Fair Tax Act Would Abolish IRS, Income Tax

Objectivity 4.8 | Credibility 4.8 | Relevance 4.8

Rep. Buddy Carter (R-GA) will be reintroducing his Fair Tax Act bill which would abolish the IRS, do away with the national income tax and introduce a national consumption tax. Voting on the bill is part of the compromise that Speaker of the House McCarthy (R-CA) made with the House Freedom Caucus to win their votes for Speaker. Rep. Bob Good (R-VA), who co-sponsors the bill, said, “It is good for our economy because it encourages work, savings, and investment.” The bill also eliminates death, gift, and payroll taxes.