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We had no income tax in this country for over 150 years, and we became the richest, most prosperous nation on earth. The roads and highway systems are funded by the gasoline excise tax. Entitlements are funded by their own taxes (FICA, etc.) The military budget is roughly equal to the corporate income tax revenue. We don't need an income tax to the fund the government. If we repeal it, we instantly become the largest tax haven on the planet. Foreign money would pour into the banks of this country. Other countries without income taxes have very high economic growth rates.
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"All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident." - Schopenhauer |
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"All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident." - Schopenhauer |
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Objection: It's too non-linear with it's exemptions and floors. It forces retailers to take on the role of auditors.
Objection: Instituting a new tax without abolishing the old one. We all know how our government would do it; they'd institute the "fair tax" while keeping the income tax. The 16th Amdt must be repealed before the institution of an alternate tax structure. For that to fly, it must have no floor, no exemptions, and no write-offs. Just a straight percentage on non-staple items. This is what Rep. Paul advocated.
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"Our liberties we prize and our rights we will maintain"- Iowa state motto |
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http://www.fair-tax.org/ Here's a sample--the inclusive fair tax rate is really at least 30% and not 23%, black markets will grow exponentially, it's a flat tax that will hit the middle and poor classes hard while giving a tax cut to the wealthy. |
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One has to ask why the Repubs changed the constitution and created it.
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