r/WallstreetWhales • u/Bignblk • 7h ago

NEWS Trump just called for Congress to abolish the income tax.

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Thoughts???

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u/Esilai 6h 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/Maxwells_Law 6h ago

Without a state, the 1% are at the mercy of the masses. Thats why the 1% invented the state.

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u/Esilai 6h ago

Without a state, the 1% simply employs its own private mercenary force and self segregates into their own protected communities while continuing to exploit the masses. Look to South Africa for what the rich do when the state can no longer function. Or Post-Soviet Russia. Or Somalia in the early 2000’s. If a power vacuum exists, those with the resources to seize it, will.

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u/Maxwells_Law 6h ago

Indeed you are right. But the state exists and whilst i dont subscribe to the conspiracy theories, it largely serves the richest in society

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u/Short_Change 6h ago

Spoilers it is only sorta true. No matter how much you cut it most of taxes come from the rich. You can cover your ears but that’s the honest truth. Are they paying more proportionally? No, not at all. Would they be paying much less if they have less powerful gov? Yes def. But…

That being said the contradiction I am making here is that money is made where the society is stable and that usually requires strong government. In other words, I would say it’s more of a symbiotic relationship.

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u/KageBushin77 9m ago

Real happy i'm not american at this point.

But now i'm curious. What would be the point of no return(or require a century to fix/reverse).

I know a lot of his uh.... ideas are bad for the US in the long haul.
But has he done anything that's definitvely "oh shit, we're perma-fucked?"