Everyone wants the income tax breaks to end for the rich, but here’s the problem. They’re already rich so they’re probably working for $ 1 a year (on paper) and buying everything through their companies. Therefore, they would pay no income taxes. I believe that only businesses should pay income taxes. We could then shrink the IRS exponentially, thus saving the government millions of dollars every year. Then we could increase sales tax by 7 or 8 cents and everyone would pay exactly the same amount on taxes. And we could still have a tax break for mortgage loans by issuing a discounted sales tax to people who are buying homes. Using their drivers license, state ID or military ID, we could swipe them at checkout and the proper sales tax would be applied to each individual.
Do you believe this would work? Why or why not?