From the time someone earns a paycheck, that money is taxed over and over again. We the people live on less than 50% of what we earn based on compound taxes.
First is the income tax, then sales tax on everything you buy from food, medicine, gasoline, goods and services, etc. If you buy a house, after your income is taxed you pay taxes on the purchase then you pay taxes on the property and utilities. You are taxed on IRAs and inheritance tax (which taxes were previously paid by those who gifted it to you).
Some taxes are necessary to support our communities, however, taxes compounded on top of other taxes create mass dividends for our government while taking money out of We the People’s pocket. This act would ensure that any dollar earned is only taxed once and does not lead to taxation on top of money that has already been previously taxed.
Since we have a tendency to couple multiple subjects inside the same bills being pushed through by Congress, I additionally propose in this bill no federal taxes on active duty/FTS/NG/NR military members or retired veterans of the armed forces. A law exempting current military members and retired veterans that have served a full career of service from paying federal taxes will not only show our support and gratitude to those who serve(d) but will increase retention and strengthen our military to the likes which have never been seen before.