The post Bitcoin and Crypto in the Spotlight as US Congressman Proposes to Abolish the IRS and Reform Tax Code appeared on BitcoinEthereumNews.com.

Amid the IRS growing tax issues with the crypto industry, a US Congressman has filed a bill to decimate the collectors and reform the system. Earl Buddy Carter, a member of the US House representing Georgia, has filed an attention-grabbing bill. On January 9, the Congressman unveiled the Fair Tax Act, H.R. 25, which seeks to reform the US tax code. The proposal suggests dissolving the US Internal Revenue Service (IRS) and simplifying the taxing process. It also proposes abolishing income, payroll, and estate taxes, which it deems unfair to US taxpayers. A Simplified US Tax Payment System The complexity of the IRS taxing system has become controversial, especially in relation to the nascent crypto industry. Notably, the tax collector has sought to impose dues on staked cryptocurrencies, among other things. Representative Carter mentioned the agency’s tax overreach and proposed abolishment. He suggested a simplified national consumption tax system and an end to income, payroll, death, and gift taxes. Meanwhile, Congress and the Senate will deliberate on and pass the proposal if approved. The bill has already been adopted by over 10 Republicans, including John Carter and John Rutherford, Texas and Florida representatives. “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,” Congressman Carter said. Bill to Abolish US IRS The IRS Faces Further Pressure Carter’s Fair Tax Act bill adds to the IRS’s growing backlash as several bodies express discontent with the agency’s operations. For context, the Texas Blockchain Council and Blockchain Association recently sued the tax agency over its proposed tax gains. The proposed crypto law requires that crypto exchanges calculate users’ earnings using the FIFO (First In, First Out)…

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Filed under: News - @ January 13, 2025 5:18 pm