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Perhaps the Federal Income Tax is here to stay and all we can expect at best are lower rates. Revenues received by the federal government in 2024 totaled $4.9 trillion, of which almost half was receipts from individual income taxes.
During the same period federal spending ( $6.8 trillion ) outpaced revenues and added to the national debt.
Of course the several states, some more than others, also tax income, food , gasoline etc etc.. Then of course there is the onerous property tax.
Sadly I don’t see any light at the end of the tunnel.
Fred, as you know, the existence of the income tax was a critical factor in the development of the massive administrative state and welfare state. Without the income tax, those probably could not have arisen. Those things would have to be rolled back significantly to eliminate the income tax. How likely is it that the politicians– from either party– will do that?
Triad, I apologize for being so cynical, but aren’t you describing the fact that we are ruled by a cancerous organism, rather than a republic or (most ludicrously) a democracy?
There are so many millions of vested interests in the corrupt Swamp–where like organized crime, they massively transfer of money from those who earn it to other people who didn’t earn it– that it isn’t meaningfully reformable. Probably not even after the eventual bankruptcy, when they will have to print money openly to fund SS and Medicare.
Yes, I am describing a cancerous organism, J. Sobran (and I am just as “guilty” of being cynical).
I agree with you that this doesn’t appear fixable. After the collapse, I have no idea what will happen, but many have speculated it will provide the bridge to Marxist dictatorship. Folks have no idea how severely living standards can decline.
There can be a terrible cost associated with our leaders not acting as stewards– not acting as fiduciaries. Instead, they act as whores.