Wednesday, January 22, 2014

Let's Abolish Income Taxes

Let's assume that there were no federal taxes and we were designing a tax system that would give the government the money that it needed to pay the armed forces, run the justice system and carry on the necessary business of our nation. What type of system would we devise?

We would want a system that was simple, so that people knew exactly what they had to pay and also was not onerous to comply with and took very little of the taxpayer's time. We would also want a system that was fair, so that everyone who had the ability to pay would contribute and those who earned much more in our society carried more of the load (but not in a disproportionate way). And we would want a system that was impervious to influence by special interests. We would want an egalitarian system that did not allow those with more wealth or political power to unduly influence the legislature to gain advantages at the expense of everyone else.

We certainly would not devise the current income tax system with its mind boggling complexity, gross inequalities and susceptibility to influence by vote-seeking politicians and well heeled-lobbyist.

Actually, we have a system that meets all of the requirements. It is the sales tax system. And if our country were to do away with the income tax and replace it with a national sales tax, it would unleash an economic boom that would last for decades.

What I will do in the next several posts is outline the benefits of replacing the current income tax system with a national sales tax. Please share the posts on Facebook, Twitter, LinkedIn and other social sites if you agree (or even if you disagree, and if you disagree, please tell me why in the comment section! I'm interested in all debate.).
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