Small Govt., Big Savings
No Individual Income Tax Hi Reader, Here’s what our editors are looking at today… | | | America: Jim Rickards – DOGE, Military Cuts Could Enable Eliminating Individual Income Tax Believe it or not, the scale of the ongoing DOGE cuts could enable eliminating or replacing the $2.4 trillion per year individual income tax. $100 billion in savings out of $500 billion in known government waste has already been set in motion. On top of that, President Trump has made a proposal to halve the U.S., Russian and China military budgets as part of a Ukraine peace deal. It would save the U.S. $440 billion. Then there's his option to increase tariff income from $80 billion to $300-400 billion per year. The individual income tax is currently $2.4 trillion per year. Getting to $1.2 trillion of spending cuts is very doable. Cuts and deregulation could boost GDP growth to 4-5% per year and reduce interest rates to 2-3% which would cut another $300-400 billion of interest payments. Getting to the full $2.4 trillion per year would still be hard. But with faster economic growth, it could happen. Once the need for individual income tax shrinks to $800 billion or even $1.2 trillion per year then entirely different systems could be used to replace the current bloated and anti-growth system. ⇒ Read More Here | |
Politics: Bill Bonner – A Game of Chicken Even as Trump has announced that military spending could be halved, Congress is rushing ahead with "a budget resolution that would add $100 billion in defense funding, one-third less than the Senate blueprint which would raise defense spending by $150 billion." Complicating matters is the fact that almost all the statistics used to compute the effects of federal programs are frauds. Unemployment, average wage, inflation – even GDP. A big component of GDP is government spending. Transfer payments are not included; the rest totals to about 17% of GDP. So, if the feds spend another trillion on weapons, for example, it will add a trillion to GDP. Except for some people in the firepower industry — its suppliers, lobbyists, think tank shills and owners — most people will be worse off. As it is, today’s GDP includes more than $4 trillion of federal spending, mostly wasted on unproductive programs, and much of it debt financed. The big question is whether Trump, Musk et al are cutting it back… or making it worse. ⇒ Read More Here | |
Politics: Sean Ring – Vance’s Historical Munich Speech Whoever wrote Vance’s speech for the Munich Security Conference on Friday needs to take a bow. Between his words and Vance’s rhetorical acumen, this speech not so much changed the world as revealed the hands each player held. Among other things, Vance said that Europe needed to step up its military spending in the coming years, that European courts canceling democratic elections was unacceptable, and that mass migration was threatening the stability of the continent. There were many crybabies as a result of Vance's speech – the Bidens, Kamalas, and Mayor Petes of Europe. But the normal people are thrilled, as am I. If you need evidence, look to Alice Weidel, a lesbian leading a thriving “far right” party with plenty of immigrant support for the first time in German history. The common people of Europe are wising up. In short, this was a great weekend. America laid down the law, and Europe is no longer under the delusion it can freeride on America’s largesse. ⇒ Read More Here That’s all for today, we’ll be back tomorrow with more topics and articles from our editors. Email us here with whatever crosses your mind that you want us to cover. We look forward to hearing from you! Looking forward to your financial future, | | | | | |
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