The Fair Tax Act Aims to Abolish the IRS and Set a National Sales Tax. Here's How It Would Work - Money
Imagine this: Instead of paying federal taxes to the IRS, you pay them to your local cafe every time you buy a latte or to your supermarket when you make a grocery run — or to countless other businesses when you make purchases.
That’s a future proponents of the Fair Tax Act would like to see. The idea of implementing a national sales tax in lieu of our current federal tax apparatus is once again gaining steam after Rep. Buddy Carter (R. Ga.) introduced the bill to the House of Representatives earlier this month, and House Speaker Kevin McCarthy has agreed to bring the bill to a vote.
“This bill will eliminate the need for the [IRS] entirely by simplifying the tax code with provisions that work for the American people and encourage growth and innovation,” Carter said in an announcement.
The Fair Tax Act is unlikely to become law due to opposition from Democrats, and President Joe Biden has already said that he will veto the bill if it does manage to pass both the House and the Senate.
Still, the proposal has many wondering what a national sales tax or "fair tax" would look like.
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What does the Fair Tax Act propose?
In its current context, the Fair Tax Act is partially a response to the Inflation Reduction Act, a sprawling...
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