US tax return filings drop by nearly 1M, extension requests rise

Re:US tax return filings drop by nearly 1M, extension reques... by xdennis on Monday April 07, 2025 @05:01PM (#43615896)

> Tariffs are going to bring in huge amounts of money. Which in turn can and should result in lowered taxes.

Tariffs are taxes. Are you really going to be happy if you pay less in taxes but make up for it by paying tariffs?

But I wouldn't be so quick to rejoice. During Trump's previous term much of the money collected was given to farmers as subsidies for their losses from the counter tariffs.

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Re:US tax return filings drop by nearly 1M, extension reques... by silisili on Monday April 07, 2025 @05:57PM (#43616386)

> Are you really going to be happy if you pay less in taxes but make up for it by paying tariffs?

FWIW, there are proponents of something called Fair Tax, which replaces income tax with a national sales tax. Either 25 or 30% IIRC. I never looked at it to determine if it was viable, but it seemed to have some level of support because I kept seeing it pop up.

From what I can tell, that isn't completely different to the idea of replacing income taxes with tariffs, I guess, except that it doesn't apply to US goods.

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