New Bill introduced will eliminate the IRS and replace federal income tax with a "Fair Tax" bill
(trendingpoliticsnews.com)
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I hate defaulting to this idea that we need tax. Our starting position should be “all taxation is theft” and go from there.
Not to mention, this tax would be really high. It would start out as a national 23% sales tax, but is more like 30% because the 23% is take from the dollar not on top of (So 77% of a dollar goes to a business, 23% goes to the government).
This tax would increase the effective tax rate on the bottom 90% of income earners, and only those in the top 10% would receive an effective tax break.
Where are you getting those numbers from?
The 23% comes directly from the bill itself (link below).
The rest of the numbers come from a few different articles I've read.
Sales taxes typically are regressive (meaning the poor pay a larger percentage of their income in taxes), so it makes sense that this tax change would benefit the most wealthy.
https://www.congress.gov/bill/117th-congress/house-bill/25?r=96&s=1
Thanks for providing that info, anon. It's good to know, and not surprising.