HR25 - the Fair tax Act

 If you have not hard ofHR 25 - or the FAIR TAX ACT - you will..

This is the GOP looking to replace the Current tax structure in the United States... you can go read the Proposed bill...   but in summary  - it would eliminate the Federal Income tax ,,, and before you jump for joy...  it will replace it with a FLAT 30% tax for Individuals and it would be administered essentially by the States and not the federal government...   still interested - IT also essentially eliminate Corporate tax.

Yea - want a surprise - the GOP giving a huge tax break (elimination) of any taxes to the Big Corporations that donate Millions to the GOP campaigns, and help them continue to be elected.. ,, not that many pay taxes now - just that now the Tax burden will get shifted from  them to YOU ! While this has little chance of passing the House and Senate any time soon,,  this is what Republicans are thinking about - 

The Fair Tax Act, H.R. 25, which has 11 original Republican cosponsors, also would enact a national sales tax that would be administered primarily by the states, the text says. 

“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,” Rep. Carter said. “Armed, unelected bureaucrats should not have more power over your paycheck than you do.”

If enacted, H.R. 25 would replace the current tax code with a national consumption tax known as the Fair Tax, which was first introduced in 1999 by former U.S. Rep. John Linder (R-GA), who served in Congress from 1993 to 2011. The Fair Tax is a leading tax reform movement, according to Rep. Carter’s office.

“Cosponsoring this Georgia-made legislation was my first act as a member of Congress and is, fittingly, the first bill I am introducing in the 118th Congress,” said Rep. Carter.

H.R. 25 also would eliminate all personal and corporate income taxes, the death tax, gift taxes, and the payroll tax, thereby eliminating the need for the IRS, according to a bill summary provided by his staff.

The measure has been referred to the U.S. House Ways and Means Committee for consideration.

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