A group of House Republicans are pushing to eliminate most federal taxes and replace them with a federal sales tax in a plan that would also abolish the IRS.
and replace them with a federal sales tax in a plan that would also abolish the Internal Revenue Service. But tax experts warn the so-called Fair Tax Act is not so fair to working families while giving the wealthiest Americans a break.
"Those people will see tax increases and they could be quite sizable," Buhl said of the middle three income quintiles under the plan. The Fair Tax Act was introduced earlier this month by Rep. Buddy Carter of Georgia along with a group of conservative Republican co-sponsors, who claim the bill would simplify the tax code and make it more fair.
With the collections being transferred to states, the Fair Tax Act allows for states to keep .25% of what they collect to pay for administrative costs. The Tax Policy Center estimates this would wipe out any savings the federal government gets from the elimination of the IRS budget.
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