Republicans To Vote On New Bill To Abolish The IRS And Income Taxes

January 12, 2023 3:57 pm Comments

In Washington, it looks like Republicans in the House of Representatives will be voting on a new bill that aims to abolish the IRS and income taxes.

The plan outlined in this bill is that the income tax will instead be replaced with a national consumption tax which is a dramatic change for the country.

Whether or not it will actually pass is still to be determined as it is expected that this will receive opposition from the Democrats and the Senate.

However, the fact that such a bill was able to be pushed forward as far as it did indicates that there is a significant amount of support for the new bill.

The financial implications that this would have for industries like crypto would certainly be dramatic as the bill aims to completely rebuild the entire tax system.

FoxNews reports:

“Instead of adding 87,000 new agents to weaponize the IRS against small business owners and middle America, this bill will eliminate the need for the department entirely by simplifying the tax code with provisions that work for the American people and encourage growth and innovation,” Carter continued.

“Armed, unelected bureaucrats should not have more power over your paycheck than you do,” he added.

“As a former small business owner, I understand the unnecessary burden our failing income tax system has on Americans,” said Rep. Jeff Duncan, R-S.C., in a statement.

“The Fair Tax Act eliminates the tax code, replaces the income tax with a sales tax, and abolishes the abusive Internal Revenue Service. If enacted, this will invigorate the American taxpayer and help more Americans achieve the American Dream.”

The idea of a national consumption tax is certainly unique and may potentially solve a lot of issues.

A lot of businesses these days are certainly struggling due to the strict tax regulations that the IRS is imposing on them.

For many citizens, the passage of this new bill would also likely encourage a lot more investments as they are able to recover a large portion of their earnings that would have otherwise been given to the government.

It is possible that this could encourage a bullish market in many sectors including the equities and crypto markets due to the additional capital that would be available.

The bill has already been signed by 11 Republican members in the House of Representatives and goes against Biden’s current stance on expanding the IRS.

FoxNews concludes:

The legislation would roll back billions of dollars of funding for the IRS approved in the Inflation Reduction Act last year but leaves in place funding for customer service and improvements to IT services.

The bill rescinds any funding that could be used to conduct new audits on Americans and funding that would double the agency’s current size.

The Inflation Reduction Act granted an $80 billion boost to the IRS over a 10-year period, with more than half of those funds approved with the intention of helping the agency to crack down on tax evasion.

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