By Jean Ross & Kyle Ross
The Fair Tax Act would replace federal income and payroll taxes with a national sales tax, slashing federal revenues and cutting taxes on the wealthy.
As part of his wheeling and dealing to secure the speakership, House Speaker Kevin McCarthy (R-CA) reportedly agreed to allow the so-called Fair Tax Act of 2023 (H.R. 25) to come to a vote on the floor of the House.
* If passed, the Fair Tax Act would radically restructure the nation’s tax system, replacing individual and corporate income taxes, the estate tax, and the payroll taxes dedicated to Social Security and Medicare with a national sales tax. . -- CLICK STORY TO READ MORE