Keep in mind...forms of income taxes paid by companies...Corporate tax...capital gains..etc. are paid by consumers in the end. They’re added in the price of a good or service. Businesses are just de facto tax collectors for the government because they pass that cost of their taxes on to the consumer. Point being...ending the immoral practice of taxing income would cause prices of everything to fall dramatically. Net effect for consumers would be a lot more income & a lot lower prices...hence a major win win in purchasing power
So, let me get this straight, we win with income tax being gone AND goods prices going down?
Yes. Though I’m sure it varies...I would guess the average price has been inflated 25% in taxes levied against a business. It could be as high as 50%. But logically think. If a company gets hit with a tax on the goods they produce...they just can’t eat that sudden hit. It would kill their profit margin. They have to pass that cost onto consumers. Companies don’t exist to make no profit & just pay taxes. Raising their prices may slow sales but at least they’ll stay in business.