Getting some of my 1099s in the mail…
Really feel like this no income tax thing is going to happen. Wondering about other taxes though, i.e. cap gains, property, etc. Certainly this is more of a federal tax question, whereas the states are going to do their own thing…as per the constitution. That said, with the states having to compete, my guess is that the competition drives out a lot of the taxes as well and forces a monetization model onto state assets. Already starting to see a 1/2 dozen+ states filing bills for bitcoin reserves, for example.
But my thought about Trump is that if this is the plan, it needs to come together soon, as 2025 quarterly taxes come up in April, with some people probably paying early. The IRS is a crock of shit, but I doubt eliminating anything would be retroactive. Perhaps this all needs to be more transitional over a couple years and might even be fought out in the courts.
Just wondering what others are thinking and seeing. I see a lot of fast moving actions and reeeing, so I wouldn't be surprised to see action on this very soon, as it's pretty clear that Trump is just repetitively pushing the green button on all kinds of shit that have been thought out and planned for years in advance. I think the tax part is included in this as well. Timing is more uncertain. The market would react, so it needs to coincide with certainties that the Fed print bleed has stopped and there are sufficient and even abundant income sources to replace the old system…and perhaps even a mass confiscation, payback, and debt cancellation.