If income tax is eliminated, just consider the vast amount of money tied up in retirement accounts. All of that becomes instantly available to be used, without losing any of it to income tax. Wise people will still keep it in reserve, but some of it will be repurposed and injected into the economy. And then consider getting a 10-30% raise in your paycheck when withholding ends. And think if the joy we experience when the IRS beast has its teeth ripped out.
If income tax is eliminated, just consider the vast amount of money tied up in retirement accounts. All of that becomes instantly available to be used, without losing any of it to income tax. Wise people will still keep it in reserve, but some of it will be repurposed and injected into the economy. And then consider getting a 10-30% raise in your paycheck when withholding ends. And think if the joy we experience when the IRS beast has its teeth ripped out.
Next up: property taxes.