Democratic leaders railed against GOP-backed legislation that would scrap some taxes and replace them with a steep national sales tax.
Democratic leaders railed against GOP-backed legislation that would scrap some taxes and replace them with a steep national sales tax on Wednesday–a bill that has virtually no chance of passing, but has potential to become a prominent talking point for Democrats as they seek to balance the scale of power with the Republican-controlled House. speaks at a news conference at the U.S.
The “Fair Tax Act,” sponsored by Rep. Earl “Buddy” Carter , would abolish income, payroll, estate and gift taxes and replace them with a 30 percent national sales tax starting in 2025. The legislation would also do away with funding for the Internal Revenue Service starting in fiscal year 2027, leaving tax collection authority to state governments.
Americans would receive a monthly rebate check according to the federal poverty level and family size that is designed to offset costs for low-income families who typically spend a larger share of their income on necessities. The proposal would “simplify the tax code” and establish a “fully transparent and unbiased system,” Rep. Bob Good said in a statement.The legislation has virtually no chance of passing the Democrat-controlled Senate and being signed into law by President Joe Biden. House Speaker Kevin McCarthy reportedly agreed in a deal with far-right Republicans to win the speaker election to hold a committee hearing on the Fair Tax Act, but he recently told reporters he is against the legislation.
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