By Debra Heine February 14, 2017
The Republican plan to overhaul the tax system includes getting rid of the income tax, Rep. Devin Nunes (R-CA) announced on Fox Business Tuesday morning.
"We're trying to fundamentally change the code," Nunes told host Stuart Varney. "We're getting rid of the income tax. We're doing something that hasn't been done in 100 years."
"We're moving to a consumption system -- to a cash flow system," Nunes said. He explained what that would look like in practice: "You take your income minus your expenses, and whatever's left over, you pay a tax on that."
He added that "this is a very simple system, yet it's a dramatic departure from the confusing tax code that we have now."
Nunes argued that the changes would increase economic growth and bring jobs back to America so we can be "the most transparent, business-friendly nation state in the world."
-go to link-