We can pay for $7 Trillion in new tax cuts by . . . raising taxes ????

Photo above - in 2011 "Watson" the computer crushed the world's smartest Jeopardy players. Should we invite it to next week's presidential debate, and ask it about the US economy?

On the face of it, some of candidate Trump’s tax ideas sound insightful. End taxation of Social Security benefits to seniors. Except that low-income seniors already pay zero income tax, and guys will huge pensions PLUS social security will get almost all the benefit. There are other head slappers too. See link below.

Am I going to sound churlish if I say I don’t trust the economic insights of a guy who promised (in 2016) to build a border wall on the scale of the Great Wall of China, and have Mexicans pay for it? It would be like China’s first emperor (Qin Shi Huang) promising the Mongol hordes would pay for HIS wall.

I’ve already written about the tips plan – which was also plagiarized by candidate Kamala – to exclude waitress and bartender tips from income tax. Since this is about 50-80% of their income, it seems like an outlandish windfall. The girl at the vegetable stand where I bought corn last night was using a card-reading terminal that asked me to give her a “recommended tip”. I know for a fact she’s the farmer’s daughter. But I added $1 anyway, because I’d like a 15-year-old Mennonite girl to have some personal spending money. Even if I’m almost certain the “tip” will go to the bearded farmer himself. I have no idea what kind of tax breaks those religious farms get. Someone is probably going to propose reducing taxes on THEM too. It's an election year.

Trump's worst plan is reducing the corporate income tax. Kamala’s worst idea is raising it - A LOT. If we reduce the tax, it’s unlikely a bunch of factories are going to rush to migrate here from China or Europe. If we raise the tax, it’s quite possible some existing factories will leave. Leave well enough alone, unless someone has actual proof. If it ain't broke, don't tax it!

Trump wants to pay for all his generosity by raising taxes – on imported stuff we buy every day. Both he and Kamala want to tax everything from imported cars to . . . well, just about everything. Trump wants a 10% across the board import tariff with no exclusions. I’m not going to feel better off if half the stuff I buy get’s jacked way up in price just to give social security tax cuts for the rich.

I also read last week that some AI-Chatbot turned $1,000 into $50,000 . . . in just one month . . . playing the stock market. Amazing if true. I suppose even more people will demand AI now. As my own contribution to this roller coaster ride, I say we should invite “Alexa” to next week’s ABC debate between Kamala and Trump. Ask all 3 of them the same questions. My prediction . . . just like when “Watson” the IBM computer trounced those Jeopardy champions in 2011 some AI Chatbot will expose both 2024 presidential candidates as blithering idiots.

I’m just sayin’ . . .

Trump turns to outlandish promises to offset $7 trillion in tax cuts (msn.com)

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PowerofStories · 61-69, M

Agree with what you say about tariffs and was just thinking about it this morning. In the early history of this country, tariffs were used to raise a significant portion of federal revenue. But despite the fact that they are placed on foreign imports, they are paid by US citizens.

It's simple math. An imported good that costs you $100 when subject to a 10% tariff now costs you $110. And the extra $10 goes to the federal government. It is a tax, pure and simple.

SusanInFlorida · 31-35, F

@PowerofStories clearly you're familiar with this topic.

the original tariffs enacted after independence were intended to encourage domestic production and consumption, to provide a living to farmers, carpenters, stone masons, etc.

if we held a national referendum on what should be taxed and at what level, people would vote for MUCH lower taxes.

but this would only work if we also made them vote on what things the government should spend on. I'm guess we'd see massive reductions in the military, foreign aid, loan guarantees to corporations, student loan forgiveness, etc.

PowerofStories · 61-69, M

@SusanInFlorida You may well be right. But today's society has changed so much from the agrarian economy of the Founders. And, as I'm pretty sure you already know, it was George Washington who cautioned his successors to avoid foreign (which meant at that time European) entanglements.

But his world was far from a Similar World (sorry, I couldn't resist) to the one we live in.

pdockal · 56-60, M

Social security was not taxed when it was originally created so it shouldn't be taxed now

By saying that the only people who benefit are the rich is totality discriminating

I'm NOT rich
I'm NOT poor
So i get taxed & taxed & id benefit from this

SusanInFlorida · 31-35, F

@pdockal incomes weren't taxed when they were originally invented. or gasoline. etc.

the US government originally supported itself on import duties (intended to encourage domestic production and consumption), and alcohol and tobacco.

simpler times, indeed.

pdockal · 56-60, M

@SusanInFlorida

Taxes were around when ss was created & it wasn't suppose to be taxed but congress found a way around that

Not simpler times
Money wasn't given away & over spent on programs that only serve a few back then like today
Money wasn't wasted back then like it was today

Ask what you can do for your country .... was a motto back then
Now everybody has their hand out
Our boarders weren't open like today

I could go on but why should i bother

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SusanInFlorida · 31-35, F

@ToddpicogramakaSatan how did you arrive at that number? by "iran", are you suggesting we initiate a war? how about China and North Korea? they pose at least as big a threat.

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