Armstrong's plan for Trump to eliminate the federal income is incomprehensible how it would work. He thinks no corporate income tax would attract companies to the U. S. from around the world. Just lowering the income tax to 15% would help. He has said deductions from your paycheck for SS and Medicare would remain. No mention of any tariffs needed. Trump has though because he said tariffs funded the federal government during the 1890s. But is he ignorant that the federal government didn't need much money back then because it was so much smaller?
Martin Armstrong:
"...We do not need the income tax anymore because we create money anyway. We don’t need to get some money back like gold coins from the public so we can pay our bills. This is an old theory. So, income tax is something we do not need, and we certainly do not need to borrow anymore. Our national debt is exploding because of interest expenditures. . . . You eliminate the income tax, and you are going to have the biggest economic boom in absolute history. You will create so many jobs. You won’t have to worry about the debt. . . . We would get rid of the debt, and the equity would be private companies. If you wanted to create your own studio, there would be capital available to do that.”
By Greg Hunter’s USAWatchdog.com (Saturday Post) Legendary financial and geopolitical cycle analyst Martin Armstrong is back with some important predictions in his last appearance before the 2024 Election. First, Armstrong's Socrates computer is still predicting a Trump landslide. Socrates...
usawatchdog.com
The other side of the story says an 85% tariff would be needed.
The idea of eliminating the income tax is an attractive one to anyone that has ever had to cut a check to Uncle Sam—but it is far from practical.
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