by Will
January 10, 2023
The House Republicans have essentially declared war on the IRS. They are now not just stripping it of its funding but are also considering legislation that would abolish both it and its reason for existence.
House Republicans voted last night to strip the IRS of most of the extra funding it received when the Democrats and Biden Administration rammed through the Inflation Reduction Act. Stripping the IRS of $70 billion, the Republicans have limited the ability of the IRS to audit and harass ordinary Americans.
But that’s not all they’ve done. Now they’re also going to vote on a bill that, if passed, would both abolish the IRS completely and eliminate the much-hated income tax. They’d be doing so by voting on Georgia Rep. Buddy Carter’s “Fair Tax Act,” which replaces the federal income tax with a national consumption tax and gets rid of the IRS, which would be made unnecessary by getting rid of the federal income tax.
On the right step, but getting it passed in the Senate and signed into law is a hard one.
I have thoughts of ideas to eventually abolish income tax, BTW, THE WORST FORM OF TAX A NATION CAN HAVE!
Simply my ideas include the following.
It’s called the Flat tax initiative to the eventual/planned abolishment of Income Tax Act.
1: First an implementation of a flat tax rate. All brackets will be erased and a flat 20% income tax initiated. The first $15,000 of income is tax free. Then each year after this flat tax is implemented we shall see it reduced by 2 points per year… 20%-18-16-14-12-10-8-6-4-2 -0%. So that in ten years the nation will be weened off ALL Income taxes.
2: The gradual increase of Federal Sales Tax, ie: GST. beginning at 5% once this act is passed to see it rise by 1% point each year over the next ten years. The Federal GST will after ten years be at 15%. It shall be applied to all goods and services it is as of today. The eventual maximum sales tax on sin products such as tobacco, alcohol and marajauana will be capped at 20%. An eventual maximum 20% sales/luxury tax on high end products can be instituted as well. The carbon tax which is a political bullshit tax will be abolished.
3: To alleviate the increased costs of this sales tax on low income households, the amount income of a threshold to be set at a later date and adjusted to inflation each year. A monthly Federal cash assistance deposit/cheque will be given to any low income households that qualify. This payment can be scaled down as incomes rise to its inevitable vanishing point.
4: There will once income tax is reduced to zero be no longer any need to with hold taxes by employers etc. Each year at tax time all employed persons and business owners will fill out a simple income statement declaring their NET INCOME. BTW most business expenses will be no longer be claimed against income. This form will be used by the tax dept. to see which income earners may qualify for Federal income assistance to help alleviate the increased burden of a 15% Federal sales tax. Also for any progressives here a line item on this form will allow you to VOLUNTARILY remit monies of what ever amount you want to the tax dept. That is for your feel good, virtue signalling ways.
This concept will markedly grow our economy, help us keep our earned income and wealth as we are taxed then only on our expenditures. Government coffers may take a hit at least for a while as the change over runs its course. But it will also force the Federal government re-evaluate its programs as MOST ARE FAT AND SLOTH LIKE and RE-EVALUATE THE SIZE OF GOVERNMENT ITSELF!
Numerous areas once run by the government can and should be run by private businesses including even nonprofits in competition with suitable government regulations over such privatizations. Reducing the BLOAT of our Federal government will make each of us more wealthy and/or keep more of our earned incomes and our economy will grow more resilient and stronger.
This change over at the Federal level can by use as ways to have the provinces/states do similar things in their taxation and budgeting.
My examples as to numbers and percentages here are merely for discussion, though I think they are realistic in value.