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real-human
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real-human
Joined: 02 Jul 2011
Posts: 14890
Location: on earth
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 Posted: Tue Feb 28, 2023 11:00 am Post subject: |
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https://finance.yahoo.com/news/congress-vote-whether-abolish-irs-163355705.html
Why Biden Is Promising to Veto Bill to Abolish the IRS and Introduce One National Tax Rate if It Passes
| Quote: | Right now, the average price for a loaf of bread is, approximately, $1.87. Under a new law proposed by House Republicans, that price would go up to more than $2.50. This would be the result of the Fair Tax Act, a bill proposed by around 30 House Republicans. House Speaker Kevin McCarthy (R-Calif.) has promised to bring it before the chamber for a vote, although he has not specified when or under what conditions.
The Fair Tax Act is the latest incarnation of an idea that has bounced around for more than a generation. The proposed law would eliminate the IRS entirely and with it all federal taxes, including the income, payroll, estate and corporate taxes. In its place, Congress would enact a flat 30% sales tax on all goods and services nationwide.
Though this proposal is unlikely to pass, it may be a good idea to match with a vetted financial advisor for free to help you with your tax needs.
National Sales Tax – A Historical Glance
National sales taxes are an idea as old as tricorner hats. In the 18th and 19th centuries, modern income taxes didn’t exist. Instead, like most governments, the U.S. funded itself mainly through tariffs and sales taxes. Permanent income taxes were authorized by constitutional amendment in 1913, and the system we know today wasn’t established until World War II.
Today, no major economy relies exclusively on sales taxes for revenue. While a handful of small or petroleum-fueled economies have no income tax, the main exceptions to this rule are sub-jurisdictions like American states or cities. |
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