a positive.
VA Healthcare can be replaced with an insurance card. I'm a disabled veteran. Because I live a long way from a VA facility, my healthcare comes through the VA Department of Community Care. It takes 6 people to sign off on an authorization (and days, sometimes weeks). These claims are already processed by Optum/United Healthcare. Give me an insurance card and get the government out of my way. Go DOGE, Go!!!
@@sarahann530the should get better care than they do, they should get access to everything normal people do in just the same amount of time. They should also get it all for free for serving our country.
@sarahann530 no, we did not get "paid" to join. Yes we had a monthly income while in, but it was crap pay. Oh, and a measly 20k towards collage afterwards...whoopty doo.
@@sarahann530 You are right, they got a paycheck But what you are not seeing is what else they gave up. My father was in the military. We moved every 4 years. I had to change schools and lose all my friends and make new ones (this was long before the internet). My father had to spend a few years in Thailand during the Vietnam War, years I did not get to spend with him. He was in the military and HE HAD NO CHOICE once he was in. What other jobs work like this? None. You can quit when you like. You do not have to move or risk your life in war. They sign up for the military and get crap pay and another poster said, but they know that if they put in 20 years they get a pension and government paid healthcare. It is all rolled into the decision to go into the military. 30+ years ago private companies used to do this stuff as well. If you put in 25 years with them they would pay you a pension and health care for the rest of your life (not all companies, but enough did this for career salary people.) So tell me, if you chose to work for a company that promised you a company paid pension and healthcare for the rest of your life after you retired and then once you retired the young people coming in the door demanded that the older people getting these free pensions should not get them, how would you feel at that point? You chose the job based on those particular perks. Should they be taken away because someone else says "Why should they get free stuff?"
I'm 57. After the Plague I had the option of going back to work or not. I chose not. I just couldn't justify working only to lose the first 40% of it, then watching the government throw it on a burn pile. If they eliminate the income tax it's likely I'll return to productivity. But I'm not giving money to the federal government again in this lifetime. Zelensky is on his own.
@@humanresources3545 Good thing we are about to remove 30 million illegals, that will serve to both drive up wages and drive down housing prices. MAGA.
Tax professionals would just focus on business taxes and estate tax and other ways the govt gets their money. Cutting individual income tax would most definitely not end the accounting profession. Tax revenue is a necessary evil and if it's not on the individual level you better believe they will find that $ elsewhere.
Accountants don't only do taxes. The also do audits and bookkeeping and financial planning. When I studying for my CPA most of my studies had very little to do with taxes. I just had to take a single tax course.
Many professions will cease to exist in the near future, the number 1 is Accountant (CPA etc), Lawyers, even psychologist, social workers etc.... for there will have no need for these, Teachers, Doctors will exist, however function very differently. This has been an artificially created reality to keep HUMAN from PROGRESSION (CPA, GDP, Investing etc....Police, Lawyers, Soldiers)
This is good for you to talk about! Most of us have never lived during a time that we can recall, that we didn’t pay income taxes. So this is a concept that is foreign to almost everyone and likely not talked about. Very intriguing to know how this can work, and the more people hear the explanation of how it can work, the better informed people can be!
People are looking at this idea and the tariff idea as two separate things, instead of looking at how it is a bigger picture and how each thing will balance the other thing out. ( hopefully). Also, will all the people who are getting fired, be allowed to collect unemployment? What about their retirements? How will that affect changes? Will it cost more or less?
I’m Debt free and loving it!.. built a 230k safety net in just two months and cleared of my mortgage, Thank you for making this possible Ms *Stacey Neal Brooks, I feel blessed*
Nice meeting someone who also work with Stacey, she's the only one I could trust, she got me proflts of 14,OOO with a little start up of 2,5OO and ever since she has been delivering.
Pretty smart move to eliminate, social security, Medicare and Medicaid, military, financial assistance for anyone, court of law, police, firefighters, public roads, public schools, public universities, etc..
So Vivek basically said that his profession will indeed die, but it won't happen overnight, so there's time for all Tax Professionals to prepare and find a new profession.
Should have been straight up with him and said that his job will brcome obsolete, but he should transfer those skills to work as a CPA for businesses big or small to help with their accounting, billing, or maybe even tariffs. All of that will still be needed.
Even as a gov contractor, I support draining the swamp. It will suck that I may have to change over to commercial work, but I want something to leave behind for my kids.
We would still need accountants. Companies have to ensure they pay their suppliers, there needs to be enough $ to make payroll, companies need to ensure they’re getting paid on time for their goods & services. Long term budgeting and planning will always exist.
Elimination of income tax for working class people would ultimately increase the need for tax professionals because many people who have never been able to start a business would have a much higher potential to do so. Myself for example has had a small farm for 20 years but the profit potential of increased production and hiring employees makes it difficult to calculate because my manufacturing job puts my current yearly net right on the line for another tax bracket. So if my farm makes another 30k a year I would have to hire one part time employee and increase my tax burden by potentially more than my profit increase. There's no motivation to take that step.
Some jobs go away. No one delivers ice any more. Would we continue to incarcerate more people than we need to in order to ensure employment for prison guards?
Thank you for telling him the news Vivek. I was worried that I was about to witness the first time of you dodging a question. To this day I’ve not seen it
I am a corporate accountant, and I think with the fall of the income taxes, all accountants will see pay decrease as the tax accountants find their way into different fields. This will stabilize as fewer people pursue to field and then a new equilibrium will build back up. I believe that this will make business more profitable and will have more money to pay all of their employees, so in the long run even us accountants will be better off, but the current generation of accountants will feel some pain.
When the internal combustion engine started to get popular, people who's livelihoods revolved around horse drawn wagons and carriages pushed against it too. But, in the end old technology either evolved or disappeared!
That’s why we need a Nation wide flat tax. Whether someone earns $100 or $100M it should be 10%. No favoritism or loopholes. No confusing tax codes. Better life planning for everyone. People & companies could save $ instead of running from State to State.
Billionaires often don’t “earn” anything. The money is tied up in unrealized capital gains. They have the money to hire tax attorneys to find loopholes. A flat 10% income tax would lower tax revenue by a huge margin.
His answer after all the fluff. Find a new profession once it’s established no more income taxes. Accounting seems like a great pivot many business owners will need the assistance balancing books
1. Institute a 10% national sales tax on everything, except primary residence. 2. 10% flat tax on corporate revenue (no deductions) 3. 10% tariff on imports 4. personal income tax 0% & reduce IRS staff by 90% 5. watch the economy soar
No infome tax doesn't mean no tax at all. Corporations will still need accountants for taxes. But yes many will need new jobs. Thats not a bad thing. Forced change often means something better presents itself. Jobs based on the slavery of humanity arent jobs people should want. But i also realize people didnt take the jobs really understanding what they were supporting either. Taxes are very ingrained into us as normal and even our duty to pay and what makes us productive, worthy citizens.
“Nothing lasts longer than a temporary government program.” -- Ronald Reagan
Reagan was the Yogi Berra of politics - so many one-line zingers! lol
This was actually Milton Friedman
people in the government that do a bad job will just get moved somewhere else, as well. contractors get fired, govvies get moved to another department to screw that up too.
@@natebreivik6607 You milked Friedman ? Naughty naughty boy. I'm just Effing with you
The city of Houston built 2 major roads making them toll roads until the tolls recouped the cost of the construction, then the toll booths would come down. That was in 1980. They’re still toll roads. 😐
The simple truth is that the tax code should never be so complicated that you need to hire someone to help you do your taxes
It shouldn't matter, regardless. The IRS already has all the info for your income taxes. Companies like Intuit (TurboTax) and H&R Block have spent billions lobbying politicians to prevent that data being used, and forcing most Americans to pay these companies. The IRS could've been either sending you a bill or a refund check at the end of the year all along.
yes - you are right on. It's just every normal citizen's responsibility filing a tax return every year and he/she shouldn't be depend on some professionals and pay them a fee.
I once had a copy of the very first income tax form. It was like 3 pages or so. Sold it on Ebay.
Totally agree 👍
You don’t need a professional. Just do research on what impacts you.
I'm a massive Trump supporter. And I fully support getting rid of the IRS. Alas, I am a tax professional. I've spent my career saving people tens of thousands on their taxes while still being fully compliant within the tax code. I do fear my profession may vanish, but I believe it is for the greater good of all citizens.
As a tax professional you know income tax and property tax have been illegal then bam the fed came and irs nows it's a direct tax when for decades it was a indirect tax ive read and read no where have I found it's mandatory to pay those taxes. Only irs tax code does and last time I checked the irs is not a legislature that can create laws so alot of those codes are illegal. Up until the creation of the fed and irs the where up held to be indirect taxes. Tax codes are not laws the irs just create codes and say there law they are not congress. It's sad
There's a massive amount of time wasted by every person every year on income taxes, and all the privacy invasion to enforce it.
I wasn't a tax professional - but when NAFTA was signed, like millions of Americans I watched my job get shipped to Mexico. Darwin's rule is "Adapt or Die". I had to adapt. This is nothing new. YOU will have to adapt as well and move on like millions of Americans did after NAFTA.
Voted for Trump three times. I work federal. 19 years til retirement for one of the necessary agencies within DoD.
If they take my job I will sue them til my last breath unless I get properly compensated. I would love my tenure, retirement, 401k, and medical insurance.
I think there should be a tax overhaul the taxes are one of the worse things we have. I would hope he would simplify it, making it easier for people to understand a lot more.
Property tax is another crime.. you "owe nothing and you should be happy"
I think you mean OWN nothing rather than OWE nothing! When I owe nothing, I AM happy!
Yup!
@@jasonrodgers9063 A month late, but he should've edited his comment. 😂
Abolish the immoral income tax! Get it done!
Eliminate INCOME TAX??? DUDE...SIGN ME UP!!
Eliminating income tax hurts the middle class earner and benefits the wealthy. You will be paying MORE in taxes if you are middle class or below.
Should have signed up Nov. 5.
@@KyleS93 I'm middle class. How does eliminating the the $7,000 yearly income tax bill I have to pay "hurt" me exactly?
@@KyleS93 please explain because I’m middle class and I have to pay $5-7k a year.
@@KyleS93are you ret@rded? they are talking about eliminating income taxes along all classes of income.
Vivek is absolutely right, but at the same time It is pretty hard to tell someone "Yes your job will become obsolete". It's going to happen to a lot of people through automation anyway.
he should have just said it though, could have mentioned "it is unfortunate that accountants will see a decrease in business but the current tax structure forces individuals to pay an accountant to do their taxes for them and too many smart individuals are wasting their potential by doing everyone else's taxes when it is completely unneccesary, it doesn't add any value to the nation or individual, it exists soely to comply with bureaucratic regulations"
i never thought i'd see vivek give a "very unsatisfying politician-dodging-the-question answer" but i guess maybe he was trying to avoid being taken out of context by someone clipping the answer.
The Tariff Act of 1890, commonly called the McKinley Tariff, was an act of the United States Congress, framed by then Representative William McKinley No one paid taxes until the dems brought in the debt of the federal reserve act of 1913 and downfall of America @@JedPotts-jv2ux
Obama did and that dude is a hero to some people still...
@@JedPotts-jv2ux nobody cares about them.... nobody cared when it jobs went over sea..... or when cheep labor replaced landscapers ...
@@JedPotts-jv2ux I started feeling that, I am glad he did finally say it at the end but yes it definitely felt like "this is going to be taken out of context, people are going to say i want tax accountants to become homeless so lets give a minute long explanation to the question he didnt ask"
Get rid of property taxes!
I am okay with property tax as they pays for a lot of local services. However the system I live under, in Illinois, makes no sense as the houses appraised value is not done by an actual appraisal, it is just a guess.
A better solution would be a flat tax on sections of land, the actual property. Not on what is one on it but the land itself. So we parcel off land as a tax based on per acre. Every acre of land you own will have a specific tax. You offer a reduction of that tax for land that is SPECIFCALLY set aside for farm land, used for animal grazing or direct farming.
Now you have a property tax that is fair, easy to understand and does not penalize people for success if they are able to upgrade the property.
@ELCrisler the State takes to much money for property tax with all the social programs out there today.
Actually property taxes make a lot sense. The way they are implemented is terrible, but the people who own the land should be the ones paying for the infrastructure in their local area that they benefit from. How else do you think these services like fire, police, roads etc should be paid for?
Yes. We build the wealth, work hard, and retire…then the government takes it back.
@@ELCrisler So you dont believe in home ownership, got it
Time for people to stop getting rich calculating our taxes, April 15 should just be another day ❤️🇺🇸
I hope that they are able to do everything that they need to do. The working class Americans have been punished long enough!! Give us back our freedom and money
I saw this posted today:
Land of the free.
If you earn it, they tax it.
If you spend it, they tax it.
If you save it, they tax it.
If you invest it, they tax it.
If you build it, they tax it.
If you sell it, they tax it.
If you live in it, they tax it.
If you drive it, they tax it.
If you eat it, they tax it.
If you give it away, they tax it.
When you die, they tax it.
Then they waste it.
The Problem is the PEOPLE, not "they". Why the people can NOT "SEE" they are NOT FREE. The Land is FREE for it was TAKEN by FORCE from the original CARE TAKERS.
@@wanjuchien4208 Put up or shut up, if you're gonna make a land acknowledgement argument.
Abolish property taxes and capital gains taxes as well , let me keep my family farm .
I feel you. Property tax is tax form that actually enslave person and makes having a home a burden. Sometimes person needs multiple generation to have some property and as soon as person loses income they lose they home. Person can turn of lights, and limit they meals but if they need to pay for just having home then there is no options.
Who's gonna pay for roads, transportation, schools and hospitals?
@@nemonucliosis sales tax.
@@coatesjoseph so sale tax will increase to pay for everything. Got it. 👍
@@nemonucliosis Sales tax is better than property tax, people have choice do they need to buy or not. people often buy trash. And if they buy trash, let they pay for it. And there is other ways for government to generate income, like governmental investment funds. In some countries government manages billion of worth real estate, local and top level. Good example is Germany, state has stock on car industry worth of billions, owns real estate. Another good example is Norway oil fund, worth 1,5 trillion. The government don't have to run company, just own shares many companies to generate income. Other good tax place is the luxury tax. Not high but still taxed.
All of our tax dollars go to other countries so why should we have taxation without representation?
Exactly. No representation means the ones who take the taxes suffer no repercussions nor do they have to be transparent with their use of said stolen tax dollars
If you live in the US, you do have representation. The house and the Senate and the President. And both parties have sent aid to one place or another. Foreign aid is used to support American national security and commercial interests and can also be distributed for humanitarian reasons. the U.S. spends about $81 billion to protect global oil supplies (this includes the years of Trump's first Presidency by the way) We started doing it more after WWII to ensure greater global stability. If the U.S. really cut way back on foreign aid and refused to join any wars in the next decade, we should expect the world globe to change a lot and at least give the schools enough funds display the current world map for that year's geography coarse.
@@seannicholas6629 Spoken like a true demonrat.
@@seannicholas6629 ill advised “representation” isn’t representation but treating special interest lobbying with US taxpayer dollars. It has been disguised as representation from past proclamations with no oversight.
Of course most of the American citizenry not being involved is why such political parties tend to their own vises
Income tax is like advertising: half the money you spend on it is wasted. The problem is it's nearly impossible to figure out which half.
i was waiting over two minutes for you to actually address this young man's question, a legit one. thankfully you finally did. and it was refreshing to see you were honest. appears as if he appreciated that. while having to look for a new profession would suck, getting to keep ALL the money you earn in that new profession would be worth the suck.
Just maybe you need to move to Canada
So his answer was to tell him he was going to be unemployed ? 😂
@@Momo_8kYep, and so many of these commenters are eating it up. You know they love the "pulled up by your bootstraps" fallacy, when many got to where they are through nepotism.
If you really think you'll get to keep all of the money you earn, I believe you'll be disappointed. Eliminating the IRS doesn't eliminate taxes, it just means we'll have to make taxes more simple. Taxes are necessary to pay for society, but eliminating waste will allow us to pay less.
@@charlesdeblanc3386 You know so little about how people "got where they are". The vast majority did not get there by nepotism. They got there through hard work and working toward the long-term goal. Picking yourself up by the bootstraps means not relying on someone else when times are hard. It means when times are hard, you work that much harder.. You need to stop believing you NEED someone to help you when you stumble or fall down. It is that belief in someone else having to help you that turns you into an entitled brat. You are owed NOTHING. You should EXPECT nothing. If you are a good kind person who helps others of your own free will when you have a surplus, then those around you will know that you are the type worth helping, and they will help you when you need it. You don't go around EXPECTING handouts when life is tough!
er..... the tax code should be simple enough that there should NOT be 'tax professionals' at all!!!!!!
If there are no income taxes you wouldn't need to pay taxes and therefore the job wouldn't be necessary. Both simplifying the tax code and eliminating a job. So yes it should be that simple.
Simple would be NO income tax, and a 10% federal SALES tax.
@@mikeh8416if that can ever happen USA would be heaven on earth
@@mikeh8416Exactly go to a consumption based tax on everything but food and drugs.
@@scotttildI'd add housing to that
We are grateful to have Vivek as an integral part of the Trump administration.
He is nobodys fool that guy and Elon Musk is not shy about firing people I think they are going to do great things those two.
Because he thinks 1862 is recent?
@@NEKingdom241Depends on the timeframe. That’s closer to us than the 13.7 billion years the universe existed. But compared to say 10 years ago, then that’s far away.
I hope y'all know he's a DEI hire
@@D41-j5s I thought you people were all for that
They go the same way radioshack and blockbuster went. Such is life. Onto better things!
Can you imagine how many Americans would have a roof over their heads if they didn't have to pay taxes???????
Can you imagine funding our Police, Fire Dept's, Schools, Highway dept's, ect, ect, without taxes?
@@NEKingdom241 yeah it’d be super easy if the government had a proper budget
@@pdaddy2259 Define what you mean by proper budget ?
@@sarahann530 by spending our tax money wisely and being held accountable to we the people. Instead our gov wastes it on the most preposterous things.
@@NEKingdom241the same way it was funded before the IRS was created. Or was you not taught in school that roads, bridges, utilities and infrastructure was still done without taxes? Look it up and educate yourself.
Brilliantly articulated again from Vivek
Brilliant BS... he never answered the question! He brilliantly explained income tax and then tells the guy that in ten years, he can find something new, and in the meantime, "keep doing what you do!" Absolute BS answer! The answer seemed obvious, but the question still remains... at least for that student.
he said nothing.
@@Ben-qm9zqthe fact the OP doesn’t see this and that it has as many upvotes as it has is terrifying.
@LeviClay terrifying? Why?
@@Ben-qm9zq because it shows you how easily people can be misled when they hear someone confident talking with a smile. Anyone there should immediately have said "just answer the question", anyone watching it should say the same... but instead... they praise it
I'm a tax accountant, I don't mind the country being on the right path at the risk of my job. It's a worthwhile personal sacrifice for the greater good. As for me, God will have much better things for me to do. Praise the Lord! ✝️🙏
If you're a smsrt guy people will pick up on that
@prettyboyjeremy Thanks. I'd like to think I'm smart, tested an IQ of 144 when I was 13 thanks to God ✝️🙏 Probably not as smart as Elon Musk but am wiser than him so far in terms of beating the odds of a camel through the eye of a needle. 🤭 I hope he too will beat the odds someday.
Honestly no offense but you must not be a very good one if you think the country going completely no tax, which means bye bye your job, is a good thing. If we have no tax to fund a government then we have no country.
@ashventura3871 Who said anything about no tax completely? People here are talking about flat tax or simplified tax without the current overly complex tax rules with many loopholes btw. Also the income tax even if abolished completely (which is quite unlikely) it will just be replaced by a different type of tax. You obviously don't know anything about the U.S. tax system or how many tax specialties there are. We have personal income tax, corporate income tax (federal and states), payroll tax, gift tax, estate tax, property tax, sales and use tax, customs, tariffs and all sorts of local taxes. Each state also has their own tax rules, we're effectively dealing with 50 little different countries tax laws in addition to federal. Tax accountants specialize in different areas, very much like other professions. I specialize in income tax where there have been much talks about flat tax and simplifying the tax code. Even if income tax is simplified, it doesn't mean there won't be income tax, besides there're still a slew of other non-income based tax. You're talking to someone who has had decades of experience in the tax area. Get yourself educated at least with baseline concept before you shoot your mouth please.
Love your debating style Vivek. Eloquent and respectful. You are the future brother. Stay true to the Lord.
This isn't a debate. He was answering a question.
Edit: And he's Hindu
Vivek: which one?
He tells lies. Income tax and the IRS was introduced in 1862 by President Lincoln. Is that recent?
@@bufficliff8978 He didn't answer the question though di he?
Patala haga hu akabar@@faizanalam8567
They could get the tax code down to 1 single page. Within a year the tax code will be back up to 20,000 pages again.
Certainly within the next democrat administration, anyway.
Like a weed. Then you cut it again 😅😅
Estonia is way ahead of most of the world in this way. There are no tax brackets and no tax write-offs so everyone just pays 20% income tax and it gets deducted off your pay every month. No one needs accountants for personal taxes because it doesn't need any skill or effort. Accountants only work for businesses to track money, but again, flat rate taxation for companies.
@@Langhorstinessfunny how being ahead means simplification
@@markbrowning4334 Wasn't it H.W. Bush that promised "NO NEW TAXES" and then proceeded to sign for new taxes. Don't let the R&D cloud cover your eyes, both are guilty of lying to the American people and if not calling for them, voting for them.
He just said you're going to need a new profession in a few years. I respect the honesty 😅
BRIAN KIM from Clear Value Tax has applied to DOGE, and I wish to strongly encourage him for consideration. He is brilliant, and would be an incredible asset to your team in Washington.
He's not a billionaire so he wouldn't be a good fit.
They are supposed to be hiring people that are really dedicated to finding waste.
@@Shakerhood69i just saw his video on that and he would be a great fit for the team
@@jockwithajoystick I just saw that too, lol.
There are better candidates out there. Just because someone is a UA-cam influencer doesn’t mean they are capable of such an important position
We here "pay your fair share" from the left. What is someone's fair share of my hard work?
Have to audit and then fire the FED!
...and return the power of printing money to the USA rather than the fed which is no more federal than federal express.
It is guys like this young man that would be perfect auditors for the federal departments.
Tax preparation might change, but the need for good Bookkeeping and Accounting will always be a prerequisite of business success.
Stop taxing productivity!!!
Aka, stop stealing my labor
"STOP feeding the Beast" needs to be a pumper sticker!!
Stop feeding the swamp beast
Better question: Why does our government make it so difficult for us to give them our money that we have to pay individuals that are then taxed on their services?
Insane, huh?!
At least the amount you spend on someone doing your taxes is deductible
Because they want to fleece you as much as they can, basically shake you upside down letting everything fall out of your pockets into theirs...
If they catch a mistake they can then charge you on the amount due plus interest making even more than they would with a simple tax code.
Because tax preparation companies lobbied to keep the system in place because they earn buckets of money from people needing their services just so they don't go to jail.
Vivek is the best!
Property taxes should be eliminated at the same time. You should never be made to pay the government continuously for your home.
Nice to see something "temporary" terminated.
The income tax was the original version of "two weeks to flatten the curve".
Hard to imagine government would lie to us.
Go get "em DJT! And Vivek, get the biggest wrecking ball you can find!
The income tax was never a temporary solution m. It was fully intended to be around forever and was the direct result from the Great Depression that was purposefully caused by the same banks that we pay income tax to.
@@ang9303 wasn't the great depression 20 years after income tax or am i getting my dates mixed up
@@hydrarl3869 no the income tax along with SS was imposed on either xmas eve or xmas day when nobody was there to vote on it.
As a Canadian who loses 46% of his income between federal and provincial (state level), this hits home, really hard! If you think Canada has a FREE medical system, I’ve been on a wait list for a family doctor for 25 months . A lot of times the only option for a doctor is to wait 12 to 20 hours in the ER.
Would love to see Trump make this happen for Americans!!! I’d also love to see Pierre Polievre do it here when he smokes Trudeau in next year’s election!!
Amen brother. I left Ontario and Canada because of it. Just before the hike on capitol gains tax to 66 2/3 %.
No more Income tax would be amazing!
it is unrealistic and would only hurt poor people. Welfare, social security, the interstate system and many others did not exist before taxes
@scottbright595 Unrealistic is thinking Soc Sec will even be there when you get old enough to need it or thinking most welfare isnt being used by ppl that have been abusing it by playing the system for decades!
No more tax refunds also it sounds like.
@@Bro_Jared I just pay into the system anyways while single moms and low income ppl get checks for 10K in a return while paying maybe 1500 into it and I'm paying into it about 6k...screw that crap! My income tax is going to ppl that are alone or working at a gas station or dollar store who take better vacations than I ever could with my money!
Sorry but no! I'll keep my 6k+ and they can keep their 1500 and I'll go on vacation instead of them with my money! Tired of paying others way forward while I do without working my butt off 60 hours a week while they work about 30! Hell no!
Impressive how respectful and gracious Vivek is towards everyone.
We give too many billions to too many countries
Your comments were absolutely spot on, and indicative of a deep understanding of relevant history and principles.
The first lie he told was that income tax was a relatively new thing. President Lincoln started the IRS and income tax in 1862. Is that relatively new?
@@NEKingdom241Um, study history better. The country was founded in 1776, about a hundred years prior.
@@mxslick50 Um, I know when the Country was founded. Thanks for the history lesson though. What does that have to do with Vivek's first lie that he told?
Put them all out of jobs. Taxation is theft
You’re a clown
🤡
No Income tax = No Infrastructure programs + no public health + no public education + no social security + no US military
Thanks for keeping us updated! I feel sympathy and empathy for our country. low income people are suffering to survive, and l appreciate Mrs Laura Lee Fair. You've helped my family with your advice. imagine investing $30,000 and receiving $95,460 after 28 days of trading.
Hello, how do you make such a weekly??
I'm a born Christian, and sometimes I feel so down of myself because of low finance, but I still believe in God.
I thank Laura Lee Fair who has always been there to help me with detailed analysis and recommendations that would not have had access to otherwise.
YES! That is exactly her name (LAURA LEE FAIR). I saw her interview on CNN News and so many people highly recommended her and her trading skills❤️
Laura Lee Fair ?
I googled about her, and yes, she's won my heart. She just gained herself a new client
Great talk and promises, the thing that has been done by politicians for THOUSANDS OF YEARS. Actions speak louder than words.....and NO, it AIN'T going to happen.
Got worried he may not answer the guys question like alot of people do, but he still did in the end. Props to this guy
in this scenario, the easiest transition would be in bookkeeping and consulting positions for the private sector.
Find a job…. It’s a ridiculous industry. A lot of industries make their living solely because of the amount the government regulates business and taxes the hell out of us
I'm glad you made this video, it reminds me of my transformation from a nobody to good home, $80k bi weekly and a good daughter full of of love
Hello!! how do you make such bi-weekly , sometimes I feel so down of myself because of low finance but I still believe God
This is what Daisy Clara does, she has changed my life.
Wow! I know Daisy Clara, and I have also had success...
Absolutely! I have heard stories of people who started with little or no knowledge but managed to emerge victorious thanks to Daisy Clara.
Please what’s her contact information?
I appreciate that you actually came back to the concern and the question he had. Very informative and professional
I hope aFlat Tax for Both Businesses and Workers.
"How will it impact tax professionals"
hopefully they find real jobs
It’s a real job are you nuts? It brings very real value even if you dislike it.
@@niroritActually their jobs are why the tax code is so convoluted. Tax companies do not want the tax code to be simplified or else they would lose money. The tax professional industry hurts the American people more than it helps.
It's not a real job, it's theft, if you can't pass an audit it's theft! Pick a better career other than theft. Build something or fix something, contribute rather than being a leech of the public funds.
@@nirorit😂😂😂😂😂😂 🫡commie
Vivek great work, thank you for all your doing for the country, your the man !!! Love n peace ✌️ to you brother
*I'm favoured only God knows how much I praise Him,* $230k every 4weeks! | now have a big mansion and can now afford anything and also support God's work and the church.
Only God knows how much grateful i am. After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!
Wow that's huge, how do you make that much monthly?.. I have been looking for ways to be successful, please how??
It's Ms. Evelyn Vera doing, she's changed my life.
I started pretty low, though, $5000 thereabouts. The return came massive. Joey is in school doing well, telling me of new friends he's meeting in school. Thank you Evelyn Vera, you're a miracle.
Wow...I know her too she is a licensed broker and a FINRA agent she is popular in
US and Canada she is really amazing woman with good skills and experience.
"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men." - Woodrow Wilson
(Wilson, lamenting the consequences of signing the Federal Reserve Act.)
I am so glad this is getting more light
Hopefully we say goodbye to tax professionals
Is that a way to create jobs?
NOT hope, It is the REALITY ( future exist NOW). The profession that will remain are the essentials such as Teachers, Doctors and certain Engineers/Workers, even Social Workers, Lawyers, Police, Soldiers will be a thing of the PAST! at least in two of the three timelines beginning 2025
🤡
@@jesussalas9262 what is more important, having Americans keep 100% of their income, which will greatly stimulate the economy, or keep the status quo? The former seems way more logical to me. If there was no income tax, yes, there would be no need for CPA's or IRS agents. That is a positive.
@@jesussalas9262
Yes .
As your people said , " They should learn to Code "
Man I love Vivek.
Thank You For Your Time And Knowledge 💯🤝
It's a big sacrifice, and no one wants to see out of work tax collectors, but it's a sacrifice I'm willing to make
Government is way too bloated and needs to be reduced to a bare minimum
VA Healthcare can be replaced with an insurance card. I'm a disabled veteran. Because I live a long way from a VA facility, my healthcare comes through the VA Department of Community Care. It takes 6 people to sign off on an authorization (and days, sometimes weeks). These claims are already processed by Optum/United Healthcare. Give me an insurance card and get the government out of my way. Go DOGE, Go!!!
You should pay for health insurance like everybody else . Veterans should not get welfare .
@@sarahann530the should get better care than they do, they should get access to everything normal people do in just the same amount of time. They should also get it all for free for serving our country.
@KD0MEP They got paid to join the military . Why should anybody get free stuff for life just because they were in the military for 4 years.
@sarahann530 no, we did not get "paid" to join. Yes we had a monthly income while in, but it was crap pay. Oh, and a measly 20k towards collage afterwards...whoopty doo.
@@sarahann530 You are right, they got a paycheck But what you are not seeing is what else they gave up. My father was in the military. We moved every 4 years. I had to change schools and lose all my friends and make new ones (this was long before the internet). My father had to spend a few years in Thailand during the Vietnam War, years I did not get to spend with him. He was in the military and HE HAD NO CHOICE once he was in. What other jobs work like this? None. You can quit when you like. You do not have to move or risk your life in war.
They sign up for the military and get crap pay and another poster said, but they know that if they put in 20 years they get a pension and government paid healthcare. It is all rolled into the decision to go into the military. 30+ years ago private companies used to do this stuff as well. If you put in 25 years with them they would pay you a pension and health care for the rest of your life (not all companies, but enough did this for career salary people.)
So tell me, if you chose to work for a company that promised you a company paid pension and healthcare for the rest of your life after you retired and then once you retired the young people coming in the door demanded that the older people getting these free pensions should not get them, how would you feel at that point? You chose the job based on those particular perks. Should they be taken away because someone else says "Why should they get free stuff?"
Making $1,200 a week but after taxes you get $850. And if my Social Security disappears nobody will be safe. That's all I'm saying.
I'm 57. After the Plague I had the option of going back to work or not. I chose not. I just couldn't justify working only to lose the first 40% of it, then watching the government throw it on a burn pile. If they eliminate the income tax it's likely I'll return to productivity. But I'm not giving money to the federal government again in this lifetime. Zelensky is on his own.
So you made over $650,000. The median wage is less than 10% of that.
@@humanresources3545 Good thing we are about to remove 30 million illegals, that will serve to both drive up wages and drive down housing prices. MAGA.
@@humanresources3545 Based on your comment, I can see why you have to work in human resources. 🙄
Let’s all stop paying taxes! We can’t all go to jail!
These type of policy conversations make me jump for joy. God bless you Vivek, God bless Trump, and God bless AMERICA!
Tax professionals would just focus on business taxes and estate tax and other ways the govt gets their money. Cutting individual income tax would most definitely not end the accounting profession. Tax revenue is a necessary evil and if it's not on the individual level you better believe they will find that $ elsewhere.
Hey vivek plz consider brian kim from clearvalue tax to work for DOGE with you and elon 🙏
Accountants don't only do taxes. The also do audits and bookkeeping and financial planning. When I studying for my CPA most of my studies had very little to do with taxes. I just had to take a single tax course.
Many professions will cease to exist in the near future, the number 1 is Accountant (CPA etc), Lawyers, even psychologist, social workers etc.... for there will have no need for these, Teachers, Doctors will exist, however function very differently. This has been an artificially created reality to keep HUMAN from PROGRESSION (CPA, GDP, Investing etc....Police, Lawyers, Soldiers)
They can find new jobs😂
This is good for you to talk about! Most of us have never lived during a time that we can recall, that we didn’t pay income taxes. So this is a concept that is foreign to almost everyone and likely not talked about. Very intriguing to know how this can work, and the more people hear the explanation of how it can work, the better informed people can be!
People are looking at this idea and the tariff idea as two separate things, instead of looking at how it is a bigger picture and how each thing will balance the other thing out. ( hopefully).
Also, will all the people who are getting fired, be allowed to collect unemployment? What about their retirements? How will that affect changes? Will it cost more or less?
Nothing better than getting factual straight answers with logical solutions to correcting problems. 👍🏻
Hahahaha tax “professionals”! Can shift to cleaning hotel rooms 😂
Or accountants.
I’m Debt free and loving it!.. built a 230k safety net in just two months and cleared of my mortgage, Thank you for making this possible Ms
*Stacey Neal Brooks, I feel blessed*
Nice meeting someone who also work with Stacey, she's the only one I could trust, she got me proflts of 14,OOO with a little start up of 2,5OO and ever since she has been delivering.
She is really a good investment strategist. I was privileged to attend some of her seminars.
That was how I started my cry’pto investment journey
Can someone Share her info please 🙏
I’m interested
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*Brookstacy*
Pretty smart move to eliminate, social security, Medicare and Medicaid, military, financial assistance for anyone, court of law, police, firefighters, public roads, public schools, public universities, etc..
So Vivek basically said that his profession will indeed die, but it won't happen overnight, so there's time for all Tax Professionals to prepare and find a new profession.
I love listening to Vivek talk, so much knowledge and common sense! I can't wait for 1/20/2025!
No more property taxes also!!!
Janet Yellen and the Internal Revenue Thieves need to be shut down ASAP
👃
I’m sure she will be hired by one of those market makers that bribe her… I mean pay her to speak at their semaniars.
Janet No-Tellin Yellen is retiring at end of year
Our tax code is to complicated. I would be ok if it was a flat percentage. No deductions and no exemptions for any reason.
We need this to happen. Government gets all of the money we work hard to earn
Should have been straight up with him and said that his job will brcome obsolete, but he should transfer those skills to work as a CPA for businesses big or small to help with their accounting, billing, or maybe even tariffs. All of that will still be needed.
Even as a gov contractor, I support draining the swamp. It will suck that I may have to change over to commercial work, but I want something to leave behind for my kids.
And the buggy whip manufacturers asked a similar type of question! "What about my job!"
We would still need accountants. Companies have to ensure they pay their suppliers, there needs to be enough $ to make payroll, companies need to ensure they’re getting paid on time for their goods & services. Long term budgeting and planning will always exist.
Elimination of income tax for working class people would ultimately increase the need for tax professionals because many people who have never been able to start a business would have a much higher potential to do so. Myself for example has had a small farm for 20 years but the profit potential of increased production and hiring employees makes it difficult to calculate because my manufacturing job puts my current yearly net right on the line for another tax bracket. So if my farm makes another 30k a year I would have to hire one part time employee and increase my tax burden by potentially more than my profit increase. There's no motivation to take that step.
Some jobs go away. No one delivers ice any more. Would we continue to incarcerate more people than we need to in order to ensure employment for prison guards?
Thank you for telling him the news Vivek. I was worried that I was about to witness the first time of you dodging a question. To this day I’ve not seen it
Abolish income tax and property tax!!!!! Even if we raise consumer taxes. Enough of this taxation of income!!!!
He actually answered the question.
We had no income tax and high tariffs, in like 1890. Didn’t work them and won’t work now because it KILLS your chance to export.
Most places they got rid of income tax they add large sales and property taxes so we need to watch out for that!
I am a corporate accountant, and I think with the fall of the income taxes, all accountants will see pay decrease as the tax accountants find their way into different fields. This will stabilize as fewer people pursue to field and then a new equilibrium will build back up. I believe that this will make business more profitable and will have more money to pay all of their employees, so in the long run even us accountants will be better off, but the current generation of accountants will feel some pain.
When the internal combustion engine started to get popular, people who's livelihoods revolved around horse drawn wagons and carriages pushed against it too. But, in the end old technology either evolved or disappeared!
Trump needs to look at property taxes. Far more unjust and an actual tax on unrealized gains.
There’s not that many tax professionals out there to be worrying about that
Awesome!!!!!!! Taxes suck! God bless!
That’s why we need a Nation wide flat tax. Whether someone earns $100 or $100M it should be 10%. No favoritism or loopholes. No confusing tax codes. Better life planning for everyone. People & companies could save $ instead of running from State to State.
Billionaires often don’t “earn” anything. The money is tied up in unrealized capital gains. They have the money to hire tax attorneys to find loopholes. A flat 10% income tax would lower tax revenue by a huge margin.
VIVEK - A GLOBAL - POLITICIANS INSPIRATION, THANK YOU
His answer after all the fluff. Find a new profession once it’s established no more income taxes. Accounting seems like a great pivot many business owners will need the assistance balancing books
1. Institute a 10% national sales tax on everything, except primary residence.
2. 10% flat tax on corporate revenue (no deductions)
3. 10% tariff on imports
4. personal income tax 0% & reduce IRS staff by 90%
5. watch the economy soar
No infome tax doesn't mean no tax at all. Corporations will still need accountants for taxes. But yes many will need new jobs. Thats not a bad thing. Forced change often means something better presents itself. Jobs based on the slavery of humanity arent jobs people should want. But i also realize people didnt take the jobs really understanding what they were supporting either. Taxes are very ingrained into us as normal and even our duty to pay and what makes us productive, worthy citizens.
I'm tired of paying $300 to have my taxes done by a tax professional. The 1040-ez form is a thing of the past.