Is The IRS Doomed? What Will Happen Next?
Today news came down that house republicans are to vote to abolish the IRS.
After that, they want to implement something called a Consumption Tax.
According to Wikipedia, A Consumption tax says that this is a tax levied on consumption spending on goods and services.
I'm not a wiz at any of this type of stuff, and all I know is that I've have to pay my taxes since I've entered the work force, just like everyone else.
I had to do some digging to even to figure out what it all means.
I had to watch a Youtube video from 2011 of some of a dude from Cornell named Robert M. Frank explain how this all works.
As I understand it as he explained, it simplifies the calculation of disposable income by reporting income, and and report how much one saves during the year for example looking at 401Ks and other means of saving. So income, minus the savings and that's how much you've made during the year. They take a standard deduction as well, he explains hypothetically as a family consumption tax as a "taxable consumption" with rate starting off low and rises with consumption expenditures.
I use this GIF a lot, but it's exactly how I feel.
I think it's all just as complicated as the current situation we are in now with the IRS. Some say federal income tax is unconstitutional and intrusive.
Gas taxes and property taxes are one example I understood to be a "consumption Tax" as shown here.
According to Yahoo news, in a effort to gain his position as House Speaker, Kevin McCarthy promised to put The Fair Tax Act on the floor for consideration as well as rescinding funding for the IRS.
We will just have to see where this goes after the events of last week.
Are you for abolishing income tax? Let us know on social media.
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