Reinvigorate the economy by abolishing one tax, adding another.
Stephen Moore, a member of President Trump’s economic recovery task force and an economist at FreedomWorks, has set out a bold idea for reinvigorating the nation’s economy—abolish the federal income tax and in its place create a national sales tax.
When asked about it, he said, “Can you imagine the United States without the burden of an income tax? It would be rocket fuel for the U.S. economy. Imagine how much we would grow and how prosperous we would become if we started taxing people on what they take out of the economy—which is what they consume—rather than what they put into the economy, which is their work and their thrift and their productivity and their entrepreneurship.”
He says there is proof that it works because many no-income-tax states have high growth and are a good example.
People who would benefit the most from his plan would be lower-income Americans. He offered some details for his plan. “Every American would be given a card and your first $20,000 of purchases during a year would be tax free, so someone living at a poverty level wouldn’t be paying any taxes at all. … There are ways to do this to make it progressive, so the rich pay a larger share of the tax.”
As the Lord Leads, Pray with Us…
- For others in the economic task force, President Trump, Secretary Mnuchin, and whether they will see wisdom in Mr. Moore’s idea.
- About the concept of a national sales tax being used to replace the federal income tax.
Sources: Fox News, Wall Street Journal
