President Trump recently floated the idea of eliminating the federal income tax.
Today, with everything included, it's more than 70,000 pages! Initially, the income tax was 1% on all incomes above $3,000 and applied to only 3% of the population.
The rates vary greatly: The top 1% of taxpayers pay 45% of all income taxes, the top 25% pay 89%, and the bottom 47% pay 0%. Trump understands that the tax system is a yoke on the neck of American prosperity.
According to the National Taxpayer's Union, Americans spend approximately $260 billion a year complying with the federal Tax Code, most of which goes into the pockets of accountants and lawyers.
Trump has floated the idea of replacing the income tax with tariffs on imports.
At retail, the tax would be $0.23, making the bread's price $1.01, which is almost the same as before.
The average corporate income tax around the world is 23%. By eliminating federal taxes, Congress would make America an investment magnet.
Spur Entrepreneurship: American employment is driven by small businesses that are mostly owned by individuals who report their income on their personal tax forms.
Limit Congresses' Power: Eliminating the Tax Code would remove Congress's ability to use it to punish disfavored industries and reward pet projects.
Gives people their time back: The FairTax frees individuals and businesses to focus 100% of their attention on starting, running, and expanding their businesses rather than contemplating countless tax consequences for every move.
A Boost for the Poor: The FairTax gives every household a "Prebate" equal to the tax a person living on the poverty line would pay.
https://www.americanthinker.com/articles/2024/06/fairtax_101_making_america_great_again.html
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