Times are tough for many Americans. It’s getting harder to pay bills, find childcare, and otherwise meet basic necessities that come along with living.
Meanwhile, interest rates are going up, as is inflation. People are losing their jobs and businesses are set to hand out more pink slips as they work to shield their own bottom lines.
However, despite the turbulent state of today’s economy, there is some good news that Americans can be excited about. According to Just The News, a growing number of states are doing away with income tax altogether.
The End of Income Tax in America?
Right now, nine states across the country do not have income tax. Those states are as follows:
- South Dakota
- New Hampshire
Meanwhile, ten additional states across the country are now considering phasing out their income tax as well. Some of those states are New Hampshire and North Carolina.
According to tax specialist Grover Norquist, states like this are progressively doing away with interest taxes and dividends taxes in the years ahead. This ultimately sets the course for these states to join the current nine in having no income tax.
Texas announces they have a 33 Billion surplus with no state income tax. California says they have a 27 Billion deficit with the highest state income tax in the country. Way to go Newsom
— Takin care of business (@thellman14) January 11, 2023
Americans can also look forward to the additional following states likely axing income tax in the years to come:
- North Dakota
- West Virginia
Some leaders of these states, such as West Virginia Gov. Jim Justice, note that with the arrival of surpluses, their communities are in a better position to start seriously lowering taxes.
Taking It a Step Further
With the elimination of state income tax in various communities nationwide, this could feed into a greater push to do away with the Internal Revenue Service (IRS) altogether.
Many Americans are not fans of the IRS. It is notorious for expecting taxes on time, yet being unbelievably late with supplying owed tax refunds. There have also been cases of the IRS being weaponized to go after certain Americans for political reasons.
Do you support the House Republican bill to abolish the IRS and lower the federal income tax to 0%?
— Collin Rugg (@CollinRugg) January 11, 2023
Some Republicans, such as Sen. Ted Cruz of Texas, have suggested a total abolition of the IRS. In its place could come a clean, flat tax rate that all Americans pay.
Some Libertarians state that taxation is theft and ought to be eliminated altogether. At the end of the day, the years ahead will determine how the United States collectively handles taxation and whether more overhauls to the tax system come into effect.
Are you pleased to learn that more states across the country are expected to be completely free of income tax in the years ahead? Do you believe this will have a positive impact on the American people and the nation’s larger economy?
Use the comments area below as a sounding board.This article appeared in Right Wing Insider and has been published here with permission.