The Republican Tax Reform bill signed into law in December of 2017 is a phenomenal first step in reducing our taxes to make us more competitive in the world market. This new tax law will save the average Iowan $2000 in taxes - and that isn't crumbs no matter what Nancy Pelosi thinks. But we must not stop there. We must need to abolish the IRS and replace the federal income tax – and all other forms of federal taxation – with the Fair Tax, a national consumption tax.
Not only would this relieve the taxpayer of the budgetary burden of funding an immense federal bureaucracy, it would also unleash an immense surge of economic activity that would breathe new life into the American entrepreneurial spirit.
I also believe that death should not be a taxable event. The Death Tax is immoral and is bad policy. It is bad policy because it acts as a disincentive for business growth and expansion. It is immoral because it is a direct barrier to the American Dream, which is about making a better life for the next generation.
The ability to pass on the fruit of a life’s worth of hard work to the next generation is something that should be encouraged, not penalized. Americans pay taxes their entire lives on the money they earn. It should not be taxed again when it is passed on to the next generation.
No family should be forced to make a decision between keeping a loved one alive and saving the family farm or business. We must end the Death tax immediately, completely, and permanently.