Society Are you ready for the IRS to be abolished & pay no income tax?
- Thread starter Wild
- Start date
I am by no means some expert here. But early on in my life I learned about getting a 1099 working in sales. Im glad I learned that lesson because from then on I always wondered why the W2 exists.
It seems to me rather than eliminate the income tax you instead eliminate the W2. Decouple health care and get rid of the 401k concept, apply all 401k benefits to IRAs (company match, etc). The W2 to me is something that makes sense for a union, government roles, that sort of thing, but not for anyone else.
Employees are now all contractors. You agree to a schedule, pay, time off and HR policies, and away we go. Health care is purchased from anyone who can sell it and the market determines is reliable. Amazon Prime can sell it to me for all I care. Same with your IRA. Your company can still offer, as a benefit to you, a match of funds allocated for your IRA. Your IRA always exists, it never needs to be transferred, you have better control of the funds you select. You set it and forget it with Vanguard for example.
You would see a huge boom in the need for CPA's. More people will want to be come CPAs. I think it would also necessitate moving health care away from its current model and force it to actually be an open market service. I think this probably leads to more transparent and easier to follow tax filing over time.
Everyone is a contractor and automatically functions no different than an LLC. Your company pays you full pay, you go buy your insurance, you allocate some to retirement, you set some aside for taxes, savings, etc. You save work related receipts and expenses. CPA knocks it out in 30 minutes for $180
It seems to me rather than eliminate the income tax you instead eliminate the W2. Decouple health care and get rid of the 401k concept, apply all 401k benefits to IRAs (company match, etc). The W2 to me is something that makes sense for a union, government roles, that sort of thing, but not for anyone else.
Employees are now all contractors. You agree to a schedule, pay, time off and HR policies, and away we go. Health care is purchased from anyone who can sell it and the market determines is reliable. Amazon Prime can sell it to me for all I care. Same with your IRA. Your company can still offer, as a benefit to you, a match of funds allocated for your IRA. Your IRA always exists, it never needs to be transferred, you have better control of the funds you select. You set it and forget it with Vanguard for example.
You would see a huge boom in the need for CPA's. More people will want to be come CPAs. I think it would also necessitate moving health care away from its current model and force it to actually be an open market service. I think this probably leads to more transparent and easier to follow tax filing over time.
Everyone is a contractor and automatically functions no different than an LLC. Your company pays you full pay, you go buy your insurance, you allocate some to retirement, you set some aside for taxes, savings, etc. You save work related receipts and expenses. CPA knocks it out in 30 minutes for $180
If they eliminated the cap on Social Security and just made it a constant, I wonder how much that would off-set getting rid of all income tax?
For those that don't know - everyone pays the same 6.2% for social security, but it's capped at $176k of earnings. Once you pay a max of $10,918 in social security tax - whether you make exactly $176k/year or $10 million a year - you stop paying into it.
Do away with the cap.
Do away with income tax - or at least increase the threshold of people paying $0.
For those that don't know - everyone pays the same 6.2% for social security, but it's capped at $176k of earnings. Once you pay a max of $10,918 in social security tax - whether you make exactly $176k/year or $10 million a year - you stop paying into it.
Do away with the cap.
Do away with income tax - or at least increase the threshold of people paying $0.
Yes. They are back and no longer directly associated with the maker of shit bikes, Harley Davidson.
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There's BMW plant right up the road from me. I'd never buy one of their vehicles.
I love my Hyundai.
But if imported vehicles see price increases due to tariffs, oh fucking well.
I'll buy American instead.
No issue.
But if imported vehicles see price increases due to tariffs, oh fucking well.
I'll buy American instead.
No issue.
Bring back the PINTO
Here's all the car manufacturers that won't be impacted by tariffs:
Eric Buell Bless
A yellow ‘72 wagon was my first car