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House Republicans are set to vote on the Fair Tax Act introduced by Rep. Earl L. “Buddy” Carter (R-GA) which seeks to eliminate all personal and corporate income taxes, the death tax, gift taxes, and the payroll tax while also eliminating the need for the Internal Revenue Service, according to a release.
What Happened: First introduced to Congress in 1999 by former Georgia Congressman John Linder, the Fair Tax would repeal the current tax code and replace it with a single national consumption tax that “is pro-growth and allows Americans to keep every cent of their hard-earned money.”
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“Instead of adding 87,000 new agents to weaponize the IRS against small business owners and middle America, this bill will eliminate the need for the department entirely by simplifying the tax code with provisions that work for the American people and encourage growth and innovation,” said Carter. “Armed, unelected bureaucrats should not have more power over your paycheck than you do.”
The Deal: According to Fox News, which first reported the story, the vote on the bill was made as part of the deal between House Speaker Kevin McCarthy (R-Calif.), and members of the House Freedom Caucus and was pushed forward in his quest for the position last week.
“As a former small business owner, I understand the unnecessary burden our failing income tax system has on Americans. The Fair Tax Act eliminates the tax code, replaces the income tax with a sales tax, and abolishes the abusive Internal Revenue Service. If enacted, this will invigorate the American taxpayer and help more Americans achieve the American Dream,” said Rep. Jeff Duncan, also one of the original co-sponsors of the bill.
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Image and article originally from www.benzinga.com. Read the original article here.