The FairTax is a proposal to replace all major sources of the federal government’s revenue—the individual income tax, corporate income tax, estate and gift taxes, and payroll tax—with a national sales tax and rebate, abolishing the Internal Revenue Service (IRS) in the process. Overall, the plan would likely result in a significant reduction in federal tax revenue and a more regressive tax system as measured by tax rates on income.
Source Tax Foundation
Latest Posts in "United States"
- Illinois Tax Guidance on Deal-of-the-Day Vouchers for Golf Purchases
- Illinois to Pause Gas Tax Hike, Redirect $150M Sales Tax Windfall
- Georgia Supreme Court Sends Uber Sales Tax Dispute Back to Appeals Court
- Tennessee to Tax International Money Transfers Starting in 2027
- Maryland Restores Sales Tax Exemption for Gold and Silver
