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The income tax came in 1913.
Here are the top benefits Bartlett said could come as aresult of eliminating federal income taxes.
This can make it hard to figure out a suitable budget.
Ending income taxes would help people actually know what they make so they can budget accordingly, Bartlett said.
Not receiving it until the end of the year means missing out on compounding interest.
It could remove the costs of filing taxes with a tax preparer or accountant, Bartlett said.
More Money To Put Toward Savings
Many Americans currently have insufficient savings.
If the average American had an extra $8,950 to save, this could make a real difference.
More Money To Invest
That extra money could also be put toward investments.
More Money for Debt Repayment
The average American has $104,215 in consumer debt, according toExperian.
Americans would have the ability to help the economy by makingneeded purchases or home improvements, Bartlett said.
This could create jobs and generate more economic activity.
It could also lead to higher wages through more motivation on an individual level.
Without federal income tax, individuals have more autonomy over their financial situation, Bartlett continued.
They no longer have to rely on a government program to provide benefits or tax credits.
This could lead to people feeling more empowered in their financial decisions.
The higher the income, themore rewarding workbecomes since no tax will be deducted.
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