Bill H.r.25 Says Good Bye to IRS
by Republican representative from Georgia, Rob Woodalls bill that would disrupt the entire American tax system, and would open the doors to Marxism.
Republican representative from Georgia, Rob Woodall introduced a bill that would change the entire American tax system and the way taxes are distributed.
Under the Fair Tax Act, Internal Revenue Service would be shut down, and replaced by Excise Tax Bureau and a Sales Tax Bureau in the Department of the Treasury.
All federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes would be replaced by one national retail sales tax administered primarily by existing state sales tax authorities.
The new national sales tax rate would be set around 23%, affecting all consumption and house hold retail products such as furniture, electronics, and luxury goods.
Allegedly, under the FairTax system workers would keep their entire paychecks, retires would keep their entire pensions, and would enable products to compete fairly. All people in America, both high income and low income would be treated equally under the same tax rules. If you are buying either bread or vehicle, under the FairTax bi partisan legislation you will be taxed 23 percent. It cannot be written off on your tax papers as a necessity, nor can it be written off as a business expense. Any tax loopholes that are now available, such as write offs, and coffee business expenses, would be closed.
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