• H.R. 25 - The FairTax Act: Abolishing the IRS and Enacting a National Sales Tax

  • Feb 17 2025
  • Length: 16 mins
  • Podcast

H.R. 25 - The FairTax Act: Abolishing the IRS and Enacting a National Sales Tax

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  • Summary

  • H.R. 25, the "FairTax Act of 2025," proposes a radical overhaul of the U.S. tax system. The act seeks to abolish the IRS and repeal income, payroll, estate, and gift taxes. In their place, it introduces a national sales tax, primarily administered by the states. The bill outlines a framework for this sales tax, including definitions, rates, exemptions, and collection procedures, along with credits and refunds. A family consumption allowance would be established, and the bill addresses cooperative federal-state tax administration. If the 16th Amendment is not repealed within seven years of the act's enactment, the sales tax provisions will be eliminated.
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