10 Reasons to Abolish Income Tax and Replace it With a Consumption Tax

10 Reasons to Abolish Income Tax and Replace it With a Consumption Tax

The holidays are over and the New Year has just begun. Everyone is excited about all of the wonderful opportunities to come, expect for one.

There are not too many people who get overly excited at the prospect of tax season. Often, it is a long and daunting process that yields little to no reward. By law, individuals and corporations of all shapes and sizes are required to fill out and submit an income tax form to file with their accountant. Income tax is a tax that

is placed on all personal income. For instance, if you look at your paycheck, you will probably notice that a sizeable amount has been deducted as income tax. When you file your taxes at the end of the year with your accounting specialist, he or she will tell you if you need to pay additional income tax or if you are eligible for an income tax refund. Let’s face it; no one likes to be told that they owe more money to the Government when they have been working hard and paying diligently all year long!

For many, income tax is inefficient and unnecessary. Considering how the system is set up in the United States today, it would benefit the general population to abolish income tax and replace it with a consumption tax. While no one looks forward to tax season, this would make everyone’s experience a little bit brighter in the years to come.