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Rep. Earl “Buddy” Carter's proposal to abolish the IRS and implement a national consumption tax through the Fair Tax Act has ignited debate in Congress. Supporters argue it simplifies taxation and promotes economic growth, while critics warn it could disproportionately burden working families with higher costs. The potential impact on cryptocurrency taxation adds another layer to the ongoing discussion.
Representative Earl Carter has introduced the Fair Tax Act (H.R. 25), aiming to abolish the IRS and replace the current tax system with a national consumption tax. This legislation would eliminate personal and corporate income taxes, payroll taxes, and others, simplifying compliance and promoting economic growth. While supported by several Republican representatives and advocates for free-market principles, critics warn that the consumption tax could disproportionately affect lower-income individuals.
US Congressman Buddy Carter has introduced the Fair Tax Act, aiming to abolish the IRS and replace the current tax system with a national consumption tax. The legislation, supported by several Republicans, seeks to eliminate personal and corporate income taxes, while requiring unauthorized immigrants to pay taxes without the consumption allowance given to legal residents.
Asa Earl Carter
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proposed fair tax act could reshape cryptocurrency taxation in the us
03:30 14.01.2025
Buddy Carter proposes Fair Tax Act to eliminate IRS and simplify taxes
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15:09 13.01.2025
Congressman Buddy Carter proposes Fair Tax Act to abolish IRS and simplify taxes
USA
Andrew Clyde
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John Carter
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03:03 13.01.2025
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