PLEASE NOTE:

MyNews24 is a user-generated section of News24.com. The stories here come from users.

 
Amdyn
 
Comments: 8
Article views: 1
 
 
Latest Badges:


 
View all Amdyn's badges.
 

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)

Disclaimer: All articles and letters published on MyNews24 have been independently written by members of News24's community. The views of users published on News24 are therefore their own and do not necessarily represent the views of News24. News24 editors also reserve the right to edit or delete any and all comments received.

 

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
8 comments
Comments have been closed for this article.

Read more from our Users

Submitted by
John Stoltz
What competitiveness scorecard?

One of the few remedies for a down grade to junk status, that could counter somewhat the disease called corruption, poor political leadership and bad governance, must be increased competitiveness! Read more...

0 comments 32 views
Submitted by
Andre Smith
Chinese steel production and the ...

China stands as the world's top producer of steel and their recent production spree has not helped the global steel industry. Read more...

0 comments 134 views
South African Customer Service

Blue security, what a joke! The company claims to make us " Feel Safe Again" but that is not the case. Read more...

0 comments 304 views
Submitted by
Nicholas K Mashabela
Objectivity in politics

The recent political climate in RSA shows that south Africans are politically becoming conscious, however I must say that we need to be objective in our analysis of these dynamics. Read more...

0 comments 174 views
Submitted by
Leslie Fivaz
Are your dreams and beautiful ide...

The drug opium was imported into Europe from Asia and was widely used in certain literary circles in Britain. Opium was smoked in a pipe and, once under the influence, people had hallucinations that were referred to as pipe dreams. Read more...

0 comments 154 views
Submitted by
Shane Greenhough
Abandon Atheism

Once upon a time I described myself as, among other things, an atheist. The certainty of that stance was one that age and observation have gradually taught me I cannot associate myself with.  Read more...

0 comments 729 views
 

services

E-mail Alerts The latest headlines in your inbox

RSS feeds News delivered really simply.

Mobile News24 on your mobile or PDA

E-mail Newsletters You choose what you want

News24 on Android Get the latest from News24 on your Android device.

SMS Alerts Get breaking news stories via SMS.

TV Get us in your home, on your television.

 
Interactive Advertising Bureau
 
© 2016 24.com. All rights reserved.
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.