Fair Tax Act

House Republicans to vote on bill abolishing IRS, eliminating income tax

https://www.foxnews.com/politics/hou...ing-income-tax

Quote:

Republicans in the House of Representatives will vote on a bill that would abolish the Internal Revenue Service (IRS), eliminate the national income tax, and replace it with a national consumption tax. Fox News Digital has learned that the House will be voting on Georgia Republican Rep. Buddy Carter's reintroduced Fair Tax Act that aims to reel in the IRS and remove the national income tax, as well as other taxes, and replace them with a single consumption tax. The vote on the bill was made as part of the deal between House Speaker Kevin McCarthy, R-Calif., and members of the House Freedom Caucus and was pushed forward in his quest for the gavel.

All I could find online was a 2021 bill from the 117th Congress.

Summary: H.R.25 — 117th Congress (2021-2022)
https://www.congress.gov/bill/117th-...ll/25?r=96&s=1

Quote:

This bill imposes a national sales tax on the use or consumption in the United States of taxable property or services in lieu of the current income taxes, payroll taxes, and estate and gift taxes. The rate of the sales tax will be 23% in 2023, with adjustments to the rate in subsequent years. There are exemptions from the tax for used and intangible property; for property or services purchased for business, export, or investment purposes; and for state government functions. Under the bill, family members who are lawful U.S. residents receive a monthly sales tax rebate (Family Consumption Allowance) based upon criteria related to family size and poverty guidelines. The states have the responsibility for administering, collecting, and remitting the sales tax to the Treasury. Tax revenues are to be allocated among (1) the general revenue, (2) the old-age and survivors insurance trust fund, (3) the disability insurance trust fund, (4) the hospital insurance trust fund, and (5) the federal supplementary medical insurance trust fund. No funding is authorized for the operations of the Internal Revenue Service after FY2025. Finally, the bill terminates the national sales tax if the Sixteenth Amendment to the Constitution (authorizing an income tax) is not repealed within seven years after the enactment of this bill.

https://en.wikipedia.org/wiki/Consum...onsumption_tax

Quote:

Consumption taxes are often criticised to be regressive, meaning the average tax rate decreases with increasing income. However, it depends on income measurement. If income is measured annually or monthly, consumption taxes are truly regressive, as higher-income individuals can afford to save more, thus reducing the tax base for consumption tax more significantly than lower-income individuals. But if lifetime income is used to measure the ability to pay, the burden tends to be more equitable as over a lifetime, lifetime consumption is a good approximation of lifetime income.

What are the odds that the GOP will make sure this benefits the rich more than it does the lower and middle class?