Republicans Propose Bill To Replace Income, Payroll Taxes With National Sales Tax, Abolish IRS | Eastern North Carolina Now

    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Ben Zeisloft.

    Republican lawmakers proposed a bill to replace the income, payroll, and estate taxes with a national sales tax while abolishing the IRS.

    The Fair Tax Act, introduced by Rep. Buddy Carter (R-GA), is an attempt to simplify the tax code and the tax collection system. Similar legislation was first proposed in 1999 by former Rep. John Linder (R-GA); the current iteration of the bill is also sponsored by House Freedom Caucus Chair Scott Perry (R-PA), as well as lawmakers such as Rep. Bob Good (R-VA), Rep. Jeff Duncan (R-SC), Rep. Thomas Massie (R-KY), and Rep. Kat Cammack (R-FL).

    "As a former small business owner, I understand the unnecessary burden our failing income tax system has on Americans," Duncan said in a press release. "The Fair Tax Act eliminates the tax code, replaces the income tax with a sales tax, and abolishes the abusive Internal Revenue Service. If enacted, this will invigorate the American taxpayer and help more Americans achieve the American Dream."

    The 23% national sales tax established by the bill would enter into effect by 2025. The federal income tax, created by the Sixteenth Amendment in 1913, currently accounts for 49% of total federal revenues, according to data from the Treasury Department. Social Security and Medicare taxes constitute 35% of revenues, while corporate taxes provide 10% of revenues.

    The Fair Tax Act would attempt to repeal the Sixteenth Amendment and sunset the national sales tax if the repeal is unsuccessful within a seven-year period.

    The new legislation comes after President Joe Biden's Inflation Reduction Act approved $80 billion for the IRS. Treasury Secretary Janet Yellen said that the funding will enable staff to more easily assist individuals and businesses seeking to file their taxes; a report from the Treasury Inspector General for Tax Administration, however, indicated that the agency has not yet decided how the funds will impact audit rates for middle-income taxpayers.

    Critics of the national sales tax note the regressive nature of the policy. While the current federal income tax system is progressive, meaning that individuals tend to pay more as their income rises, sales taxes take a larger share of low-income households' salaries since they utilize a larger portion of their wages for expenses, according to an analysis from the Tax Policy Center.

    Biden responded to the proposal by asserting that the national sales tax would increase prices on "everything from groceries and gas to food and medicine." His post neglected to mention that the bill would also repeal the income, payroll, and estate taxes while offering a number of refunds and rebates to families. Sen. Elizabeth Warren (D-MA) likewise failed to mention the repeal of the current tax regime when she said on social media that "it's not fair to impose taxes on working people, while giving massive tax breaks to the ultra-rich."

    Republicans have often called for the abolition of the IRS and voted earlier this month to reverse the windfall offered to the agency by the Inflation Reduction Act. "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," Carter said in the press release. "Armed, unelected bureaucrats should not have more power over your paycheck than you do."

poll#166

With the Midterm Elections less than one week away: What do you consider the top issues that you will be voting on to be corrected by your better representation?

  Education

  Crime

  Big Government getting Bigger

  Biden /Democrat controlled Spike in Energy Cost

  Inflation created by Legislation of Majority in Power

  Gender Reassignment

  Corrupted Bureaucratic /Service (DOJ, FBI, etc.) Institutions

  Abortion

  Discredited Legacy Media

  Ending the Corruption of Dishonest Politicians

  Corruptive Influence of Social Media

  Wide Open Southern Border

366 total vote(s)     What's your Opinion?

poll#162

In what may be the most divisive period in modern American History, even more divisive than the turbulent sixties due to today's lack of patriotism, consider what are the major catalysts causing so much of this calamity of conflict, and vote: What most instigates the division of America, on this day September 20, 2022?

  Racism within our society

  Sex realignment to the detriment of our society.

  Biden /Harris Wide Open Southern Border Policy for the Demographic Upheaval of OUR Constitutional Republic

  Rampant Crime in Democratic controlled cities, and the possible contagion elsewhere

  Covid Pandemic, and its mishandling at the political, and bureaucratic levels.

  The unresolved questions /allegation regarding the flawed 2020 General Election

  January 6th Riot or "Armed Insurrection", depending upon patriotic perspective

  Joe Biden as Divisive Leader; Ineffective and Corrupt Executive

  Failed Education Industry, from an overall perspective, regarding all levels of education.

  Propagandistic Media in complete conflict with the First Amendment's guarantee of Freedom of Speech, and the awesome responsibility of a Free Press..

  "Orangeman Bad!"

  Bureaucracy rushing to a behemoth size, its unjustified expense, and far too often overreach.

  The Weaponized Deep State for political purposes

  A secular ambivalence to all that is real.

  Record number of overdose deaths from opioids and now Fentanyl

  Biden Administration's disastrous Foreign Policy

  Bidenflation /supply chain failure inevitably evolving into stagflation and recession.

  "Ultra MAGA Extremists" freely speaking louder AND LOUDER!

790 total vote(s)     What's your Opinion?