New Bill Would Abolish Income Tax and the IRS
New Bill Would Abolish Income Tax and the IRS
Heresy Financial: 1-18-2023
There is a new bill you may have heard about that would,
1. End the federal income tax.
2. Abolish the IRS.
And instead, it would be replaced with a so-called fair tax. Instead of taxing income, they would tax sales consumption Instead.
So, number one, how likely is this to happen? Number two, is it even fair in the first place, despite being called the Fair Tax Act? And then number three, is it even a step in the right direction?
Timecodes
0:00 Fair Tax Act Could Replace IRS and Income Tax
0:33 Bill is Very Unlikely to Pass
1:50 Empowered Investors LIVE
2:10 Would This Truly be Considered Fair
4:54 A Step in the Right Direction
6:22 Why is Income Taxed
9:38 Fair Tax on Consumption