Looks like The bill to abolish the income tax in the US has been introduced!...
"H.R.25 - To promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national sales tax to be administered primarily..."
(www.congress.gov)
Let's GOOOOOOooo
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I am a CPA tax practitioner. i advocate the Fair Tax approach presented by Buddy Carter. It captures the underground economy, rewards capital formation activities (interest and dividends not taxed), easily administered (most states have a sales tax already), frees IRS personnel, tax lobbyists, CPAs, tax lawyers for more productive work, and places more control in taxpayer - consume and pay tax or save and don't pay tax. What's not to like?
A monkey on the back, it's all the same. Is it new retail goods, or garage sales? Doe we need sales tax licenses now to live? Does it exempt basic necessities and how are those defined? The last attempt at national sales tax was 23-30%. Housing and car sales included? And how, as a CPA tax practitioner is the bank going to secure a loan w/out a tax return... just saying. 100% opposed to it all. These are all big distinctions, and SUBJECT TO CHANGE in another administration.
The federal income tax has existed since 1913. How was the federal government funded before - excise taxes, import duties/tariffs, whiskey taxes, etc.. clearly, SHRINKING size of the federal government is a big necessary step as is being done in real time. And YES necessities ie food, housing etc s/b exempted as states do today.NOT value-added tax, but taxed at end-use. The beef steak gets taxed at the restaurant, not on the ranch, not in the grocery store...How much money is in the cash underground economy - drug dealers, thieves, etc..? do they buy cars? boats?
It depends on what the rate is and if there are any exceptions, such as food, heating oil, other things necessary to basic survival. Every other time this idea has been floated the rate was so high (20 something percent), my reaction was GTFO. Can you imagine how much that would add to a new car? More than most people pay in income tax. Plus, it gets added on to state sales tax. If it's a nominal amount, like 1 to 3%, that would be workable. In the teens or twenties - hell no! Trump never said replace income taxes with a national sales tax. He said replace it with tariffs. Let's just do what he promised.
20 something percent!