Boomer Socialism at it again
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Absolutely NOT. The government earns more than enough taxes to eliminate income tax. Trump didn't float the idea for no reason. The government DOES NOT need income taxes.
I have a finance degree and have analyzed financial statements my whole life including the financials of municipalities. I have a CFA. I know what I'm talking about. Do you know HOW LITTLE taxes are spent on infrastructure? You'd probably be angry if you truly understood.
Just so you know. The US government both state and federal (the ones who raise income tax) only spend 4.55% of their tax revenue on infrastructure.
You can eliminate income tax and pay for infrastructure EASILY. In fact, you can lower income taxes to 0 and increase infrastructure spending without raising debt.
The government is a band of robbers. Taxes (all taxes) are 80-90% higher than they ought to be.
Do you mean privatizing the entire infrastructure? That would make the environment into hell on Earth.
Not at all. A decrease in income tax would lead to an increase in economic output which would lead to higher taxes raised from other taxes and a simple reallocation of wasted spending then voila, easy to increase infrastructure spending without raising debt while eliminating income tax.
So what taxes would cover everything without income taxes?
Currently, consumption taxes (including sin taxes), tariffs and other trade taxes, resource taxes (tied to environmental taxes), business profit taxes, capital gains/dividends taxes, payroll taxes, estate taxes and user-fees.
Income taxes only represent 40% of revenues earned by state and federal governments. Over the long-term a reduction of income taxes to 0 is likely only going to reduce total revenues by 25% (due to the improved economic gains leading to higher other taxes).