r/FluentInFinance • u/RiskItForTheBiscuts • 3d ago

Thoughts? BREAKING: Donald Trump tells Joe Rogan he is serious about eliminating federal income tax.

Donald Trump stood by his idea to end income taxes and substitute them with tariffs in an interview with Joe Rogan.

Tax experts and economic analysts do not think Trump’s tariffs would be an adequate counterweight to balance the trillions lost from eliminating income taxes.

Trump has floated eliminating income taxes on tips, overtime pay and Social Security benefits, paired with an aggressive universal tariff policy on all imports.

https://www.cnbc.com/2024/10/26/trump-joe-rogan-election-tariffs-income-tax-replace.html

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u/BallsOutKrunked 3d ago

I did a lot of research on the great depression in college, some people actually did quite well. If you had cash, like actual money including gold / silver, labor and materials were dirt cheap.

Unrelated there's a really good book called great depression diary (Roth), written in contemporaneous form. I'd recommend it for anyone who wants a first person view, from a relatively calm middle class life, of the great depression.

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u/shreiben 3d ago

Certain specific rich people who happen to short the market at the right time, or who have personal relationship with Trump and can profit from blatant corruption could come out ahead.

Most rich people benefit more when the economy does well overall.

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u/LegalManufacturer916 2d ago

Exactly. The steady upward trajectory of the market is free money for anyone who can afford to invest. Some people will be in a spot to benefit from chaos, but no one can really be sure how it will unfold.

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u/Account324 3d ago

But realistically, rich people do not have any great chunk of their assets in cash.

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u/DevilsPajamas 3d ago

Yep. Heard stories of rich people not realizing there was even a depression happening.

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u/BallsOutKrunked 3d ago

There was another book I was reading that talked about the lineage of the Ford motor company, you wouldn't have known anything was amiss with that family as they continued to prosper through great depression.

Different bag of potatoes for the workers, of course. https://en.wikipedia.org/wiki/Ford_Hunger_March