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Amdyn
 
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Republicans in the US seek to abolish income tax

11 January 2013, 08:02

About a week ago I wrote an article on the merits of abolishing income tax http://www.news24.com/MyNews24/Eliminating-Income-Tax-20130107.

Now it seems that the Republicans in the USA are taking this idea seriously. http://thehill.com/blogs/floor-action/house/275697-house-gop-seeks-to-abolish-irs-replace-income-tax-with-consumption-tax#.UOnpPaZFcnE.twitter#ixzz2HEXsKNk9

The interesting part to all this is that rolled into this is the abolishing of corporate income tax (40%!), the payroll tax, individual and corporate income taxes, the self-employment tax, and estate and gift taxes replaced by a 23% consumption tax.

The argument being made is that all these taxes effectively reduce employment and that repealing the amendment which allows these taxes to be levied results in LOWER tax revenues for government because the ability of people to consume is reduced. The side effect is that Government will need to downsize - the career politician may be a thing of the past if this were to pass (which I doubt it will - the Democrats will fight this one tooth and nail)

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