pystew gives a great summary of HR25, the purported “Fair Tax Act of 2013”
H.R. 25 – Fair Tax Act of 2013
The House Ways and Means Committee may soon vote on H.R. 25 “The FairTax Act of 2013.” If approved, it may then go to the House for debate and possibly a vote. Tom Reed, who is a member of the Ways and Means Committee, is not among the 71 cosponsors, but he is known to favor proposals of this sort.
Fair tax is fair in name only. HR 25 would replace the current graduated income tax and estate tax with a national sales tax. The certain effect of this would be to make the rich richer and the poor poorer at a rapid rate. This might be a good time to write to Tom about this.
CRS Summary of HR 25:
- Repeals the income tax, employment tax, and estate and gift tax. Redesignates the Internal Revenue Code of 1986 as the Internal…
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