Abolish income tax

Free for Simple Tax Returns. Maximum Refund Guaranteed. Get a Jumpstart On Your Taxes! Should the income tax be abolished? Will abolishing income tax grow the economy?

Do you think we should abolish property tax?

See all full list on listland. Which brings us to the Fair Tax. The government will need income from elsewhere.

If income taxes are abolished , the government will need to collect revenue from other sources. Property taxes and sales taxes will probably skyrocket. In addition, services such as free public education that we take for granted are most likely not going to be free. For example, if someone is required to pay of their earnings in income tax , they have been paid for of the work they have done while the government has been paid for the other.

Abolishing income tax means that people are able to work for themselves 1 of the time and therefore this increases individual incentive to work.

I am not being too serious. If I did that, it would probably lead to a massive deficit for the. Gordon’s top ten reasons for abolishing the corporate income tax involve the benefits to the economy.

To promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes , abolishing the Internal Revenue Service, and enacting a national sales tax to be administered primarily by the States. Industry-Specific Deductions. Get Every Dollar You Deserve. File Taxes From Your Home.

The idea of Personal Income Tax can be revisited later in few decades when India and Indians by large becomes wealthier and richer second to none in the world. Once again requesting and asking you Mr. Prime Minister to abolish Personal Income Tax in larger and long term interest of our country and us. Abolition of income tax on individuals will give better spending power, creating additional demand for production, leading to more employment generation. No income tax means No tax evasion.

Savings will increase. The rate on fixed deposits should be increased to nine per cent and the rate of interest on borrowings should be brought down to nine per cent as well. If these three steps are taken, things will improve, said Swamy, talking to reporters here.

India derives less than of their budget from personal income taxes. If the government can cut of their spending, they can simply abolish the income tax and there will be no effect on the budget. This less reliance on personal income tax is what makes abolishing it a very real possibility.

BJP is mulling including a proposal to abolish all direct and indirect taxes for individuals and corporates in favour of a nominal banking transaction tax in its vision document for general election. This woul the party believe enable the abolition of personal income tax , a reduction in value added tax () and a substantial expansion of social upliftment programmes. Somewhat smaller gains arise from revenue-neutral corporate tax base broadening,. Kotlikoff discovered that to completely replace federal income taxes would require an initial sales tax rate of 17.

After five years the rate could be reduced to 15.