GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’re able to read more about oureditorial guidelinesand our products and servicesreview methodology.
In addition, eliminating federal income taxes is tricky to implement.
The power of taxation rests with Congress, according to Article 1, Section 8 of theConstitution.
Also, learnwhat a $100,000 salary looks like after current taxes in your state.
That equates to $13,614 of extra take home pay.
So, you might need a lot of that extra take home pay very soon.
Major purchases could really hammer your extra take-home.
Consider that, according toAnderson Economic Group, vehicle prices arelikely to rise significantly.
Everything from clothing, shoes, electronics and appliances to food, furniture and lumber will probably be affected.
More From GOBankingRates
Share This Article:
The Latest inTaxes
