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The week's question
In March 2025, in the thread "Re: OT, out", Umm asked the members: "Do you think it is because America is made up of magical soil that makes businesses based in America magically profitable?" This week it is put to everyone again. The button below opens the small thread re-asking it - read what others have said so far, then give your own answer as an ordinary reply.
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Personal Finance / Macroeconomic Trends & Risks
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Author: OrmontUS ✭✹  😊 😞
Number: of 4581 
Subject: Cutting taxes?
Date: 05/11/26 11:48 AM
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President Donald Trump said Monday that he wants to suspend the federal gas tax, in an effort to bring down gas prices that would require action from Congress. This is to try to address the negative political aspects of, pretty-much single handedly creating a situation causing gas prices to rise. (Well, actually, while he claims he can ace a mental acuity test, he allowed himself to be cajoled by Netanyahu, the Saudi crown prince and the pair's assorted US boosters who contributed heavily to Trump's political campaign, to attack Iran - not once, but twice over the past few months).

That would immediately increase the national deficit. Add that to the recent income tax rates coupled with the apparent Supreme Court declaring the recently leveed VAT tax (assorted tariffs imposed by the Trump administration) illegal - with a potential of having to return the collected funds as well as the recent - and continuing - expenditure of the self-inflicted wound of our adventure in the Persian Gulf area, and you have a fiscal nightmare growing (for some ever-closer future generation to deal with).

Jeff
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