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
You're viewing a single comment thread. View all comments, or full comment thread.
Comments (107)
sorted by:
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?
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!