3/16/2024 0 Comments Flat tax proponents![]() And the bill seeks to end the Internal Revenue Service (IRS). In exchange, it would eliminate the federal income tax, the corporate income tax, payroll taxes (i.e., Social Security and Medicare) and estate taxes. a 23 percent tax-inclusive rate) on virtually all purchases of goods and services. ![]() The Act would introduce a 30 percent sales tax (i.e. Buddy Carter (R-Ga.), along with some 30 other Republicans, introduced the Fair Tax Act. But the leading national sales tax proposal, known as the Fair Tax, doesn’t do that. So, if a national sales tax could replace the federal income tax with the same transparency, simplicity, efficiency and privacy, it might be worth a try. In addition, by excluding many essential consumer needs such as most food items, prescription drugs and medical care and legal fees, the state’s sales tax largely avoids regressivity problems (i.e., when the poor are hit harder by a tax than the rich). ![]()
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