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View Full Version : How will you spend your money when Ron Paul ends the income tax?




pikerz
12-23-2007, 09:07 PM
How will you spend your money when Ron Paul ends the income tax?

First thing I will do is some massive home improvements. Second thing I will look at is some additional schooling that I dont necessarily NEED, but definately WANT to improve my marketability.

rodent
12-23-2007, 09:10 PM
I expect the sudden amount of cash on the demand-side to give a short-term boost to the economy; however, in the long term, I believe inflation will eat away the excess capital from the income tax. More demand (from having more $$) -> higher prices.

That being said, I would spend it all immediately (or as fast as possible) acquiring real estate and commodities.

i2ambler
12-23-2007, 09:11 PM
I live in florida.. I will probably end up spending the extra money on state income tax, since we havent any now.

ross11988
12-23-2007, 09:14 PM
hmm maybe be able to afford college for myself now? That would be nice

pikerz
12-23-2007, 09:16 PM
I expect the sudden amount of cash on the demand-side to give a short-term boost to the economy; however, in the long term, I believe inflation will eat away the excess capital from the income tax. More demand (from having more $$) -> higher prices.

That being said, I would spend it all immediately (or as fast as possible) acquiring real estate and commodities.

I dont buy that theory, because the government is spending the money already. They spend it slower and not on stuff that produces real wealth for you and me. What I believe would happen is an absolute revolution within the productive economy. The fat cats that are leaching tax money will be forced into the productive economy since thats where all the action will be, prices will remain stable despite inflationary pressures, and a torrent of prosperity will overcome the nation, revitalizing all industries in its wake.

AtomiC
12-23-2007, 09:16 PM
I expect the sudden amount of cash on the demand-side to give a short-term boost to the economy; however, in the long term, I believe inflation will eat away the excess capital from the income tax. More demand (from having more $$) -> higher prices.

That being said, I would spend it all immediately (or as fast as possible) acquiring real estate and commodities.

Yes I agree.

More money to spend will undoubtedly raise prices of goods and services over a time, but at the beginning people will reap the benefits.

dircha
12-23-2007, 09:16 PM
Well I don't think Ron Paul would be able to get that passed in his first term, considering Democrats will probably increase their control of both houses of congress in 2008, and I doubt there will be enough contestable seats in the midterms to take back both.

And while it would be a cold day in hell before a Democrat would ever vote to repeal the personal income tax, I don't have much more faith in Republicans.

All I want out of a Ron Paul presidency is to bring all of our troops home.

But I'm not even sure he could do that. I think the congress would refuse to send him the funds to pay for the massive redeployment.

quickmike
12-23-2007, 09:19 PM
Maybe buy 100 weiner dogs, who knows.

http://www.northeastfoto.com/gallery/files/1/7/HarleyAndJasmineC.jpg

rory096
12-23-2007, 09:39 PM
I expect the sudden amount of cash on the demand-side to give a short-term boost to the economy; however, in the long term, I believe inflation will eat away the excess capital from the income tax. More demand (from having more $$) -> higher prices.

That being said, I would spend it all immediately (or as fast as possible) acquiring real estate and commodities.

Not really true. The government spends the money anyway, so there won't really be more money in circulation. Also, salaries would likely decline somewhat (but not nearly as low as your former net salary) to a true equilibrium, rather than the price set because of the tax wedge (which is shared by employers and employees), and more goods will be produced because more people would be working because the dead weight losses caused by the tax would disappear.

fuzzybekool
12-23-2007, 09:43 PM
I was just looking at my wife's paycheck. The Feds took $3,000 this year. Dayummmm. If I had that money, I would buy GOLD, before the dollar collapses, lol.

Aldanga
12-23-2007, 09:48 PM
Maybe buy 100 weiner dogs, who knows.

http://www.northeastfoto.com/gallery/files/1/7/HarleyAndJasmineC.jpg

Those are way too cute.

My best friends just got two German Shepherds. They are adorable. :D


I'd probably save for college; and I might buy some precious metals. Those two might actually go hand-in-hand.

mmink15
12-23-2007, 09:51 PM
I'll be able to afford health insurance and I may buy a house.

mconder
12-23-2007, 09:58 PM
Invest it for retirement.

celticsman7
12-23-2007, 10:06 PM
I expect the sudden amount of cash on the demand-side to give a short-term boost to the economy; however, in the long term, I believe inflation will eat away the excess capital from the income tax. More demand (from having more $$) -> higher prices.

I don't buy that because rising prices is a result of monetary inflation which is caused by a larger money supply. Just because we the people have more money doesn't mean prices will increase because it is simply a transfer of money from government to people. It's like the government paying out $1 trillion to the people who will then use that money to buy things. We will be acting like an intermediary between the government and the employer. However, we will be keeping what is bought, not the government.

What will I do with the money though? I'd probably write a personal check to Ron Paul because he saved this country.

Stoli
12-23-2007, 10:06 PM
Also, salaries would likely decline somewhat (but not nearly as low as your former net salary) to a true equilibrium, rather than the price set because of the tax wedge (which is shared by employers and employees), and more goods will be produced because more people would be working because the dead weight losses caused by the tax would disappear.

Thats what I believe would happen. Employers pay a premium to their employees because of the tax loss in their paycheck. If there was no income tax I could take a pay cut to help the company I work for expand ( Mom and pop shop). I even told my boss this when I preached to him about Ron Paul's ideas.

I think he is listening to me now :)

N13
12-23-2007, 10:11 PM
Pay down the mortgage on my house. Pay it off in 3 to 5 years.

TenDeseo
12-23-2007, 10:13 PM
beer most likely *burp*

alsis8xmy
12-23-2007, 10:15 PM
I will get my butt out of debt, hopefully, just like the country

angrydragon
12-23-2007, 10:16 PM
Maybe give some to Dr. Paul after his pay cut.

N13
12-23-2007, 10:22 PM
Hurt the banker man by getting out of debt.

Bladestunner316
12-23-2007, 10:36 PM
Gold,Silver, and a PS3!!!!

ronpaulitician
12-23-2007, 10:37 PM
I'd start looking for my first house.

scbissler
12-23-2007, 10:39 PM
The two C's - commodities and charities.

aspiringconstitutionalist
12-23-2007, 10:41 PM
I'll save and invest the money I get back from the killed income tax. America has a negative savings rate currently.

Montana Patriot
12-23-2007, 10:42 PM
Precious metals Gold,Silver,Brass and lead;)

Mahkato
12-23-2007, 10:44 PM
I'm going to buy a very nice color photocopier and start running off reams of new hundred dollar bills. The Fed has been doing it all these years, so I may as well.

StumbleBum7
12-23-2007, 10:52 PM
save it and support myself and not rely on the government. isnt that the point?