I heard on the radio earlier this afternoon and stumbled upon this article at Fox…
House Republicans to vote on bill abolishing IRS, eliminating income tax
Personally, I’d say just eliminate and do get rid of the income tax Federally and implement the consumption or national sales tax on consumers.
Let’s keep it simple, we can easily wipe out the fed debt in 25,000 sales transactions, give or take a few sales transactions. They should have the consumption tax across the nation at 4% – and I’m being nice at having the national sales tax / consumption tax at only 4% per transaction.
If we got 385 million (+/-) people in our population in USA…. and they buy $500 worth of stuff = $192.5 billion worth of items.
Taxed at 4% consumption tax = $7.7 billion taxes collected on 1 this transaction only.
If 5,000 transactions happened of that same amount, then there’d be $38.5 trillion in consumption tax revenues collected.
There’d still be some IRS people that would be employed to make sure that this is collected and brought it. But that’s about it, no need for other additional people to look into “income tax” making sure you reported this, etc. etc.
I’d like the simplicity of this, and I’d go for it.
Hey if we eliminate the income tax, then we have more money in our pockets! And we do already have the ability to choose to buy things or not!
I say, this is a win/win.
But of course… the politicians will make it as complicated as much as they can. Just freaking keep it SIMPLE!
“In this world, nothing can be certain except death and taxes” – Benjamin Franklin
I was working on your math but have ceased due to multi-tasking. Will take your word for it. : ) Great post!