Fair Tax Act Proposes Overhaul of US Tax Code
- The Fair Tax Act seeks to replace the US tax code with a national consumption tax.
- It proposes eliminating the IRS and all personal, corporate, death, gift, and payroll taxes.
- The bill is supported by several Republican representatives, including Andrew Clyde and John Carter.
- Unauthorized immigrants would be required to pay taxes without receiving a consumption allowance.
- Originally introduced in 1999 by former Congressman John Linder.
The Fair Tax Act aims to simplify tax administration by abolishing the IRS and replacing various taxes with a national consumption tax. It has garnered support from multiple Republican lawmakers.
