aweonao
https://x.com/RealPatrickWebb/status/1882074737331048806
BREAKING: President Trump is considering abolishing the federal income tax, per NYT.
— Patrick Webb (@RealPatrickWebb) January 22, 2025
!neolibs Trump's redemption? Hopefully tariffs are bullshit
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https://xcancel.com/RealPatrickWebb/status/1882074737331048806#m
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Do we think Trump knows what a tariff is? Or does he just girlmath it like it's free money in his head?
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When it's men it's broscience. But to answer your question, Yes, they're that r-slurred.
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Trump and his followers believe a tariff is a tax on other countries, it's a matter of semantics really. Switch a headline to "President Trump to impose a 25% import tax on foreign goods" and you'll see a decline in public support.
!neolibs
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He thinks it's a fee other countries pay to sell goods in the US.
It's like his understanding of trade treaties. He thinks he understands them and all economists are just lying about what they are, that's why he handed China the greatest gift the US has ever given them by cancelling ratification of TPP.
I think congress are going to stop his tariff nonsense for the most part but I wish they wouldn't. They would have a dramatic and immediate impact on prices and employment that would both trash his administration and remind people why tariffs suck.
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Thats exactly what it is
Trans lives matter
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Do tariffs make domestic goods cheaper relative to foreign goods? If so, how do they achieve this result?
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One could argue an american made product is cheaper over the course of it's lifespan since china makes cheap fricking junk that falls apart after 2 years.
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They used to say that about Japanese cars and tv sets back in the 1960s and about Korean electronics and cars back in the 1990s
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There are cultural differences between those countries.
Nissan and Mazda are considered garbage cars.
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Some of Mazda's models in the past few years are quite nice. Some still suck tho.
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US aligned
US aligned
My dislike of their products stems from my dislike of their government (rhetoric). If China was a liberal democracy I'd have no problem with them. They are a threat to the VVest and I'm tired of pretending they aren't.
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Targeted tariffs against China coupled with trade partnerships among US allies would make sense
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also china makes god awful cars that spy on you and send everything bad you say back to the motherland
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I FOUND YOU
https://x.com/jimmy_wales
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no doxpls
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possibly because he doesn't care about re-election and he might be a huge McKinley fan right about now
we'll know for sure if he starts talking about the gold standard
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the McKinley thing was not one I saw coming. You think he relates to McKinley because they're both fat and they both got shot?
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https://en.wikipedia.org/wiki/McKinley_Tariff
I also think he sees not controlling the Panama canal as a huge insult to McKinley
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Vance is the 1 dollar version of Teddy Roosevelt?
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they both shot brown foreigners outCONUS so it's close
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You do realize our currency is based on girlmath right now, right?
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no, because I'm not a mises.org
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Oh, you must be one of those silly people that think our currency is based on trust.
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It's based on debt and lots of people with guns.
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Correct, which is why who gives a shit.
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I'll give you a real, super valuable carton of eggs for all the fake, evil, worthless fiat (((dollars))) you have. Easy trade right?
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I do love eggs
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What a cute Marsey!
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Bring back the gold
standard
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Economy is really just vibes-based right?
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Unironically yes.
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oh boy we're going to get a land value tax!
every fricking time
!georgists !neolibs
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I've never understood Georgism why place all of the tax burden on people named George
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Henry George deserves it.
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That guy on ER, one of Carter's interns?
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I nedd to read more about georgism
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tldr: Taxes are bad because they distort economic activity, which is bad. When you tax work, people work less. When you tax investment, people invest less. To minimize distortions, you should tax the thing that is least distortable. The supply of land is (except around the edges) literally fixed, so this is the least distortive thing to tax. You can argue about reducing spending, etc., but for a given amount of desired revenue, a land value tax is the best.
IMO there are three categories of objections to this:
1. People object on kind of moral grounds thinking there's something wrong with the government taxing something you own in perpetuity, as if it destroys the ability to own something. This is extremely r-slurred if you think about it for 30 seconds, for reasons I'm happy to get into.
2. People object based on economic grounds ("farmers in Iowa will turn their fields into high-rise Condos and we'll all starve"). Statements like this are universally incorrect and r-slurred for reasons I'm happy to get into.
3. People object on implementation grounds, like "how do we assess value," "what about retirees who want to stay in their houses." These are the best objections but people have decent ideas on how to address this.
BTW, there are also commie-type moral arguments for Georgism like "pure land ownership gives you economic rents for doing nothing" so we should tax that instead of taxing your labor. Fine, but frick commies I don't care.
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The issue with Georgism today is that this means that the service and information industries basically go relatively untaxed
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this is a good point and I'd like to see you go over it.
I'm an economics brainlet but wasn't georgism conceived when productivity was (mostly) directly correlated with land size?
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The short answer is that there's no reason a priori to make sure taxes are evenly distributed among sectors. If your goal is to maximize revenue without economic distortions, you want to tax the thing where quantity can't be adjusted. If you tax tech/services you'll get less tech/services. If you tax land, you won't get less land.
Sometimes the goal is also to change behavior (e.g. people are polluting too much, or people are driving their cars too much). In that case taxing CO2 or cars entering lower Manhattan makes sense because people will adjust the quantity of polluting/driving they do in response to the tax.
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Wouldn't that promote more "land insensitive" fields?
If you taxed 10 acres of a farmland and 10 acres of commercial buildings full of codecels the same would't that itself be an distortion?
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Say we're in a zero taxes world. If using land for farming produces $10 per year and using land for coding produces $5 per year, and there's a 10% interest rate (say), then the landowner will rent the land to the farmer for $10 per year and the land will be worth $100 ($10/10%, this is just the value of an annuity that pays $10 forever taking into account the time value of money). Say we tax land at 1% of its value per year. The tax doesn't impact the value that farming or coding on it produces, so farming is still best. The farmer pays $10 per year, the landowner pays about $1 per year in taxes (slightly less b/c the tax is going to decrease the value, as you'll see, but this is second order and doesn't affect anything), and the land is worth (10-1)/10% = $90. So the value of the land changes but the activity on the land doesn't change. Even if the tax was 99%, using the land for farming is still best.
Let's do a different example where coding is better. Farming produces $10, coding produces $12 in the untaxed world. The coder uses the land in the absence of taxes.
Say you tax coding at 50%. Now coding produces $6 per year and farming produces $10 per year, so we use the land for farming. This is a distortion.
If instead you taxed the land at 1%, you'd still use the land for coding, and the value of the land would decrease. There's no distortion.
Note that if you went from the "tax coding" to the "tax land" world you would switch from farming to coding, but that's because you're undoing the distortion that taxing coding caused, not because you're adding a new distortion by taxing land.
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Sure
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this incentivizes states to conquer more lebensraum
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nibba wat u think bying canada an greenand is about
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This all sounds gay/r-slurred
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I'd follow along but a lot of residential land on the coasts are more and more getting bought up my megacorporations that would lobby against such taxes or will structure it in a way that regular americans wont be able to cope with the taxes but they can and will gladly buy the house/land from them.
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Yeah I'd be worried about the implementation and sneaky carveouts for sure (unlike income taxes and corporate taxes which are famously simple and not full of abusive loopholes).
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Plot twist ban owning more than n homes or plots of real estate
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I'm good with that but you can totally structure it for family members and other loops holes
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I'm sorry your uncle molested you, but this is no way to process your trauma!
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What happens if we colonize other planets?
Also you're a neoliberal shill and you should keep yourself safe.
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The main problem with Georgism is that it's primarily a UBI scheme with the tax restructuring thrown in almost as an afterthought, as a mechanism for funding it. There are some very naive people calling themselves georgists because of the tax part only, of course, but if you talk to any serious supporters and pretend to be friendly, they will eventually use it as a point in favor. This is a bit disingenuous imo and colors the character of the movement.
There are other issues, for example as far as I can tell nobody proposes a flat land tax, that taxes every acre equally. Else you'll end up either making farming unprofitable or letting all urban activities go essentially tax free and raising about enough taxes to buy a used condom. Abandoning this principle however immediately creates an inescapable quagmire of unprincipled patches and crutches trying to "objectively" appraise the land value and distinguish it from (untaxable) "improvement" upon it. This actually has very immediate practical consequences, for example there are people who bought a bunch of farmland in California and are planning to bootstrap a new Silicon Valley there. What is a Georgist to do about taxing them?
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Is he going to impose a VAT tax?
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They want to do tariffs.
Unrelated but a VAT is the midwit tax. But by virtue of being popular with midwits it's more likely than the superior LVT.
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errrr, trump doesn't have taxation power? has he ever even read the constitution?
if he just keeps overloading the justice systems with invalid EOs what happens?
i guess well find out:
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As with his birthright citizenship EO, it's all performative.
It will be struck down by the courts and then he'll tell his followers "I did the thing but the meddlesome courts didn't allow me to fulfill my promises"
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NO ITS REAL JUST LIKE CANADA INVASION AND GREENLAND!!!
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I could see some aspect of the Panama situation playing out fr. Maybe not an invasion, but some sort of deal to cuck CHYNA and bringing in burger security to cuck the Venezuelaryans.
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maga: trump is gonna drain the swamp! rip in peace deep state!
also maga: ugh the deep state wont let trump do anything! it's not his fault so many of his promises don't happen!
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Once again Trump stealing from those better than him
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The president can do whatever he wants, if he is willing to stand up to congress hard enough. Although I will remind you
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presuming the generals follow him... big if there
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he's firing generals right now LOL
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and? trump isn't known for being loyal to whoever he appoints.
if he starts violating basic constitutional limits, then the military will have to make a choice between trump and the constitution.
which do u think they've been serving longer?
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trump
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trump's got 4 yrs my dude. not a day longer ;)
and it would be hilarious to see him actually impeached if his followers inflated his ego so much.
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!Remindme 5 years "hail king trump"
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!remindme 4 years "blah blah blah blah"
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I will be messaging you on 23.01.2030, 13:08 UTC to remind you of this comment
Message:
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!burgers
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devolve it to the states like god intended.
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GOOD link
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"Considering" is carrying a lot of weight here.
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Looking into it
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Don't get excited. What you pay in federal income taxes now would be carried over via some other new tax (or t*riffs). Until DDR nukes the welfare and regulatory states the government is going to need an ungodly amount of tax dollars to keep a bad deficit from becoming a crippling deficit.
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I'd gladly pay double for my groceries if I didn't have to give up 30% of my income to the IRS. Seriously. The prices of the things I consooom aren't going to rise enough to offset the reduced taxes. It's a win for me.
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hopefully when that happens and the country collapses someone domes you early on for your food supply.
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Wow so I don't have to pay taxes and can Ride Shiny and Chrome on the Fury Road?
Sign me up it's better than knowing every dollar I earned Jan-May ends up in the governments pocket
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!macacos
If only they knew how bad things really could be.
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That's what accountants and bloodsucking tributaristas like
@BrasilIguana are for
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I spent over an hour talking to an accountant today.
I'd commit unspeakable atrocities to whoever is responsible for the macaco tax code
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Don't pay taxes it's okay
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What kind of Brazilian doesn't lie about their income and steal office furniture from their employer to sell to other businesses who need office furniture without tax on it because all their office furniture was stolen
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With my extra income each week, I could afford to go practice at the range more for that eventuality.
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Lmbo, none of that would happen.
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why yes increasing the costs of goods by insane amounts clearly wont end in the country experiencing extreme strife.
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It's more than offset by the reduction in your taxes. Either you consume too much or you pay very little taxes or both.
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where is trump cutting the spending to make up for massive losses in government revenue?
what happens when the sales tax or whatever we add ends up eating a much larger portion of lower income peoples money than previous taxes ever did?
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I don't care about the poors.
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which is why they won't care when they dome you.
most of the country makes in the income range that would suffer greatly from this.
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I guess you missed the news he fired a bunch of people and shut down a bunch of departments.
Are you waiting for your destiny podcast or something to get your next talking points?
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Social Security, Defense, and Medicare alone are more than the US's total income, letting go of a DEI office isn't gonna help
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if you think the people he fired or the departments he shut down would even cover 5% of this you are an actual r-slur.
you're talking about blowing a multi trillion dollar hole in the government.
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We'll eat you first pizza
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Paying twice as much to get a third more. Smartest libertarian.
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You seem to be pretty bad at math. I don't spend 100% of my net income consoooming.
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Thinks money has value outside of spending it.
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You have to be one of the most r-slurred users on this site.
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Has no response to his own line of thinking.
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Ofcourse he is bad at math, hes black.
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Alright mathletes, what percentage of your take home pay would you have to save in order to break even if your income tax is reduced from 30% to 0 and your expenses are doubled???
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My expenses are limited to groceries, utilitiies, gas, and insurance. Even if those were doubled it would not even be 1/4th of the amount i pay in income tax because I'm not poor.
Were you taught math by a woman?
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Not literally all of us live with our parents
Even if you paid off your house, your expenses would go up due to your property increasing as the value of your property exploding and thats the tea, sis
Thank you for admitting you cant do basic algebra though
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I own my own house, property taxes here are neglible. they would have to raise it more than 60% to not be worth not having an income tax.
Just admit you are r-slurred and don't even know what algrbra even is.
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