If our congress wasn't so retarded, our taxes would only come from duties on imports and they would be leaving us alone. But they long since stabbed us in the back, and many have left the country over it (this schedule D thing) in the past-taking with them money they could have invested in our economy.
It may be painful in the short term, but Trump is steering us in the right direction with domestic tax cuts and trade tariffs. But it won't do any good if we keep spending more than we can sustainable borrow. The other problem is our workforce has become rather uneducated; the vast quantities of college educated people probably don't have the first clue about performing the tasks needed of the old economy that will gradually be returning. But i suppose it is for the best, a return of manufacturing would almost immediately make the David Hoggs of the world look like the morons they really are. It would almost put to an end feelings based legislation.
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Reminds me of Dune. Fremen were so much stronger when the planet was a barren wasteland desert.
I sincerely doubt that Trump is going to pull us in the right direction. Even he is a bit of an elitist, and that would be generous.
As to the history of the income tax, scholars will tell you that the 16th Amendment never conferred any new power of taxation upon Congress, it was merely a clarification. It was also a joke played upon the D's by the R's and it went too far.
As to the debt, it's worth noting a few other things. China loves our debt. They keep buying it to keep the dollar good and strong, and that blows up the trade balance in their favor. China simply has no compelling interest to see us stop spending money "we don't have". But even fewer people will notice that the federal government is a sovereign. It can never go bankrupt.
Feast your eyes on this interesting treatise on money:
http://neweconomicperspectives.org/2017/12/defining-tax-reform-battleground.html
The money has to come from somewhere before it can be taxed. Where does it come from? We print it, the government spends it, and it goes into circulation (I'm not talking about the fractional reserve part).
For Trump to do any good to the economy, he'd have to plug the hole known as the trade deficit, some $500B a year, demand that is going elsewhere. And his business cronies won't have it because that would create demand here, tighten the job market and raise wages.
And I'm not so sure that Congress is retarded as they are Pavlov's Dogs, trained to vote for money.
You have an interesting point.. i enjoyed coming across your opinion.. Enjoy your weekend!!
Agree wholeheartedly with this:
"And I'm not so sure that Congress is retarded as they are Pavlov's Dogs, trained to vote for money.