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do you hate giving up a big chunk of your paycheck for income taxes well what if I told you that income tax as we know it could disappear forever well that’s exactly what the new incoming president Donald Trump is suggesting with the groundbreaking announcement of what he’s calling the external Revenue Service now the plan is to stop taxing American citizens and to start collecting revenue from foreign trade instead now this isn’t just a small tweak this would be a complete rewrite of the entire us taxation system that could be the solution to freeing Americans now it’s not just some crazy idea it’s actually taking things back to how things were in the past so in this video I’m going to break down the details of Trump’s ERS proposal what this would mean for the US what it could mean for the rest of the world what the probability of something like this even going through is and of course what to expect and what we can do regardless of what happens so make sure you stick around because this could be one of the most important Financial shifts of our lifetime so let’s go all right we’re jumping right in we’re going to talk about this new proposal by President Trump and hang on before you may turn this video off because maybe you’re not from America not from the United States this matters right this is going to change the entire globe’s trade and how this works and so make sure you stick around to the end regardless if this affects you as an American citizen or not but you probably heard whether you’re in American or not of the IRS which is the Internal Revenue Service which was started in 1913 we’ll talk about that in a second but he is now proposing the creation the formation of the ERS which instead of internally Revenue Service is an external Revenue Service now this is the I for the E now this started with his tweet that went out right here and actually you know it didn’t really start here but let’s let’s start here okay so he put out a tweet for far too long make America great and for far too long we the American people have relied on taxing our great people the very fine people they’re so fine the fine people right uh taxing our great people using the Internal Revenue Service the IRS he says that I will create Donald Trump will create the external all in caps external Revenue Service to collect tariffs duties and revenue from there starting January 20th 2025 will be the birth date of the ERS external Revenue Service to make America great again so this is happening this is going to happen at least is what he is saying is going to happen now basically what he’s proposing is instead of taxing the Great American people as he said let’s get money from external people external people ERS that are shipping money in so this is basically tariffs or taxes and the reason why I say this didn’t just start with his announcement is because during his first term he started to increase tariffs on Country shipping stuff in I’ll break all this down for you what this means now just to say like again this didn’t just start here it started back when he started doing tariffs and of course as he was on the campaign trail running to become president he started talking about this as a a matter of fact if we go back to look at some of the stuff he pledged during the 2024 campaign to impose import taxes tariffs of 10% to 20% on All Foreign Goods so 10 to 20% across the board we’ll come back and show you what 20% means a little bit later but basically across the board taxing uh stuff 10 to 20% with tariffs and up to 60% on Chinese Goods so he’s like hey look these guys are taking American jobs they’re sending low price over here subsidizing even their stuff maybe at some point and uh we’re destroying American economy we’re not getting any money out of this and so he wants to stop that he wants to increase tariffs and and bring all of that back and I’ll show you what the impact of all that means now tariffs or taxes at some point the government needs to have money right so where are they going to get it from and I say right because uh let’s let’s take a look at that okay so first of all there has some historical precedence for this so it’s not like this is some hairbrained idea he’s pulling this back from historical precent so before we had the IR RS which was formed in 1913 the United States funded itself in a completely different way as a matter of fact other nations today even do that as well let’s hear from uh president Trump on this exact thing as he was on Joe Rogan let’s play that clip unless they pay a big price and the big price is tariffs and he’d speak like that but he was right and then around in the early 1900s they switched over stupidly to frankly an income tax and you know why because countries were putting a lot of pressure on America we don’t want to pay tariffs please don’t you know they believe me they control our politicians we had a commission meeting in the uh 18 I think it was 1887 think of this problem we were so rich we had so much money we didn’t know what to do so they set up a blue ribbon Commission tariffs and the sole purpose is what to do with all the money we had we were so rich because we were taxing other people for coming in and taking our jobs and China does it that’s what China did if you want to open a factory and sell cars if you build a factory or have a factory they don’t take our cars they they wouldn’t take our cars but if you build a plant in China you can do that all right so you heard it directly from president Trump’s mouth that there used to be a different system we used to tax U Goods that came into the service and that would pay for the government to run as a matter of fact he said that there was such a big account there was so much money and 95% of all income for the government came from those tariffs at that time now again you know we can see headlines that are saying like well how did that happen I’m going to break that down for you but just to kind of show you some of the numbers we can jump on Wikipedia I don’t really like the framing of this uh but we can see that tariffs have played a key role in the trade policy of the United States their purpose was to generate revenue for the federal government obviously that’s what Trump was just saying um it says here it was aimed to reduce the trade deficit and the pressure of foreign competition so again he doesn’t want the other countries subsidizing their goods sending cheap Goods into the country and then decimating our industrial base our economy between 1861 and 1933 they had one of the highest average tariff rates on manufacturing Imports in the world so before the creation of the Federal Reserve that’s how that was done now this sort of like pay to play not live that’s what Trump is saying so like instead of like people having to pay Americans having to pay to live how about these countries or companies pay to play if they want to sell Goods in they should pay not the American people um is that good or bad well this thing is good in bad there’s trade-offs so I’m going to show you what those trade-offs are but we can see here until World War I tariffs amounted to around 50% so up to the creation of the Federal Reserve they were or the IRS and the Federal Reserve at the same time 95% by World War I they were down to 50% and then they went to zero zero today tariff revenues account for very little us Revenue very little however they’re double what it was pre-trump because again Trump was the one that kind of got this going this whole ball going again now I want to show you about the trade-offs and I want to show you the probability if this is even going to matter and what it means for us either way way but before we do I want to show show you that this is not just old history this is not just the way it was done pre you know creation of the Federal Reserve or the IRS as a matter of fact you might notice that other countries and if you’re watching from another country you might be living in a no income tax area as a matter of fact before I jump into break this down for you let’s hear from another president of a nation president R of El Salvador let’s see what he has to say when I talk to my conservative friends right here they always tell me that the problem is high taxes but they are wrong of course high taxes are extremely high here in the United States I I give you that you’re right in that but that’s not the real problem the real problem is not the high taxes themselves but the fact that they are not even really funding the government so you heard it from president B there he says that of course the taxes are very high in America some of the highest in the world but but that’s not the problem the problem is that what are the taxes even being used for we are under this illusion that we’re paying taxes to fund the government but he said that that’s not even the case so let’s take a look at that for example now before we dig into the nitty-gritty of the math again there’s other nations that are doing this the UAE United Arab emites Dubai Abu Dhabi Etc Bahamas Cayman Monaco Qatar we could go on now I was recently in Dubai in Abu Dhabi I was speaking at the big Bitcoin conference that was going on over there and I went and I visited Dubai and I put up a tweet on my Twitter account which by the way if you’re not following me check it out I put more play bypl on there and I said something just like I said hey coming from California which is the highest tax state in the nation of of of the United States um it’s pretty interesting coming from the highest tax state and looking at Los Angeles with probably the worst infrastructure the roads are falling apart the buildings are falling apart you have the biggest homeless problem that that’s there and there’s not one single crane up in the Sky you can tell a lot about the economy of a of a city by how many cranes are there how much development’s going on and I said over in Dubai there’s no income tax and yet the city is probably the cleanest city that I’ve ever seen in my life the infrastructure is amazing uh I would call it magnificent it’s the only word I can think of and there’s cranes everywhere there’s no tax so I was just I was just saying it’s interesting to understand that and I got blown up I didn’t know you could say couldn’t say good things about Dubai and everyone said well that’s because they use slaves um that’s because they’ve stolen all the oil from the land all these different things and none of that’s true well maybe they maybe they didn’t use oil at one point but today Dubai has no income tax and they have almost no less than 1% of their GDP comes from oil so where do Nations like Dubai or Bahamas or cayin or Monaco where do they how do they fund the government without tax without income taxes well there’s always going to be taxes the government has to receive money but it doesn’t have to come from income there’s a lot of tax that we pay so for example in Dubai there’s a 5% vat tax okay so that’s sort of like in the United States we have a sales tax and so that tax happens every time there’s a transaction happening and then businesses also pay 9% so 9% corporate tax rate which of course is way less than the United States as well so that’s how sort of things like that happen now we can see in Dubai the reason why I one to use Dubai is like I said I was recently there 26% comes from wholesale and Retail trade 12% from Logistics they have a big uh tourism industry here this is only 5% it’s much bigger now real estate manufacturing and so all of these sectors pay in money through that 9% corporate rate but the thing to understand here is that why are all those businesses there what Dubai did is said hey we’re going to compete with the rest of the world and we’ll attract Capital so by being very Pro business and very Pro capitalism all these companies have been coming to set up there and then they benefit from taxing those companies albeit at a very much lower rate than what the United States does and so we’ve seen that it’s not just a dream it’s not just history it’s actually happening right now now back to president bu K’s comments about your taxes or Americans taxes not really funding their government this is a chart from the government from the Congressional budget office and what this is showing is the deficit and the deficit is obviously the the difference between what the government’s spending and what they’re bringing in from taxes and again income taxes is part of the taxes there’s all kinds of other taxes right so business taxes and property taxes and sales taxes and capital gains taxes on on on however the problem is that the government continues to spend more and more and more and more and more than they collect we’re spending about two trillion more than what they’re bringing in and per the government CBO they project that Gap that deficit Gap to get bigger Ander bigger and bigger so two trillion more than they they’re spending two trillion more than they bring in and then it will be 2 and a half and then three and then four and so if they’re spending an extra $2 trillion do again back to B’s comment what do they need our money for where are they getting that money and they show you well it’s debt so this is the line of where we’re at today and this is what they project the debt levels to go up to and I just want to bring out one point uh I wrote a book called the Amazon I’ll link to it down below you should check it out the uncommon Manifesto but in Carl Marx’s book Marxist book called The Communist Manifesto he laid out 10 points of Communism and I’ll just let you know that uh right here number two a heavy Progressive or graduated income tax it’s a Marxist idea I’d also let you know number five is a central bank so it wouldn’t be a big surpris that both the IRS the taxation system and the Central Bank the FED were were both created at the same time in 1913 both of them are Marxist ideas so back to W’s comment why does the government take your money you think you’re funding the government but you’re not so then why are we paying such heavy income taxes it’s Marxism it’s redistribution that’s a whole another comment a whole another conversation if you want me to do a video on that let me know down in the comments down below otherwise go check out that book but let’s talk about the pros and cons of this uh and then we’ll talk about could this really happen and what I think is going to happen all right so potential shock so what a lot of people are saying is obviously the pro would be well shoot if we got more revenue from trade that’s good for the government so there’s more money coming in um all the businesses and and companies and countries that are sending stuff into the US they pay a little bit the US has more money that’s great um that might mean also less taxes for Citizens I would love it if my income tax were to go down or obviously completely go away altogether that’d be amazing So Pro more income for the government Pro more income for me I could keep more of my income um now it’s it’s important to understand Houser’s law I talk about this quite often and the interesting thing about Houser’s law is there’s only so much money to go around there’s only a pi now the pi can get bigger or smaller but we have to divide up that pi and so basically the way it works is kind of common sense if you were to keep 100% of your money you would have more money to spend and invest if you keep zero of your money if they took all of it you’d have no money to spend and invest so everything else is just a spectrum you have to understand the government cannot spend something it has not taken from you it just redistributes now it can take money as in debt from the future if could do that but per Houser’s law it shows that regardless of what the tax rate is 10% or 90% the percentage of the P of GDP stays about the same about 19% so when taxes go down the pie gets bigger when taxes go up the pi gets smaller but the percentage of Revenue to the pi of GDP stays about the same all right so that’s how there SL but back to um the potential shock so the pros sound good less taxes for me more revenue for the government the cons could be well higher costs for imported goods so we import a lot of goods and so we can see the prices of all those things go up that’s inflation that means your money doesn’t buy as much as it used to that could be bad bad for you uh we could also see potentially retaliatory tariffs so if the US were to slap tariffs on other nations then other nations say okay fine then we’ll slap tariffs on your stuff but here’s the thing about this part I think this part’s overblown in my opinion and the reason why is that most other nations already have tariffs they have all types of Duties import duties and vat taxes like I’ve been sending a bunch of stuff down to Mexico for my house that I built down there but I’m paying this enormous rate every single time I ship something down there so we’re already having that on top of that the US is a net importer we don’t export much stuff the number one thing we export is our financial services our internet services you might already say there’s tariffs on those um the EU I Zuckerberg was on Rogan recently and I think he said that the tech companies have been fined like $30 billion in just the last I don’t know five or 10 years that’s sort of like a tariff so we export Financial Services internet services and energy so um really I don’t think this is a big risk all right now let’s think about the probability of something like this going through and 100% or partially and what that means for us so first of all uh as you might imagine there’s going to be massive hurdles in Congress but not just Congress like there’s an entire IRS you know deep State operation you have all the attorneys that make money from tax attorneys and all that that whole complex if you will they’re going to fight that they don’t want that to go through obviously they want to keep that in place uh the Marxist organization wants to stay there um now what’s the probability of it actually replacing the income tax well if you think that the income tax is still needed by the government then what’s the probability of that let’s look at some of the let’s look at some of the math now as I said right Trump pledged to do that he’s also pledged to do a bunch of other things with taxes so for example he’s vowed on the campaign Tri to up in the the tax structure by no taxes on tips so get rid of that that’s pretty good uh overtime no tax on overtime no tax on social security so a lot of things like that even floating the elimination of the federal income tax altogether which is this this although like I said there’s going to be a lot of push back now I do want to just point out again this is Trump’s second term so in his first term he did a ton of tax reform as a matter of fact president Trump achieved the biggest tax cuts and reforms in American history many of which I’m Still Loving and using today but they’re dwindling down like for example accelerated depreciation bonus depreciation that’s a big one um and so I just want to point out in his first term he did enormous uh tax cuts and so you know he’s a man of his order he say he’s going to do some of this stuff I would expect a lot of this to go through at what level well let’s look at some of the probability of this let’s look at some of the numbers so we can see here that um if we were going to put a 20% tariff on all imported goods what Dent would that put into the income tax that he wants to get rid of well we can see total Imports last year 2024 wereth 3.8 trillion all right now the federal revenue the federal government’s total revenue for the same year was $5 trillion so if we were to take 20% of the total Imports 3.8 trillion that is about 766 billion dollar that’s the 20% across the board now if we do the math that’s only about 15.6% of the government’s total revenue so it doesn’t really make up for the whole thing that’s assuming that they need that money from us and they’re just not going to spin it off now uh I also like to point out the betting markets I look at them regularly now currently there’s not a betting Market open for this specifically if uh we’ll have tariffs replace income taxes I’d love to see someone spin that up but currently we do have three different proposals that we’re betting on in regards to Trump and tax policies so Will trump end taxes on tips as he sort of said he would right now the Betty Market say there’s a 33% chance of that going through Will trump cut corporate taxes in 2025 there’s a 60% chance of that going through and Will trump cut taxes on high earners in 2025 and there’s a 21% chance so um corporate taxes 60% better than average the rest are below average on that point so that’s what the sort of probabilities are of this going through now what does this mean for us either way well a couple things it means number one pretty much expect higher prices all right so there’s going to be some tariffs maybe they’re not going to be across the board like he said maybe they won’t be as high but he’s going to increase them we know that cuz he did before and he’s going to at least follow through with some of that so that’s going to be higher prices no matter what even if there’s not this retaliatory um you know potential retaliatory risk that people see it’s going to mean higher prices expect for that it’s also going to mean lower taxes so we’re going to have some tariffs it’s going to bring prices up we’re also going to have tax cuts which will bring taxes down now we don’t know if it’s going to be 100% but there’s going to be some blend of that so be prepared for that I do want to just let you know one other thing though that regardless of what happens we all have the ability to bring down the amount of taxes that we pay by using all types of incentives that the government puts in place so the tax code is complex and it favors investors not consumers so if you’re just a W2 earner that just watches TV and sits in your mom’s basement you don’t get a lot of breaks or incentives from the government but if you buy a house or you build a business or things like that then you do get a lot of incentives to lower your taxes this way so if you want to learn more about that I have a whole video right here that you can go watch on that otherwise let me know what you think do you think this goes through leave it in the comments down below and that’s what I got all right to your success I’m out
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