Governor Ron DeSantis of Florida is advocating for a transformative overhaul of the U.S. tax system. During a CNN town hall, the Republican presidential contender shared his aspirations to dismantle the Internal Revenue Service (IRS) and introduce a unified flat tax system across the entire United States.
Tax Reform at the Forefront of the Presidential Campaign
Ron DeSantis wants to change the tax system to make it simpler for everyone in the U.S. He suggests using a single tax rate instead of the current complicated setup. This idea, shared during a talk with CNN’s Kaitlan Collins, is not new for the Florida Governor. He has been supporting a flat tax system for years, even co-sponsoring The Fair Tax Act in 2013, 2015, and 2017. That proposed getting rid of some federal taxes and the IRS, but it didn’t get far in the legislative process.
Read More: Bitcoin Taxes
Ron DeSantis in the 2024 Presidential Race
Ron DeSantis is behind Trump in the race for president, according to national polls. As of January 6, 2024, Trump has a 61.8% favorability rating, while DeSantis has 12.1%, a bit ahead of Nikki Haley–Another candidate for the Republican presidential nomination–at 11.2%. Another candidate, Vivek Ramaswamy, also wants to get rid of key U.S. agencies like the IRS.
DeSantis is pushing for big changes in government, focusing on tax reform in his campaign. He wants to eliminate the IRS and have a flat tax. While this idea is getting attention, it’s facing challenges like getting approval from lawmakers and mixed opinions from the public.
As the race for president gets more intense, people are closely watching DeSantis’s ideas and how the public reacts. His support for a flat tax is different from the current U.S. tax policies and shows the variety of views in the Republican party. As voters and analysts keep an eye on candidates’ plans, DeSantis’s tax reform idea will likely be a major topic leading up to the 2024 election.
Nikki Haley’s Proposals
After DeSantis, Nikki Haley, another contender running for the Republican presidential nomination, spoke at the CNN town hall. She talked about making the economy better.
Haley wants to get rid of the federal gas and diesel tax, lower taxes for middle-income people, and simplify tax brackets. She also thinks we should always keep the tax cuts for small businesses, not just temporarily.
Haley stressed how important small businesses are. She believes that corporate tax cuts are permanent while small business tax cuts are temporary. Small businesses are the heartbeat of our economy and she believes that we have to prove it. And that’s what the country needs to do to get their economy back on track.
Even though she didn’t agree to a tax pledge in the past, Haley is now willing to sign one. She believes the government is too big and needs to be more efficient.
It is Unfeasible?
People from different political views didn’t like DeSantis’s idea of getting rid of the IRS. According to Jean Ross from the progressive Center for American Progress, you’ll still need some agency to collect federal taxes, no matter what you call it. She also didn’t like the idea of a flat income tax, saying it usually means the rich pay less and everyone else pays more.
Erica York from the center-right Tax Foundation thought DeSantis’s comments were more about politics than real policies. She said getting rid of the IRS isn’t a practical tax reform. York mentioned that DeSantis supported the FairTax before, which would just replace the IRS with state agencies, like having many mini-IRSs.
Even though a flat tax sounds simple, York and Ross both warned it might hurt people with lower incomes. York questioned how DeSantis could promise a tax cut for everyone when there’s a big difference in how much the rich and the rest of the people pay in taxes.
People don’t agree with Governor Ron DeSantis’s plan to get rid of the IRS and use a flat tax. Some say it’s not practical, and we still need a government agency to collect taxes. Others worry it might not be fair, with the rich paying less and others paying more. As the debate goes on, finding a solution that works for everyone will be important.
1. Do you pay taxes on Bitcoin?
Whether you pay taxes on Bitcoin depends on jurisdiction. In many places, if you buy or sell Bitcoin and make a profit, you might have to pay capital gains tax. If you earn Bitcoin as income, it could be subject to income tax. Mining rewards may also be taxed. It’s important to keep good records and check with a tax expert to understand and follow the rules in your area.
2. Is Bitcoin accepted for taxes?
Bitcoin trading can be risky because prices can change a lot, and the market operates 24/7. Some platforms may not be safe from hacking. It’s important to use secure exchanges, learn about Bitcoin, and be cautious about scams. Since the rules are not the same everywhere, choosing well-known platforms and only investing what you can afford to lose can make trading safer.
3. Is it safe to mine Bitcoins?
Mining Bitcoin can be risky. It needs special equipment and electricity, which can cost a lot. The value of mined Bitcoins can go up and down, affecting profits. Joining a good mining group and keeping things secure is important. Before starting, it’s essential to understand the costs, follow local rules, and be ready for changes in technology and prices.