Hacker News Reader

Comment by wing-_-nuts | Hacker News Reader

>Trump wants to get rid of income taxes for those earning under $150k.

Getting rid of income tax will require legislation from congress. If we're in the midst of a tariff induced recession, what are the chances his party keeps congress in '26?

Also, remember when the British government tried to pass a massive tax cut funded with debt? Remember how that went down? The chances of the US being able to get rid of income tax in the next 4 years is basically zero.

View on HN

> Getting rid of income tax will require legislation from congress. If we're in the midst of a tariff induced recession, what are the chances his party keeps congress in '26?

Their chances will maybe be higher, if they cut income taxes.

All it'll cost is moving our already-nigh-inevitable debt crisis a few decades closer to today.

> Also, remember when the British government tried to pass a massive tax cut funded with debt?

Both Republican administrations this millennium have done exactly that. I see no reason to expect they won't do it again.

> Getting rid of income tax will require legislation from congress. If we're in the midst of a tariff induced recession, what are the chances his party keeps congress in '26?

The optics of Democrats voting against a full tax cut for those earning less than $150K would be interesting to say the least.

I mean someone's gotta be the responsible adult in the room right? Every projection I've seen on tariffs doesn't put the revenue generated anywhere near enough to cover cutting income tax. You want to rework the tax system, be my guest, but pay for it, and don't tank the world economy in the process.

If the tariffs are able to act as a sustained source of revenue then they're not working to bring manufacturing back to the US. If they work to bring manufacturing back then they're not going to raise much revenue (long term). Either way, the bulk of the pain is going to be borne by average people.

Reply on news.ycombinator.com