Kevin McCarthy Introduces “Fair Tax” Which Would Abolish Federal Income Tax
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hell to the fucking no. this bill would be a tax increase for everyone who spends money in America. effectively raising all of our income taxes to 30%, only it's collected whenever we spend money. This would stagnate the economy, and be especially tough on low income individuals.
I agree with the approach, but the percentage of that sales tax is just way too high. it's almost as if this bill is designed to fail so that they could say
maybe if they exempted this tax on things like food and utilities It might be worth it.
It's also a method to tax proceeds from crime
How the hell could they screw this up so much. I know, I know.
Itll pass only because this is the year of massive inflation. Just think what ill do to property tax, city tax, etc. 30%? Wow.
Seeing how I pay at least 40% income tax, this would be a win for me. But I strongly suspect low and average income citizens would find their taxes go up.
Might encourage investment and lower consumption though. That could help many.
All said and done I probably pay ~35% in taxes and social security. With this in place I'd still be paying ~20% in taxes and would now have to deal with a whopping 30% sales tax. It's a loss for me and I'm decently well off. I can't imagine how lower incomes (read:lower tax brackets) are supposed to be able to deal with this.
Needs to be closer to 20%. Other than that, no real issues.
10% tax 10% tithe. That's what I say...
Moron
Should be 0%
Get the fuck outta here with your 20% tax.
Moron.
You can't just cut to the end game.
Get the fuck out of here with your unrealistic unachievable goals you want to happen instantly.
End game?
They would NEVER pass a new tax unless it was going to increase gross tax revenue.
You are voluntarily in support of EXTRA TAX.
You must also be a moron when it actually comes to income taxes because most American families are paying well under 20% effective tax.
So yes. You are discussing a topic you have not researched and you are supporting tyranny as a fool would.