Republicans in the House of Representatives will vote on a bill that would abolish the Internal Revenue Service, eliminate the national income tax, and replace it with a national consumption tax. https://trendingpoliticsnews.com/just-in-republicans-to-vote-on-a-bill-that-would-abolish-the-irs-eliminate-income-tax-wiley/
That article is pretty opinionated and I can’t find this information on any other non conservative news site. Not sure what to think about it without some datapoints.
no, this is stupid. consumption taxes are regressive (punish people who spend most of their income, e.g. poor people) and discourage economic activity / consumer spending. just spitballing but we could increase estate taxes and get rid of the cost basis step-up at death rule, that'll raise a fair amount of revenue probably
Quite stupid
No! People who cannot spend all their money should definitely pay more taxes than less!
Taxing assets instead of income or consumption is a better solution.
VAT? Like every other developed western economy? Sounds socialist! What next, universal basic healthcare?!
Yes Yes Yes
This is not about removal of income tax for average people. Inflation Reduction Act of 2022 made minimum corporate tax 15%. Adrian Smith, and Michelle Steel sponsored a bill (Family and Small Business Taxpayer Protection Act) to repeal it because they are funded by anti-tax pacs and corporations. Don't get too excited. You are going to pay your tax no matter what.
As long as we implement a wealth tax as well. Progressive tax on wealth that starts at >$1m NW.
Federal sales tax? What is a consumption tax