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This BILL abolishes the IRS and Federal Income Taxes


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The United States Congress has recently introduced a bill that would abolish the Internal Revenue Service (IRS) and federal income taxes. The bill, if passed, would be a major shift in the way the American government collects taxes and could have far-reaching implications for the economy and taxpayers. The bill, known as the Fair Tax Act, would replace the current federal income tax system with a consumption tax. Under this system, the government would collect taxes on the purchase of goods and services rather than on income. This means that instead of filing a tax return each year, taxpayers would simply pay a sales tax on the items they buy. The Fair Tax Act also proposes eliminating the IRS, as well as the payroll taxes and corporate income taxes. This would mean that businesses would no longer have to deal with the complex regulations and paperwork associated with the current tax system. Supporters of the bill argue that the new system would be simpler and fairer for taxpayers, as everyone would pay the same rate regardless of their income. It would also make it easier for businesses to comply with the tax code, which could lead to more investment and job creation. Critics of the bill argue that it would disproportionately benefit the wealthy, as they would be able to purchase more goods and services without paying any additional taxes. They also argue that the new system would be difficult to enforce and could lead to widespread tax evasion. Only time will tell if this bill passes. If it does, it could be a major shift in the way the government collects taxes and could have far-reaching implications for the economy and taxpayers. https://inflationprotection.org/this-bill-abolishes-the-irs-and-federal-income-taxes/?feed_id=68580&_unique_id=63e280d196a9c #Inflation #Retirement #GoldIRA #Wealth #Investing #hedgeagainstinflation #inflationproofinvestments #inflationprotectedassets #inflationprotection #travissickle #InflationHedge #hedgeagainstinflation #inflationproofinvestments #inflationprotectedassets #inflationprotection #travissickle

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