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"Fair Tax" Follies

BobKamman
Level 15

I only bring this up because I know clients are going to ask us about it and we need to be prepared to explain there is bipartisan agreement that it's a stupid idea.  And now it's the lead story on Politico, which smart people should follow.

https://www.politico.com/news/2023/01/29/gop-fair-tax-sales-00079609 

"House Speaker Kevin McCarthy has backed his fellow Republicans into a corner with one of the promises he made to his far-right flank to land his job: opening the door to considering fringe legislation that would replace the income tax with a federal sales tax and abolish the IRS.  Most GOP members appear determined to distance themselves as much as possible from the idea, and McCarthy himself said this week he doesn’t support the legislation. But Democrats aren’t going to let the issue die quietly. They’ve been more than happy to use it as a cudgel to portray Republicans as dangerous radicals."

1 Best Answer

Accepted Solutions
IRonMaN
Level 15

Create a sales tax and abolish the IRS is a wonderful idea.  Since everybody in this country is 100% honest and would never cheat on any kind of taxes, there would definitely be no need for an enforcement agency.  I hear they already have one of their most trustworthy members chairing the committee to make this happen flawlessly - Rep George Santos 🤔


Slava Ukraini!

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3 Comments 3
dkh
Level 15

Yesterday I had a client bring this up.   I'm not going to waste time during the busy tax season discussing this craziness with clients.

BobKamman
Level 15

That's why I create my own organizer.  I can add information that helps clients organize their mental health on tax issues.  

IRonMaN
Level 15

Create a sales tax and abolish the IRS is a wonderful idea.  Since everybody in this country is 100% honest and would never cheat on any kind of taxes, there would definitely be no need for an enforcement agency.  I hear they already have one of their most trustworthy members chairing the committee to make this happen flawlessly - Rep George Santos 🤔


Slava Ukraini!