what effect do you think that would have on the economy? Good or bad or a little of both? What about the people who work for the IRS? Tax free unemployment checks?
2007-08-09 08:27:08 · 18 answers · asked by ignernt 3 in Politics & Government ➔ Government
Well, I currently have about $600 withheld every month from my paycheck for federal income taxes. So I would have an extra $600 every month, and my wife would have more as well. So let's say we have an extra $800 a month, about ten grand for the year. In one year I could have all my revolving debt paid off. In two years I'd own my car free and clear. So in two years I'd have no car payment, no credit card payments, and would have more than $1300 every month to spend (subtracting those payments and adding it on). What do you think I'm going to do with that money? That's right, I'm going to invest it. Max out my 401k, invest in the stock market, start an IRA, and do all of the things that help fuel the economy. Meanwhile those who didn't want to invest would be out buying a ton of consumer goods. Which just might spur companies to keep their production facilities in America! Which would mean more jobs, more money, more consumption! People might feel a pinch when the government suddenly wasn't able to do as much, but I bet they'd just find a way to trim the fat (pork) from the budgets while maintaining the handful of useful things they do. So we'd get smaller government, which will help the economy. More spending, which will help the economy. More investment, which will help the economy. The only losers here are the politicians! Oh, and the IRS workers, who would have to go out and find real jobs. With the economy humming along though I doubt it would be all that hard.
2007-08-09 11:05:28 · answer #1 · answered by Bigsky_52 6 · 3⤊ 1⤋
Even if he was elected president, there is no way he could abolish the income tax. The only way that could happen is if there are enough senators and representative to pass legislation abolishing the income tax and then he would get to sign it into law. Since there is no way congress would ever give up control of that much money and power over people, it will never happen.
2007-08-09 15:34:28 · answer #2 · answered by remowlms 7 · 1⤊ 2⤋
The roads won't be fixed? Why? I buy gas all the time, and the taxes on that pay for roads. I want my money back!
I thought income tax only pays interest on money borrowed from the fed? On top of that, 2/3 of what is collected, is wasted! What is this, some kinda joke?
Wouldn't corporations still have to pay taxes? Wouldn't that pay for the military and things we need? I guess I'm just dumb for thinking that.
2007-08-09 15:34:00 · answer #3 · answered by ThomasS 5 · 3⤊ 0⤋
The income tax WILL BE ended before the next election. What 99% of Americans do NOT know is that NOT ONE PENNY of income tax goes to support government services, and NEVER has! The income tax goes to line the pockets of the super-rich! The IRS is a private collection agency for the private, Federal Reserve Bank, which is owned by rich Europeans, which is bankrupt and will be history before very long. We are sovereign beings who have no business paying taxes on anything!
Call Ron Paul's office and ASK him about the Fed. Reserve and income tax--they will tell you the truth about it.
2007-08-09 16:37:31 · answer #4 · answered by nolajazzyguide 4 · 3⤊ 3⤋
Watch a documentary called America Freedom to Fascism, it has all your answers there. Ron Paul is also in the doc.
ronpaul2008.com
www.freedomtofascism.com
I love it when people ask well where are we going to get he money to fix the roads, streets, etc... it's called state and local tax and everything else you pay tax for, just no federal income tax! Do some research!
2007-08-09 15:39:08 · answer #5 · answered by mom4peace 3 · 3⤊ 1⤋
Road repairs are funded by excise taxes on tires, oil and gas,
while education is primarily funded by property taxes at the local level. Personal income taxes supports neither. Besides, there would still be corporate taxes, and the assorted fees the government now collects.
2007-08-09 18:57:09 · answer #6 · answered by Anonymous · 1⤊ 1⤋
Two things are absolute, DEATH and TAXES. If he abolishes the income tax he will just put a tax on other things and services. It will be even more of a pain in the neck to understand and even more headaches trying to fight it, not to mention the level of red tape that would be created and the beureacratic peons created to monitor all the red tape.
I hate taxes, but how else would he propose we fund our government? What I would be more inclined to see is pools of how your money is spent, for example, check this box if you would like 25% of your taxes here, or like my mutual funds are set up, I can portion out my investments, why can't I portion out where my tax dollars go, and hell, for that matter, why can't I invest my taxes in a sense so they can gain capital in areas I actually care about?
2007-08-09 15:34:26 · answer #7 · answered by Wolfgang92 4 · 0⤊ 2⤋
What makes you think that the president has the power to abolish the income tax? Jeez man, you're listening to way too many political sound bites. Here, do some reading that might actually educate you a little for crying out loud. http://www.constitution.org/constit_.htm
2007-08-09 18:31:23 · answer #8 · answered by Anonymous · 1⤊ 2⤋
Wishful thinking. Love to see the IRS on unemployment. Better yet, I would love to see unemployment deciders go on unemployment. Hmm, who would approve them? LOL
2007-08-09 15:30:40 · answer #9 · answered by Anonymous · 1⤊ 0⤋
Since a president can not abolish the income tax on his own and since the congress has shown no interest in doing so your question has no merit.
2007-08-09 15:32:18 · answer #10 · answered by davidmi711 7 · 3⤊ 4⤋