Trump has made a couple of major announcements regarding his tax plans over the last few days. Curious what y'alls thoughts are and what unintended consequences you see?
1. No more taxes on tips. To me this is so logical it hurts. A tip is inherently a gift and given its below the gift tax limits, it should not be taxed at all and certainly not as income.
2. Phase out income tax using tariffs. I think this is genius as it encourages US manufacturing boom and kills China in one fail swoop. Good article here. Anything that reduces the negative impacts of globalization is great IMO. No harm if the manufacturer uses US source materials and combines it here into the product. It would cause rare earths in the US to be valuable enough to go after. All the inputs for your iPhone can and will be made here.... Really liked this and I dont even think you would need a national sales tax.
1. No more taxes on tips. To me this is so logical it hurts. A tip is inherently a gift and given its below the gift tax limits, it should not be taxed at all and certainly not as income.
2. Phase out income tax using tariffs. I think this is genius as it encourages US manufacturing boom and kills China in one fail swoop. Good article here. Anything that reduces the negative impacts of globalization is great IMO. No harm if the manufacturer uses US source materials and combines it here into the product. It would cause rare earths in the US to be valuable enough to go after. All the inputs for your iPhone can and will be made here.... Really liked this and I dont even think you would need a national sales tax.
