Memo to President Trump: April 2 was not "Liberation Day." Liberation Day will occur...

when you advocate limited government starting with...

The repeal of the Sixteenth Amendment, which states, “The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.” In other words, the federal government can expropriate a little or all our income. The tax rate(s) we pay are arbitrary unlike market prices, which reflect the preferences of consumers.

And when tax withholding was introduced during World War II, the federal government has been taking the people’s income before they do. Sounds like “slavery.” No? In addition, Murray Rothbard observed, the income tax is “undoubtedly the most totalitarian of all taxes.” The income tax, as Frank Chodorov asserted, thus is the “root of all evil.”

If you file a 1040, the time it takes you or your accountant to complete a tax return could be better spent on work, leisure, etc. The tax code imposes a huge compliance cost, especially to the business community.

As the Tax Foundation informs us, “…the IRS estimates that Americans spend roughly $133 billion annually in out-of-pocket costs to comply with the tax code. This brings the total compliance costs to $546 billion, or nearly 2 percent of GDP.”

President Trump therefore should announce the income tax should be repealed, just as Prohibition was repealed in the 1930s. As of now, 8 states have no income tax, including two of the country’s states, Florida and Texas. In the meantime, tax rates should be reduced markedly especially on low and middle income individuals. He should also call for zero tariff rates, signaling the US is open to trade.

Very low taxes initially—with the goal of no income tax—on individuals and ending the income tax on all businesses would make America the freest economy on Earth. The result: Businesses would flock to America and tax rates would decline overseas, freeing up resources increasing economic activity.

Government spending would have to decline precipitously to reduce (end) the federal deficit.

In addition, Trump should call for the repeal of the Federal Reserve Act, which would end the money printing—the cause of price inflation— and manipulation of interest rates—the cause of the boom-bust cycle. A gold backed dollar is “sound money,” one of the foundations of a free-market economy.

The above is the roadmap to Trump’s “golden age.” Anything less will only perpetuate the welfare-warfare state.

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Dave Campbell and I discuss MAFI on the Clarity and Chaos podcast.

Col. Mike and Dr. Mike and I discuss Trump and his promises on the National Security Hour.

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Restoring free enterprise, medical freedom, and a constitutional federal budget.

The insufferable Jim Cramer reveals his economic ignorance in a recent CNBC rant.

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Joseph Cotto and I discuss the economy on his podcast.

Tom DiLorenzo’z pamphlet, Axis of Evil, is now available at the Mises Institute.

Order a free copy of Rothbard’s money and banking classic monograph. Or, you can read it online here.

My December 10 talk on medical care.

America’s debt bomb.

Bob Murphy interviews Dr. Keith Smith of the Surgery Center of OK.

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Murray Sabrin, PhD, is emeritus professor of finance, Ramapo College of New Jersey. Dr. Sabrin is considered a “public intellectual” for writing about the economy in scholarly and popular publications. His book, The Finance of Health Care: Wellness and Innovative Approaches to Employee Medical Insurance (Business Expert Press, Oct. 24, 2022), and his other BEP publication, Navigating the Boom/Bust Cycle: An Entrepreneur’s Survival Guide (October 2021), provides decision makers with tools needed to help manage their businesses during the business cycle. Sabrin's autobiography, From Immigrant to Public Intellectual: An American Story, was published in November, 2022. He is also the author of Why the Federal Reserve Sucks.