Republicans Vote to Abolish IRS & Eliminate Income Tax

Tax Update 2023: Republicans will vote to abolish the IRS and eliminate income taxes moving forward. In this video, I discuss what could happen if the Fair Tax Bill is approved and walk through the pros and cons of the bill.

Timestamps:
Intro (0:00)
Chapter 1: (1:15)
Chapter 2: (3:35)
Chapter 3: (5:52)
Chapter 4: (7:25)

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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

[LYFEAccounting]

Do you agree with Republicans? Is this better for our tax system? 👀

[vboytan]

IRS needs to be regulated. They have too much power over everyone’s hard earned money. We pay taxes every time our money moves. It’s ridiculous.

[quadsandbikes]

ABOLISHING THE IRS IS ABSOLUTELY NOT "AGAINST THE CONSTITUTION"!!

[texaspanda]

How is it against the constitution to eliminate the IRS when it is not a legal entity under the constition? Don't drink their coolaid and did into it yourself. You should do a show on the illegallity of the IRS.

[brooklyn]

Irs said they were coming after rich ppl and the republicans said we getting these niggas outta here lol

[murphyrod]

Will never get out of the House of Representatives, the Senate will never pass that legislation

[CodyDavis]

Every year, uncle Sam takes his share regardless of how much I scrimp and save. This act would keep him out of my pocket unless I decided to buy a new TV. I love it. This would save my family almost $20k/year.

[khandibaugh]

First, the glasses are a good look👍Our paychecks are really taxed 100x when you think about it. You have the initial income tax, then everytime you purchase anything you're taxed. I wish they would do away with property tax if your house is paid for. A few things need to change. Thanks for the info.

[justwatching]

I'd love to make my ends meet without having to work overtime every day... even then, it's a struggle cause they tax it 2-3x as hard. By then, it's like, what's the point.. sacrificing more time away from my family and home. To just pay bills, buy food, and try to hold onto some ends to make it to the next check. People are tired of not being able to do just basic things. going to a movie... amusement park...vacation, etc. While theirs not a single broke politician struggling like us.

[austinnowlin]

I’m all for this, at this time I’m sick of the IRS and I’m tired of seeing all my overtime on an 84hr check go to god knows what. If you live below the poverty line then you should probably work harder and make some serious life changes.

[BlunderBikes]

This would amount to 80% of American's paying more tax, mostly hurting the poor and middle class. It would result in the largest tax increase in history. so many gullible comments, you have been tricked.

[eddyjames]

If your check is $400.00, they will tax you $120 if you consume it all. You will have $280 for your use, but people forget that it is compounded...every item that you purchase will cost you 30% more. So.. all the revenues that corporation earned won't be tax... and since these same corporation go after cheap oversea labor and goods... they will pay little to no taxes in the USA. Only idiots will agree to this bill. Again.. Republicans do not have your interest in mind... as TRUMP said... I love the uneducated.

[FreddyPharaoh]

Curb buying crap you don't need. Being a minimalist, I like it

[utilityaccount]

The prebate is a UBI. It's not "for people under poverty line" it's a monthly payment for all at 23% of the poverty level.

And consumption tax is the ONLY way to hit the big spenders the hardest. It's absolutely legit.

[dougphillips]

It's a great idea. Remove the burden of federal taxes from small business; payroll tax with holdings, unemployment tax, workers compensataion, social security tax.
Next we need to remove the burden of state and city taxes required for all workers. Business today do all of these with no remembustment from the feds.
If the feds can collect the money from individuals, they won't have a problem collecting from the state.

You forgot to mention that tarrifs would suupplement the tax base.
What part of the US Constitution protects the IRS?

Can you imagine the amount of revenue just from stock market sales?

[ChangeYourFrequency]

A consumption tax makes more sense than income tax. There are way too many loopholes that the rich create to avoid income tax and therefore pay much less than middle class Americans proportionally. A wealthy person will undoubtedly purchase more goods and therefore pay more taxes.

[kentstewart]

This Fair Tax system is the best way for our country to do its job while while being completely equitable in the process. the system ALREADY exists in most of the states that have a sales tax. This is no different and should not be feared. The 16th amendment would be repealed thus getting rid of the IRS as well as income taxes as we know them. This system is so transparent that everyone is totally aware of how much they are paying in taxes. Most people don't have a clue as to how much their paycheck really amounts to because of how much is taken out of it before it gets to you. Imagine receiving the entire amount of your income that you are due. Most importantly... this is a REPLACEMENT TAX, not an additional tax. It only replaces the WAY taxes are collected, NOT HOW MUCH is collected. Far better deal for almost everyone except the politicians!

[lukejaniec]

So will this tax everything you buy? For example a house? $200, 000 house at 30% tax makes me feel uneasy. I'm all for getting rid of taxing altogether, are there things that aren't going to be taxed?

[indiaj]

I think it’s a good idea. And if it gives the government less money. Even better they waste money on a daily basis.

[ClayJitsu]

it is a great idea but is specifically designed to never pass. uninformed people will think a flat tax will let the rich off easy (the opposite is true), while the informed/rich people will realize they will be taxed more b/c they will have fewer deductions/ways to avoid tax. I would love it to happen but it almost seems like it was being designed for everyone to hate it. maybe just a way to put up a front to look like the R's are trying to do something, idk.