Kevin McCarthy Introduces “Fair Tax” Which Would Abolish Federal Income Tax
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Removing individual income tax is a great idea, however what McCarthy has created is far too broad of a brush stroke for anyone to really bite.
It's really a 30% tax on everything that everyone buys, which is stupidly high. It also still hits low and middle income super hard. I think it should be a straight 15% on durable goods and services, with a much lower tax (1%) on food, pharmacy items, and household supplies.
Poor people and those who are on strict budgets (people just trying to get by feeding their families) won't feel much of a pinch at all. Upper-middle income and especially rich people who tend to buy a lot of expensive shit will pay more as a byproduct.
I honestly think the Federal Gov would rake in more money doing it this way, as opposed to ripping money out of people's paychecks. The tax system as it is today can be super gamed... but there is no escaping the sales tax at the register.