President Trump Planning To Abolish The IRS? New Analysis From CNBC!

Is President Trump secretly planning to abolish the IRS?

No, I still don’t believe there is some secret NESARA/GESARA garbage coming to save us all and magically wipe out all our debts with fair dust, but I do think some big changes are on the horizon….

Historic changes!

Massive changes!

Like perhaps, abolishing the IRS?

No, I don’t have my tinfoil hat on, I’m actually responding to a new report out from CNBC that says President Trump’s tax proposals could exempt 93 million Americans from income taxes.

Take a look:

Trump tax plans could exempt 93 million Americans from income taxes https://t.co/oOqnFd36zG

— CNBC (@CNBC) October 21, 2024

Now let’s put that in context….

It is believed the population of the United States is estimated to be around 334 million people.

So 93 million / 334 million = 27.8% of the population that could be newly exempted from paying federal income tax.

That’s a huge number.

Now add to that the amount of people who already don’t pay federal income tax (40%):

And you get a grand total of 67.8% of Americans paying no federal income tax under a second President Trump Administration.

Folks, it’s not that much of a stretch from that point to simply eliminate the IRS altogether!

And that sure lines up perfectly with Elon Musk and Vivek Ramaswamy coming in to cut 90% of the Federal Government, don’t you think?

The two agencies I would cut on Day 1 would be the IRS and whatever Hellish Department runs the TSA….I suppose that would be Department of Homeland Services?

Cut, cut and cut!!

CNBC had more details on the new analysis:

Former President Donald Trump’s tax reform ideas could offer total or partial income tax exemptions to roughly 93.2 million Americans, or just under half of the U.S. electorate, according to CNBC’s analysis of several estimates.

As part of his economic pitch to voters, Trump has floated a sweeping tax overhaul, including a slate of income tax breaks.

So far, the Republican presidential nominee has officially proposed eliminating income tax on tips and Social Security benefits, along with overtime pay. And last week, in an interview on the sports media site OutKick, Trump said he would consider tax exemptions for firefighters, police officers, military personnel and veterans.

If implemented, those exemptions would impact tens of millions of taxpayers.

Roughly 68 million Americans receive Social Security benefits each month, according to the Social Security Administration. And in 2023, about 4 million workers were in tipped jobs, according to an estimate from Yale University’s Budget Lab.

The U.S. Department of Veterans Affairs approximated in March 2023 that there were 18.6 million living veterans. There are 1.3 million active-duty military personnel, according to the Department of Defense. And there are 800,000 sworn law enforcement officers and roughly 500,000 paid firefighters.

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Taken together, these reforms could leave about 93.2 million people off the hook for at least a portion, if not all, of their income taxes.

That accounts for about 38% of the 244 million Americans eligible to vote in 2024.

This total excludes the many more people who would be exempt from part of their income taxes if Trump executed his proposed elimination of taxes on overtime pay.

These exemptions are part of Trump’s larger vision to transition away from the income tax system and replace it with the revenue he says would be generated by his hardline tariff proposals. Trump has pledged to impose a 20% universal tariff on all imports from all countries with a specific 60% rate for Chinese imports.

Given that tariffs are paid by U.S. importers and those costs have historically been passed on to consumers, Trump’s strategy would likely end up replacing income taxes with a kind of invisible sales tax.

“In the old days when we were smart, when we were a smart country, in the 1890s and all, this is when the country was relatively the richest it ever was. It had all tariffs. It didn’t have an income tax,” Trump said at a sit-down with voters in New York on Friday for “Fox & Friends.” “Now we have income taxes, and we have people that are dying.”

Analysts see Trump’s scheme to move away from income taxes as something of a pipe dream.

It’s nice to see CNBC catching up to the story….

I first wrote about it here:

President Trump: Eliminate Tax On Tips? How About We Eliminate The Entire IRS!

And here:

President Trump Considering “NO TAX” On A Brand New MASSIVE Group of Americans!

President Trump Considering "NO TAX" On A Brand New MASSIVE Group of Americans!

Massive credit to my man Tyrus for this one....

He optimized his time recently interviewing President Trump by not just asking him questions but by presenting President Trump with an idea!

How's that for turning the tables?

But of course it was done very respectfully and it was very well received by our President who seemed genuinely impressed that no one had suggested this before.

We all know President Trump went viral earlier this year when he proposed "No tax on tips!"

Remember this?

BREAKING: Trump Promises to Stop Taxing Tips!

From there the list grew to include some additional categories of tax-exempt groups:

1. Social Security Benefits Recipients - Trump has proposed exempting Social Security benefits from income taxes.
2. Individuals Receiving Tips - There's been mention of exempting tips from income taxes, which would primarily benefit service industry workers.
3. Overtime Pay Earners - Exempting overtime pay from income taxes has been proposed, benefitting workers who earn overtime.
4. Domestic Producers - Trump floated the idea of lowering the corporate tax rate to 15% for companies that produce goods in the United States, which isn't directly an income tax exemption for individuals but aims at incentivizing domestic production.
5. Families Benefiting from TCJA - While not a new proposal for his second term, making the individual tax cuts from the Tax Cuts and Jobs Act (TCJA) permanent would continue to affect middle-class families by keeping their tax rates lower. However, this isn't specifically "no income tax" but rather reduced income tax.
6. Estate Tax Modifications - Although this relates more to inheritance, Trump's plans included proposals to cap the estate and gift tax rate at no higher than 20% or make the higher exemptions from TCJA permanent, which indirectly affects individuals inheriting estates by potentially reducing or eliminating the tax on estates.
7. Universal Savings Account Contributors - Although not directly an income tax exemption, Trump has supported the idea of allowing contributions to universal savings accounts with tax-free withdrawals, which could be seen as a tax benefit for savers.

All great ideas!

But Tyrus asked President Trump about an obvious group that is missing but might fit in very well to this list:  Military, Veterans, Police Officers, Firefighters and First Responders!

Brilliant idea!

Watch here:

No Tax for Veterans, for Police Officers, for Firefighters? 👀

Tyrus makes a compelling case to Trump that there should not be any taxes for those who put their bodies on the line for this country. I agree…

Should @realDonaldTrump do this??https://t.co/Ofh2IFwutf pic.twitter.com/lRtU78nJa3

— MJTruthUltra (@MJTruthUltra) October 18, 2024

Backup here if needed:

I love this idea, but I have to say something....

Does anyone else feel like this is building up to something much bigger?

No, I still don't believe in the hocus-pocus of NESARA/GESARA, but I do believe huge changes are coming....

Does anyone else feel like this is all building to a simple elimination of the IRS entirely?

I do.

I think President Trump is eating this Elephant one bite at a time, but at some point the momentum will shift to where so many people are exempt (and the country will be running on surpluses thanks to President Trump's tariffs) that he will simply declare the IRS to be eliminated at some point.

That's my prediction.

Your thoughts?