The ‘FairTax Act of 2023,’ a bill introduced in early January by U.S. Rep. Earl “Buddy” Carter (R-GA) proposes a national sales tax on the use or consumption of taxable property or services. The sales tax would be levied in place of current income taxes, payroll taxes, and estate or gift taxes which are outlined in Subtitles A, B, C and H of the Internal Revenue Code of 1986.
The proposed legislation would repeal those subtitles and instead enact a new Internal Revenue Code: The Internal Revenue Code of 2023. 카지노사이트
Though the bill outlines a 23% tax rate, the “gross payment” or the payment for both taxable property and services, combined with federal taxes is actually closer to 30%.
The bill, a brainchild of one faction of the Republican party, does not yet have broad GOP support, and is unlikely to pass. It would need to not only make it through the House but also the Senate which has a Democratic majority. President Joe Biden has already said he will veto the bill should it defy odds and reach his desk. 안전한카지노사이트
How does FairTax work?
Enacting the ‘FairTax Act’ would usher in a complete overhaul of the tax system. 카지노사이트 추천
The bill’s final provision is a termination of the national sales tax if the Sixteenth Amendment to the Constitution, which authorizes an income tax, is not repealed within seven years of the law being enacted.