Will Trump Be Getting Rid of Income Taxes?
Trump has signaled that we might see massive changes coming to a removal of federal income taxes and more, but how realistic is this? It might be one thing to suggest such a plan but putting it into action could be next to impossible it might seem to implement.
How difficult could it be to make such a change and would most people support the move?
Last year the state pulled in trillions of dollars from those income taxes. We saw them spend some $6 trillion in 2024 and revenues only about $4.9 trillion so that means a deficit of about $1.8 and they also paid some $800+ billion on just interest payments for existing debt.
The debt has been growing and one might wonder what future obligations will look like.
It's likely that the public will largely never be supportive of significant and massive cuts being made to programs they use to survive.
Is the state going to be able to keep up with all of those promises in the years to come?
the growing debt burden...
If they aren't going to aggressively pay down debt or cut significantly on spending, then what will those payments look like in the future?
Will it still be a problem worth ignoring when just interest payments are possibly trillions of dollars per year?
Where there is a problem there is an opportunity to find a solution... and things might look a lot differently if they were to finally embrace a new way of operating aside from the debt as usual schemes.
Where will funds be coming from to address debt if such a change is made?
Will this mean more deficits and spending?
It's obviously expected to see immense challenges along the way and it hasn't been made clear yet where new sources of revenue might come from.
posted for information purposes only, not financial advice.
related:https://www.foxbusiness.com/media/trump-proposes-abolishment-federal-income-tax-bringing-us-back-richest-period-history
https://www.cnbc.com/2024/10/19/us-budget-deficit-tops-1point8-trillion-in-fiscal-2024-third-largest-on-record.html#:~:text=The%20U.S.%20budget%20deficit%20grew,Treasury%20Department%20said%20on%20Friday.