r/WallstreetWhales • u/Bignblk • 5h ago
NEWS Trump just called for Congress to abolish the income tax.
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Thoughts???
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u/thinkingorange 5h ago edited 4h ago
"Thoughts?" None detected
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u/Comfortable_Line_206 4h ago
He's not thinking about tax policy.
He's thinking about how to get votes from the stupidest Americans.
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u/Clever_droidd 4h ago
Does he understand the fiscal situation prior to 1913? You couldn’t even fund the current military and interest on national debt with tariffs. Let alone everything else. You couldn’t fund the interest alone with tariffs.
He is still beating the drum that foreign countries pay tariffs on US imports. US consumers pay them.
Truly remarkable. Speaking to the dumbest among us.
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u/Drippy_topper 4h ago
The dumbest among us got him back in the white house, it works.
The dumbest among us need to be out numbered by informed Americans that vote consistently every election cycle or this fiasco will happen again with another idiot who wants to get rich at the world's expense.
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u/Aunt_Vagina1 3h ago
Yep. It's how we ultimately fall as a country. Apathy and idiocracy.
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u/wagwan_wa_grom______ 4h ago
The only thing this guy understands is how to make a quick buck at any cost. That's been very obvious for quite a while now to anyone who's not actively trying not to see it.
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u/mr_evilweed 4h ago
Conservatives hate income tax specifically because it is progressive... ie. Rich people pay more proportionately because they have higher incomes. Most poor people pay no income tax whatsoever. Conservatives prefer consumption based taxes which disproportionately impact poor and middle class people because we spend a larger percent of our earnings on products and services (versus rich people who put more into investments and savings).
Any time a politican talks about getting rid of income taxes, just know that they see their job as representing the rich - not you.
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u/Environmental-Hour75 3h ago
Income tax is NOT progressive because omly middle class have "income" rich people live on "capital gains" and pay a leasor rate, and the poor live under the exemption line.
To make it progressive... classify capital gains as regular income, gains on assets put up as collateral are considered realized and part of income, then set your progressive rates lower across.the board and eliminate tax credits.
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u/Background-Day-4957 5h ago
Horrible fiscal policy. Bankrupt the US
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u/Laquickah 4h ago
How is this going to work with his new health plan that cuts insurance companies out of the loop? Or the 5000$ bribe for anyone who votes for him?”
Absolute laughingstock.
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u/Southern_Eagle_9325 4h ago
Our national debt would DOUBLE !!
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u/50bellies 4h ago
Fake news. The debt would be paid off in two weeks. People have never seen anything like this before. His uncle taught at MIT. Show the man some respect.
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u/alwaysright60 4h ago
Purely hoping his low intellect cultists will sell their souls (once again) for another tank of gas.
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u/RockRockPlanetRock69 4h ago
It’s worked 2x before. He’ll promise us all $1m to keep his pedo ass out of prison.
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u/ZombiePiggy24 4h ago
People voted for him to run the country like his businesses.
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u/Honest_Editor_909 4h ago
Well, he IS running it like all the business he’s run. Into the ground and bankrupt.
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u/BasedPontiff 3h ago
This sounds like something Putin told him would be a good idea and he's just running with it.
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u/Old_Dependent4678 4h ago
And by run a business, I would like to point out he bankrupted 6 casinos. Which are a license to print money so to speak. He ran up so much debt he had to go to Russia for financial assistance... Hmm makes you wonder when you read it out loud back to yourself...
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u/AttackSlax 4h ago
"Fiscal policy"????!!!!
Hilarious. trump knows this isn't any kind of actual policy with any intention of improving the US. He 100% wants to destroy everything but the elite. This isn't some kind of inept but earnest attempt at policy, like: "Here's my bad idea, I hope it helps." It's "I'm going to rape the US because I am a known rapist. I'll just call it "fiscal policy."Trump has no loyalty to ANYTHING or ANYONE but himself.
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u/Ok_Swim7161 5h ago
And how exactly is that supposed to work? Tariffs?
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u/vxicepickxv 4h ago
His goal is to create a national sales tax so that the poorest pay the most in terms of total money.
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u/spookydookie 4h ago
Exactly, the money still needs to come from somewhere. If tariffs are raising enough money to make up the difference, you’re just shifting the tax burden away from the upper class. Plus you can even have much finer control over what is tariffed at what rate so of course luxury items won’t have as high of rates to let them pay even less.
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u/Spam_Hand 4h ago
Unironically, yes (according to trumps past statements). That is what his supporters believe.
Im not kidding.
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u/voiceOfHoomanity 4h ago
Yeah the completely imaginary TRILLIONS he thinks come from tariffs
Hard to tell if he actually knows that's false or is just that stupid and still listens to Ron vara
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u/Chance_End_4684 4h ago
Is Trump seriously trying to take the United States back to the Great Depression? According to Google AI, abolishing the current income tax system with universal import tariffs is unfeasible since generated tariffs is just a fraction of the revenue made from income taxes.
This is yet another prime example of Trump not knowing what he's doing, that and his carelessness and severe lack of headspace and timing.
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u/Kirknobi 4h ago
He knows. The better question is why is he intentionally destroying our republic.
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u/niktaeb9 3h ago
\ Why are they* intentionally destroying our republic.
He’s not doing this in a bubble. This is s bloody conspiracy. What do they know that we don’t? Are they planning a mass culling?
Cause it sure seems like we’re leaving ourselves open to allowing the next pandemic or natural or man-made disaster to simply blaze through the ranks like a well-fueled wildfire.
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u/Haunting-Figure3596 3h ago
It’s almost as if they( the technocrats) have a plan to thin the population and then makes slaves out of who is left.
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u/Voluptulouis 3h ago
Curtis Yarvin and Peter Thiel just read that and jizzed their pants.
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u/-TheInternetIsEvil- 2h ago
I picked up gardening last year. How much money do you think it costs to make a guillotine that can easily slice my pumpkins in half?
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u/Pretty_Wonder2762 3h ago
Easiest solution to climate change for them without having to relinquish their private jets privileges
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u/Sea_Dawgz 3h ago
What do you think the robots and AI are for?
The future is not Idiocracy.
It’s Elysium.
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u/NextGen-Panic 2h ago
Project2025 wants to reduce America's population of 340 million to 50 million 'deserving' (white) people.
That's roughly 1 out of 7, leaving less than 15% alive.
They hate 85% of us!
You know what that means?
That means we have the numbers to relegate them to the dustbin of history.
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u/Fireflash2742 4h ago
So he call sell it off piece by piece to the highest bidders
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u/Commercial-Dig6767 3h ago
This isn’t going to happen. He’s just saying it right before midterms for the dummies that think they might not have to pay taxes (and have no idea that there isn’t actually enough tariff money to cover the deficit)
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u/Dapper-Sherbert-2476 4h ago
He's just saying things and hoping it helps with midterms
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u/pakapab 3h ago
This is it. Promises of $5,000, sending out $90 to people on social security and $500 to people on ACA, running around to battleground states talking up huge infrastructure projects that will never happen, buying Russian diesel.
It all smells like desperation since he's quickly running out of time on the mid terms.
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u/TYNAMITE14 4h ago
Exactly. People need to stop trying to analyze everything he says. Just think of the easiest way he'd benefit and that's the reason. He's literally not smart enough for complex plans or cares enough to even bother
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u/Dry-Dragonfly5286 4h ago
There is a plan behind what's happening, and the people involved have not been shy about it.
The philosophical inspiration is project 2025 and a man named Curtis Yarvin.
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“Trump himself will not be the brain of this butterfly. He will not be the CEO. He will be the chairman of the board—he will select the CEO (an experienced executive). This process, which obviously has to be televised, will be complete by his inauguration—at which the transition to the next regime will start immediately.”
Yarvin and many others who are involved were present at a Coronation Ball held for Trump the night before the inauguration.
Curtis Yarvin’s writings.
A quick reading on Curtis and his connection with Trump from December.
A relevant excerpt from his writings from three years ago
Behind The Bastards podcast about Curtis Yarvin Part One】Part Two and his influence on Peter Thiel, Marc Andreessen, and others
A recent article about Silicon Valley whistleblowers.
In their own words.
With some help from Russell Vought and Project 2025
More information about the billionaire conspiracy
Peter Thiel and the American apocalypse
Can't leave out the Russia connection.
America is under attack.
More about Network States
A very detailed document laying everything out.
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u/Late-Application-47 3h ago
2025 is a weird mixture of the tech fascists and New Apostolic Reformation Charismatic Christianity; their apocalyptic dreams fit together quite well.
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u/Fit-Historian-752 1h ago
Yarvin is an even bigger idiot than Trump.
Watch some of his "debates" online. His idea of "winning" a debate is to bring up ONE obscure book that no one has read and then reference that exclusively.
He IS one of Peter Thiel's acolytes though, so it's not like he's not dangerous.
He is known as "The Prophet" in the Tech Bros community.
Seriously, we need better billionaires
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u/pushdose 4h ago
Exactly. You think his presidency isn’t gonna end with insane austerity we haven’t seen since 2008? No way. If everything crashes, those with dry powder will buy up the scraps while the dems are forced to rebuild yet again with low interest rates and soaring consumer prices. Rinse and repeat, if the Rs ever get reelected.
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u/Reasonable_Option493 4h ago
What he knows is that a solid percentage of his base is either brain dead or doesn't care, even if he says the most absurd things and keeps on playong them like a fiddle. Heck, he actually said "I could say the stupidest things and people would clap", and the cultists around him at his rally sure did 🤣
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u/Turbulent-Order9500 3h ago
lol everyone gets 5000 AND pay no tax?? wow sounds to good to be true!! just in time for midterms..
we all know he isnt going to tax corporations enough to make up for it...
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u/Runn1ngonmt 4h ago
If you would have used SI ! Super intelligence a far more accurate and accepted term . You would know we don’t need a federal income tax , because WERE MAKING A LOT OF MONEY
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u/L1V1NGD3ADBOI 4h ago
He just wants to make it easier for him and his accountant to get away with paying zero on their income. Which is enormous and getting the average paycheck to paycheck worker to back them up when they might only see few hundreds of dollar a month back at the cost of absolutely it all going to shit.
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u/JeremysJacquet 4h ago
I would say he knows well it is unfeasible, but he needs to say wild and outlandish things to distract from the current reality
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u/Resevil67 4h ago
Yes he knows, and that's his goal. Ask yourself what you would do if you were trying to destroy the US from the inside, then look at the actions he's done so far. They make a lot of sense if you look at it from that angle don't they?
Of course he's a puppet, he is acting off orders. However Russia, as well as the oligarchy like Peter Thiel, Curtis Yarvin, Elon musk ect all want the US to fall so they can put their own little corporate run fiefdoms on top of its corpse.
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u/ConiferousTurtle 3h ago
Yes. That’s the plan because they want to get rid of “entitlement programs” like social security, Medicare and Medicaid. They want a depression so they can say “we can’t afford it!”
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u/Daetok_Lochannis 3h ago
It's intentional. They absolutely do want to take the country back to the Great Depression, but this time with a populace who can't fight and an entrenched administration who can't be voted out.
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u/Financial-Desk-669 4h ago
Six years from now we are going to learn there was a big fat offshore crypto account in trump's name that our adversaries have been depositing billions into in exchange for trump destroying America's military, financial, and diplomatic influence.
And MAGA will remove their oxygen line and chuckle because he got one over on the libs.
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u/Broken_By_Default 4h ago
He doesn't need it. Since taking office in 2025, he's already doubled his net worth from 3bil to over 6bil.
His corruption is open.
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u/RealHornblower 4h ago
He has increased spending by almost $500 Billion/year just in his 2nd term so far. In his first term he increased it by $3 Trillion with a T per year.
Biden increased spending $300 Billion in 4 years, Obama $700 Billion in 8 years.
GOP knows how to cut taxes but not spending.
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u/Suitable-Option833 4h ago
The story of nearly every Republican president. Yet…. Voters haven’t caught on
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u/ZestyManatee-24 4h ago
They only cut the ones that benefit corporations. They never pass tax cuts for regular people
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u/MsMarisol2023 4h ago
How does he think the government will be funded?!?
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u/morepaintplease 4h ago
The real way to do this is tax billionaires heavily
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u/Dick_Dietrick 4h ago
The top marginal rate stayed above 90% until 1964, when it was lowered to 70%. It remained at 70% until 1981.
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u/icehot54321 4h ago
If the goal is to bankrupt the US, funding is the last thing you need to worry about.
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u/shitty_advice_BDD 4h ago
You'd implement a federal sales tax. Obligatory I hate Trump but I wanted to answer your question.
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u/djdaem0n 4h ago
Yeah, just moving one big expense to another while putting the majority of the burden on the poor. Your name is legit.
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u/Bacononthebeeach 3h ago
He’s saying this just to get MAGAt votes before midterms because they are they only people stupid enough to think it would actually happen.
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u/SocraticMeathead 4h ago
Okay, let's math it.
Republicans had to refund $166B in illegal Trump tariffs collected between "Liberation Day" and the Court's striking it down. Approximately 324 days. Giving us a total just under $515 million per day.
Income tax receipts during 2026 were about $2.55 trillion, which divided by 365 days means income tax brought just under $7 billion per day.
This means Trump's tariffs could replace about 7% of the budget. A budget that runs a 25% deficit already.
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u/DangerousPurpose5661 4h ago
Lets crank those 100% tariffs to 1000%, that totally won’t screw everyone except the filthy rich
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u/Current_Volume3750 4h ago
And chaos ensues as police and firefighters don't get paid. Roads don't get plowed.
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u/Electrical-Ad6623 4h ago
He’s farming for karma, I’m sure that behind the scenes, he instructed congress not to act on these orders. If he wanted to do this, it would have been done during his first months, like the permanent billionaire tax cuts they passed right away.
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u/PurpleCoat6656 4h ago
As long as he doesn't get investigated and sent to jail, he doesn't care. The desperation smells like shit. Or maybe that's just his dirty diapy.
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u/Due_Night414 4h ago
Nah because he’s trying to switch the burden to states and state taxes to make himself look good. But where would funding for defense come from I wonder? His balls room is for security after all. So is the Arch de Diapers. And the Not Trump Kennedy Center. And the tacky ass gold plated everything.
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u/bubblegum-rose 4h ago
Oh well since he said it then he must seriously be considering it
I mean yeah he’s lied 2873848572827473 times, but now that it’s the 2873848572827474th time that he’s lied I suddenly believe him
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u/surfnfish1972 4h ago
Running the country just like his business, loot every bit of value and leave someone else paying the bills.
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u/Hail_of_Grophia 4h ago edited 4h ago
Well now we have tariffs AND income tax yet somehow he drove up the national debt over $2T+ in his 2nd term so me thinks he does not know what the hell he is talking about
Edited to $2T
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u/needssomefun 4h ago
I had the WORST tax return ever this year for 2025.
I was aghast at what I owed the IRS. I only take home a little north of 60 percent of my gross after deductions.
My wife and I are NOT rich. Im driving an old ass Toyota.
He promised to lower my taxes with the BBB. He (effectively) raised them!
I never paid the IRS before his 2017 tax scam. But this year he really broke it off in my ass
If he keeps "lowering " my taxes I will probably pay even more
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u/BeachFuture 4h ago edited 3h ago
You are not a billionaire and so did not get the benefits of the big beautiful bill. /s
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u/lazydivey98 4h ago
No he did not promise to lower your taxes. . It was in the bill that taxes would go up for people making under 75k. It was always in project 2025. Trump voters are just morons
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u/Shadowfox186 4h ago
And the deficit still increased😭. This is why a business man with 6 bankruptcys should not be in charge
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u/HB_DIYGuy 4h ago
Yeah that's why nothing was built nothing was infrastructure other than a goddamn railroad during that time. It wasn't until the 1930s that things like highways roads all the infrastructure that we need to survive today was built on income taxes
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u/New_Salamander_4592 4h ago
you can see him scrambling in real time for an angle that appeals to his base enough to move them on the midterms
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u/getzisch 4h ago
Let me guess, replaced by tariffs? Because that's what happened up until 1913.
Well newsflash, since that cargo ship sailed with the standard 20-foot container in 1956, the tariff model is not possible. Nations can easily replace one another for lowest supplier (unless critical parts), so that won't work definitely. But he doesn't care.
Good luck abolishing income tax.
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u/Wise-Shallot8683 4h ago
O great and wonderful historian!
- Panic of 1884:
- Panic of 1890 (Baring Crisis):
- Panic of 1893:
- Cause: Depleted U.S. Treasury gold reserves, worries over the Sherman Silver Purchase Act, and the collapse of major railroads like the Reading and the Northern Pacific.
- Impact: A severe nationwide depression, hundreds of bank and business closures, and widespread hoarding of gold coin over paper currency. [1, 2]
- Panic of 1896:
- Cause: Intensified political and economic anxiety over the free silver movement and the stability of the U.S. gold standard during the presidential election year.
Tarriffs were so far up the economic structure that it was the only reliable place to get money because The People were wrung out before anything "trickled down."
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u/trunksshinohara 2h ago
I agree. Abolish income tax for anyone making under $100k. And then create a progressive tax from there up to 100% at anything over $10m. (Including with stocks being taxed at a cumulative rate for the year at the amount they were valued at on that date).
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u/XiMaoJingPing 1h ago
We need a wealth tax. The top 10% have more wealth than the bottom 90% wtf is even the point of taxing the bottom 50%?
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u/Hammer_the_Red2 4h ago
Must be really desperate to throw out an idea that would require passage by 2/3 in both the House and Senate and then getting 38 states to also pass this amendment. With the way this country is so divided, we will probably never see the passage of a new amendment in our lifetimes.
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u/lopsided-earlobe 4h ago
That would not be required lol
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u/FreedomCanadian 4h ago
If anything, they could lower the tax rate to 0% much more easily than this.
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u/Lilthumper416 4h ago
There was no "Tariff Commission of 1887" created in U.S. history. This phrase most likely stems from a historical conflation popularized by public statements by Donald Trump during political speeches.
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u/ludicrouspeed 4h ago
Now he's just saying any fantasy shit that comes to mind like the school kid running for class president promising every period will be recess and pizza for lunch every day.
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u/EdwardPotatoHand 4h ago
LMAO! his timeline on Teddy Rosevelt and income tax, and tariffs, etc, is really a trump. Look, we need to rename the word mess and call it Trump. Because everybody knows that the word mess does not represent the disaster that is the organ fascist, so we need to call it trump. Anyone using the word mess instead of Trump going forward is the enemy.
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u/OtherwiseBase5003 4h ago
Did you know that there's a P at the end of Trump? A lot of people don't know that.
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u/callmeDaren 4h ago
Just tax the 938 billionaires in this country at some nominal rate, preferably comparable to the rate most Americans pay. Problems solved. Money out of politics, all campaigns funded.
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u/Yakkx 4h ago
He says so many crazy things people overlook that he said that tariffs would replace the income tax back during the last campaign.
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u/fistsofham11 4h ago
Thats great.. where is the money going to come from, you know, running the government?
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u/GovernmentSin 4h ago
What’s gonna fund his 1.5T military budget that he wants?
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u/khklee 4h ago
It's not that he is a dumbass buffoon, which he is, but the fact millions of Americans still support and enable him that's infuriating.
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u/p38-lightning 4h ago
We had a tiny military, no VA, no social programs, no interstate system, no means to fight pandemics, no disaster relief. NOBODY wants to go back to that.
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u/Cambren1 4h ago
How about we shift more of the burden to the billionaire class. Just go back to the tax structures of the 1950s
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u/oneWeek2024 4h ago
the maga scumbags are pushing this bullshit in states. and it's going to be a disaster there. Florida is already just now realizing how fucked they'll be if they don't figure out how to make up the lost revenue from property taxes.
and even Trump. how are we supposed to fund 1.6 trillion a year in discretionary military spending? without taxes?
never mind eliminating income tax is a regressive option that almost certainly is going to impact working people more than the billionaire pedophile class.
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u/Maleficent_Sense_948 4h ago
The richest “We the People” were was post WW2 to 1980……when the highest tax rates were for the rich and corporations…..then Ronnie came in and gutted all of it and all of the safeguards put in place for the middle class.
It’s been a conservative fever dream ever since to get us to the point of “haves” and “have nots”….
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u/blazelet 4h ago
1870-1900, the era he is speaking of, was known as "The Gilded Age"
It is known for wealth inequality, massive swathes of Americans living in poverty and was an absolute plutocracy - where money bought power.
It's exactly what Trump is after today. It was great for the wealthy, but was not a good era for normal people. The income tax was a mechanism to rebalance the inequality coming in part, out of this era. They'd love to undo that.
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u/Package_Objective 4h ago
Honestly, the federal government is making everything worse. I support it. Screw the Military. Trump is absolutely retarded to suggest this tho lmao.
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u/Jeffranks 4h ago
Follow up question: what happens when your tariffs dissuade trade partners from continuing to do business with you and shift their supply chains elsewhere?
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u/grendev 4h ago
If we win midterms, we'll give you $5k and stop collecting taxes, i swear.
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u/petebrdfrd 4h ago
And no more homework, plus extended recesses!!!!
And his idiot minions will jump all over it.
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u/lostpassword100000 4h ago
He wants to spend more money than any president in history AND he wants to abolish income tax🤦🏻♂️
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u/Ilyalyubushkin 4h ago
Brought to you by the dude who said hed release the files, reduce the debt, and not start any wars.
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u/Esilai 4h ago
Society, economics, and geopolitics have fundamentally changed over the past 150-200 years. We’re not subsistence farmers developing homesteads anymore, nor do we have a minimal standing military. Armies cost money. Roads cost money. Keeping the economy stable costs money. Almost any other tax scheme we could swap to would be inflationary and even more punishing on the poorest of us. But I highly doubt he’d even implement the level of alternate taxation needed to not result in the federal government financially imploding in a couple years. Contrary to what a lot of internet libertarians and anarchists think, the government does serve a purpose. Life gets significantly more uncomfortable for all but the absolute richest 1% of us without a functioning government.
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u/lareon12many 4h ago
I mean this is his standard business operating procedure! Do things that bankrupt anything he touches!!!
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u/FreedomCanadian 4h ago
If I was the Democrats, I would introduce that bill in the House right now.
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u/Fleetlog 3h ago
Can't, Johnson sent everyone home early so they wouldn't move to a vote on impeaching Hesgeth over fucking up Iran.
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u/passiveflux 4h ago
Let's pretend they pass it.
Either the government collapses from lack of funds, or they move that tax to other things like spending to make up the difference.
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u/tzn_1978 4h ago
What they really want is to get rid of comapnies payroll tax burden
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u/ProfessionalResort15 4h ago
How about abolishing all the taxes that go to his war? None of us got to decide through our representatives that we wanted a lengthy Middle East war again, what we have is taxation without representation
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u/Giorgist 2h ago
He is simply trying to collect votes from morons just in time for the middterms. Remember he was going to stop the war in Ukraine in 24 hours.
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u/Pernapple 2h ago
So where that chip 3 trillion in taxes gonna come from?
Notice he didn’t specify which income tax. How much money you wanna bet he actually means corporate income tax
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u/antifageneral6969 1h ago
Sure why not? He’s already blown the deficit up, let’s go full full bankruptcy and just burn it all to the ground. He’s a pedophile and will do anything to distract from the Epstein files
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u/FocusFrosty1581 5h ago
Sure, why not! Where does this fool suggest the money will come from?
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u/Fit-Wasabi-1123 4h ago
Too late, Donnie. Should have made it part of your Big Beatiful Pile of Crap.
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u/kamizushi 4h ago
My thought is that Trump is too fucking stupid to do a back of the envelop calculation.
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u/PastaNotDente 4h ago
Man why even listen to him anymore? It's just BS, lies and pandering everyday with him.
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u/Forcedperspective84 4h ago
It was not our wealthiest chapter. I can't with this guy. Ignorant schmuck all the way to the end.
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u/Soupalphabet359 4h ago
He's so desperate for people not to hate him he'll start promising to appoint every American his VP before this is over.
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u/Intelligent-Band-852 4h ago
He is completely out of ideas and has been this entire term, it’s why he wants to rename things and just focus on performative or in this case impossible ideas.
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u/Sfpuberdriver 4h ago
Wasn’t that like… the period of time the country was absolutely the least wealthy lol
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u/Late-Button-6559 4h ago
Appealing to the vast majority’s inadequate intelligence and financial ignorance.
And it’ll probably work.
Of course it won’t happen.
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u/NeitherEntry6125 4h ago
Watch what Trump will do his final two years. He'll tear it all down to spite his successor... even if it's an R
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u/Aggressive_Client269 4h ago
Tariffs are a tax on AMERICAN CITIZENS!!
When is maga going to wake the fuck up!
ITS JUST AN UNLAWFUL TAX!!
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u/Outrageous-Ride8911 5h ago
Dang hes really taking this "just print money and solve your problems that way" to the next level lmao