The post US Congressman Buddy Carter introduces Fair Tax Act to abolish the IRS and replace US tax code appeared on BitcoinEthereumNews.com.

Key Takeaways The Fair Tax Act proposes replacing the US tax code with a national consumption tax and abolishing the IRS. The Act is backed by several Republicans and includes provisions affecting immigrant taxation. Rep. Earl “Buddy” Carter has proposed eliminating the Internal Revenue Service (IRS) and replacing the current US tax code with a national consumption tax through a bill known as H.R. 25, the Fair Tax Act. The legislation, unveiled on Jan. 9, would eliminate all personal and corporate income taxes, death tax, gift taxes, and payroll tax, while implementing a single national consumption tax system. One of the most noteworthy aspects of the Fair Tax is its proposal to eliminate the IRS, thereby simplifying tax administration and compliance for individuals and businesses. “The Fair Tax is exactly that – fair. It is the only tax proposal out there that is pro-growth, simple, and allows Americans to keep every cent of their hard-earned money, while eliminating the need for the IRS altogether,” Rep. Carter stated. The bill has gained support from several Republican representatives, including Andrew Clyde, John Carter, Scott Perry, and Eric Burlison, among others. Rep. Barry Loudermilk endorsed the proposal, stating: “Hardworking Americans should not need a team of lawyers or accountants to fill out their taxes – they need a simple system that encourages growth and innovation.” “This legislation provides a commonsense solution to eliminate the need for the weaponized IRS, simplify our tax code, and foster economic prosperity,” Rep. Clyde said. The Fair Tax Act, first introduced to Congress in 1999 by former Georgia Congressman John Linder, would also require unauthorized immigrants to pay taxes while denying them the consumption allowance provided to legal US residents. Blockchain association and DeFi groups sue IRS over new reporting rules Last month, the IRS published final regulations…

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Filed under: News - @ January 13, 2025 2:06 am