1/10/23 Fox News:
FIRST ON FOX: Republicans in the House of Representatives will vote on a bill that would abolish the Internal Revenue Service (IRS), eliminate the national income tax, and replace it with a national consumption tax.
Fox News Digital has learned that the House will be voting on Georgia Republican Rep. Buddy Carter's reintroduced Fair Tax Act that aims to reel in the IRS and remove the national income tax, as well as other taxes, and replace them with a single consumption tax.
The vote on the bill was made as part of the deal between House Speaker Kevin McCarthy, R-Calif., and members of the House Freedom Caucus and was pushed forward in his quest for the gavel.
A national sales tax is easy to implement. Merchants already calculate sales tax for each state. Most states exempt groceries and Rxs, so such a tax would not excessively harm the poor. There just cannot be exemptions for jets, yachts, and electric vehicles. This may reduce purchases somewhat, but reduced income taxes would likely more than compensate.
That would require a constitutional amendment to authorize it.
ReplyDeleteI don't trust them unless it reals the 16th amendment (in its entirety) in the SAME amendment.
Lots of powerful forces against abolishing income tax - CPA's, software publishers, tax attorneys, IRS employees - many more I'm sure.
ReplyDeleteGot to protect those rice bowls.
The problem is that the second the Democrats get back in office they'll re-institute the income tax AND keep the consumption tax.
ReplyDelete