In the contest for the presidency in 2024, Florida Governor Ron DeSantis has made a significant tax reform proposal as a central component of his campaign. One of the components of this reform is the removal of the Internal Revenue Service (IRS), and another component is the establishment of a flat tax system. During a town hall meeting in Iowa, DeSantis expressed his wish to do away with the Internal Revenue Service (IRS). He emphasized that a flat income tax rate would encourage economic development and eliminate inefficiencies in the existing tax system. For the purpose of providing support for his proposition, he mentioned the state of Florida’s history of low taxes and healthy economic development. In addition, the strategy calls for the promotion of The Fair Tax Act, which is an important piece of legislation that is associated with the introduction of tax reform.
DeSantis’s support for the Fair Tax Act has been a central bone of conflict between him and Donald Trump, who served as President of the United States before he was elected. by the passage of this legislation, the federal income, payroll, and inheritance taxes would be replaced by a national sales tax level of 23 percent. As a result of the airing of a commercial by Trump’s Super PAC, MAGA Inc., which criticized DeSantis for his previous backing of legislation that would have imposed a national sales tax, the political argument became more heated. Never Back Down, a Super PAC that is connected with DeSantis, has responded by releasing a film that demonstrates Trump’s previous support for the Fair Tax. This conversation exemplifies the complicated dynamics that exist within the Republican party with respect to tax policy. Both candidates had previously been associated with the Fair Tax idea, but they are now positioning themselves in a different manner inside the political arena.
The tax reform plan that Ron DeSantis has put up, in particular his support for a flat tax and the abolition of the Internal Revenue Service, places him in a unique position in the contest for the presidency in 2024. The discussion on tax reform, particularly the Fair Tax Act, brings to light the divergent points of view that exist within the Republican party. It is also expected to be a big topic in the election that is going to take place in April.
Image source: Shutterstock
This article was originally reported on Blockchain News.