The Fair Tax Act is not new, but it is newly relevant. While this longstanding federal legislative proposal sparks pointed opposition, these discussions shed light on fundamental flaws in the U.S. tax system that require a more effective overhaul. The Fair Tax Act, which appears headed to a House floor vote at some point this year, is politically contentious – not only between Republican and Democrats, but also within the Republican party. Given that heated political issues sometimes veer from the facts, it is important for tax leaders to keep the following in mind:
- The proposal is sweeping:
- The Fair Tax Act is not new
- Nor is it likely to become law
Source: VERTEX
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