Posted 75 days ago
The Republican-led House will vote on a bill to repeal the federal income tax and abolish the IRS altogether this Congress.
Georgia Republican Rep. Buddy Carter will bring forth the Fair Tax Act that he says would remove the need for an IRS entirely by simplifying the tax code. It would replace the national corporate and personal income tax and other taxes with a single consumption tax.
The bill also gets rid of the death, gift and payroll taxes.
It further calls for repealing the 16th Amendment - which gives Congress the right to lay and collect taxes on incomes.
A vote on the bill, which has 30 co-sponsors, was promised as part of a deal to get Kevin McCarthy the Speaker's gavel last week. It's not yet clear when the legislation will come to the House floor, but it's unlikely to become law.
Proponents of a consumption tax argue that the system allows Americans to choose how much they pay in taxes by choosing how much they spend - thus incentivizing savings and investment.
The bill comes on the heels of a vote Monday night to claw back $72billion of some $80billion in additional funding Democrats gave to the IRS last Congress, much of which is slated to hire 87,000 new IRS agents.
Neither bill is likely to find much traction in the Senate, where Democrats currently lead with a 51-48 majority.
House Democrats are not taking the bill seriously. 'It's laughable,' Rep. Rosa DeLauro told reporters on Tuesday.
Asked about DeLauro's comment, Carter told DailyMail.com: 'Our current tax system is a laughing stock, and the IRS is the butt of the joke. The only people with something to gain from maintaining a behemoth IRS are the bureaucracy-loving Washington Democrats, who want armed, unelected agents to have more control over your paycheck than you do.'... (Read more)