Well, it’s that time of the year again, where millions of Americans race to meet the deadline to file their annual tax returns. We have seen a lot of discussions about the tax code, the changes and various opinions as to the benefits and costs of Trump’s new tax plan.
It’s no surprise that #POTUS has been vocal the last few days about the glory of his tax plan and even #VPPence took to twitter today:
Despite all the administrations gloating, we feel it is quite comical that the federal tax code consists of some 74k pages, yes that’s thousands! We have an idea, how bout we get rid of income taxes and just issue bonds. This is a republic, right? Perhaps the people should vote on it, hell the US Government just borrowed $275B in Q1 alone. What is indeed both troubling and interesting at the same time is that Q2 borrowing jumps to $512B nearly double the first quarter amount!
So, what would be the difference if we merely added to the treasuries borrowing, another $400B a quarter? It’s not like the principal matters, its just the interest payments we need to cover right??? Furthermore, and what is certainly the biggest scam of all is the fact that individuals paid 5.3x more actual tax than the corporations for FY2017.