The proposed Fair Tax Act would be based on consumption and sales tax.
Representative Buddy Carter, along with 30 other House members, introduced a proposed bill called the Fair Tax Act. If passed, this legislation would institute a 30 percent sales tax on all purchases in exchange for eliminating the federal income, Social Security, and Medicare taxes.
Representative Carter said when speaking about the proposed bill, “Instead of adding 87,000 new agents to weaponize the IRS against small business owners and middle America, this 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.”
Representative Carter acknowledged critics by adding, “There is no perfect system, and I understand that. But at the same time, this is as close to perfect as we’re going to get because this gives people the opportunity to control their own paychecks.”
As the Lord Leads, Pray with Us…
- For the congressional Joint Committee on Taxation as they study and evaluate the proposed legislation.
- For members of Congress as they look for ways to improve the lives of American citizens.
Sources: The Hill, Wikipedia, Wall Street Journal, CNN
