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Well now youāre getting into an entire overhaul of the tax system, Iāve just thought of more loopholes from your comment but this is getting nowhere. Also good luck with āmust be registered in the USā there is a whole world of international shell companies that are laughing at that right now
Lol, they wouldnāt be doing it on porches, rather yachts, private jets, vacations, anything thatās portable. Also you can drive international registered cars with the proper permits in the US
Lol, you forget that this is a global economy, Iāll pay myself in usd then Iāll go to a non abiding country like the Bahamas and buy my yacht tax free. There will become entire industries that will become wildly successful bypassing this tax code and since nothing was bought in the US it becomes 100% tax free. Income on the other hand cannot be given in a US state to be untaxed
Your point is not an either or. Getting rid of the income tax and having it on spending will be a tax on the poor and not the rich. It will just have rich people game the system and give themselves millions on income tax
Then people would pay themselves on income. You need a combination of both
Taxes are a great hedge to inflation economically speaking, itās no surprise to see the feds work with interest rates not working when there is so much money being saved in non-tax payments. For fighting the inflation we have right now this is actually a good thing
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I can go buy dual, tri, quad, citizenship right now if I wanted to. Then what?