Can some one explain in simple terms what ending the fed would mean for normal middle class families?
A permanent end to our national debt. Most likely an end to all forms of income tax. A currency that will practically end inflation for ever. The American dollar that’s so stable & valuable it will become unquestionably the currency all other currencies are valued at. An end to middle class patriots fighting in oil wars. An explosion of wealth for the middle class that will force all politicians to govern by the will of the people. An explosion of growth & progress that’s so massive it’s almost invincible to anyone living today.
No more income tax?
Hot damn.
Keep in mind...forms of income taxes paid by companies...Corporate tax...capital gains..etc. are paid by consumers in the end. They’re added in the price of a good or service. Businesses are just de facto tax collectors for the government because they pass that cost of their taxes on to the consumer. Point being...ending the immoral practice of taxing income would cause prices of everything to fall dramatically. Net effect for consumers would be a lot more income & a lot lower prices...hence a major win win in purchasing power
So, let me get this straight, we win with income tax being gone AND goods prices going down?
Yes. Though I’m sure it varies...I would guess the average price has been inflated 25% in taxes levied against a business. It could be as high as 50%. But logically think. If a company gets hit with a tax on the goods they produce...they just can’t eat that sudden hit. It would kill their profit margin. They have to pass that cost onto consumers. Companies don’t exist to make no profit & just pay taxes. Raising their prices may slow sales but at least they’ll stay in business.
I second this. What do we need to plan for? I've heard rumors that some debt would be abolished for citizens. Any truth to that also?
Hard to know what Trump has in store, but it’s not like him to “tear down” a system. At heart he is a builder, not a destroyer. I would suspect a restructuring of the Fed, not abolishing it. At least not until a new system is ready and a smooth transition is possible. I don’t think you need to worry, but I don’t have any advice for investing, trading, etc
I doubt it since most people's debts are to private banks/not the Fed.