I agree. Even proposed a way to do it over two years ago: A Proposal to Abolish the Corporate Income Tax
Trouble is, the globalist NRST flying monkeys don't like tariffs. They prefer smothering American consumers with a whopping 30% sales tax.
For one thing, whenever a tariff is imposed on imported goods, domestic goods of like kind increase in price almost as much as the amount of the tariff.
The result? Foreign goods increase in price and so do domestic goods.
Look what happened when the President imposed a 30% steel tariff recently; it is my understanding that foreign and domestic steel prices increased 30%!
Nobody wins under that scenario: Steel workers have lost their jobs because of the tariff, and businesses that use steel are not buying as much. Consumers lose because the price of products that use steel increases. Manufacturing companies lose because the price of their products goes up and sales/profits go down. Tariffs are a "no win" situation.
Tariffs are a dumb, dumb idea, doing far more harm than good.
The best way to fund the legitimate activities of our government is with a consumption tax. FRee trade, is after all, supposed to eliminate tariffs in their entirety.
If the US continues towards the stated objective of lowering trade barriers by eliminating tariffs, and keeps the stupid progressive income tax, foreign goods will be sold, for all intents and purposes, tax free in America.
To a large extent, our present tax and tariff laws severely disadvantage US businesses at home and abroad relative to their foreign competition. But tariffs are not the way to fix that problem.
The only viable alternative, which truly levels the playing field among manufacturers in a world trade environment where there is FRee and Fair trade between nations is a territorial border adjustable consumption tax.
And the best territorial border adjustable consumption tax is the National Retail Sales Tax.
BTW, who introduced your proposal to abolish the corporate income tax into the US House of Representatives, and what was the bill number?
FWIW, I agree with you on the first part of your proposal: Let's repeal the corporate income tax. But it should be replaced with nothing. Talk about "jump starting" the economy!
“I have sworn upon the altar of God eternal hostility against every form of tyranny over the mind of man.” [Thomas Jefferson, letter to Benjamin Rush, 1800.]
Scrap the Code! Scrap the IRS! Abolish the VLWC!
We will never be a truly FRee people so long as we have the income tax and the IRS.
Click here to help us scrap the Code, scrap the IRS and abolish the VLWC!
You can also click here to find out how to help us replace the income tax with a National Retail Sales Tax and abolish the IRS!
We will never be a truly FRee people so long as we have the income tax and the IRS.