What would happened to accounting jobs if a fair tax or a national sales tax was imposed (U.S).?
As someone who studied business and my brother is an accounting major, I'm a little concerned about the proposal by the GOP candidates running for president to introduce a national sales tax to replace the income tax if they were elected president. Specifically Herman Cain's 9 9 9 plan. From what I understand this would simplify the tax system as we know it. What would happen to all the Accountants who help people figure out there income taxes, would they lose there jobs?
Asked By: cowking25 - 10/25/2011
Best Answer - Chosen by Asker
I would certainly change the landscape. The accountants would be working for businesses to determine the amount of tax due for the sales tax. They would be preparing tax returns that could be simpler but would still require the determination of what is taxable income. More would be hired by the government to audit the... More
Answered By: waggy_33 - 10/25/2011
Additional Answers (2)
Nothing would significantly change for accountants as a whole. Tax return preparation is a small part of what accountants do. The IRS would not go away as some proponents of draconian high-rate sales taxes claim since someone still has to collect the taxes, audit tax returns, etc. Very high-rate sales taxes, such as... More
Answered By: Bostonian In MO - 10/25/2011
accounting jobs are not all connected to taxes, there are accounting firms that have nothing to do with taxes and they will continue to operate if such a tax were ever passed
Answered By: tro - 10/25/2011
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