With the convening of the 113th Congress, newly-introduced legislation abounds. Not quite so new is the reintroduction of the FairTax legislation, originally introduced by now retired Congressman John Linder, by Congressman Rob Woodall (R-GA-7)…Congressman Linder’s successor.
The Hill has a story about the bill, but here’s the synopsis of the bill:
Specifically, the bill would repeal the payroll tax, individual and corporate income taxes, the self-employment tax, and estate and gift taxes.
It would be replaced with a 23 percent consumption tax that people living at or below the poverty rate would not have to pay. The bill would require a “probate” to be paid to all residents that is equal to the consumption tax the poor would normally pay, thus sparing them from taxes completely.
Among the 53 Republican co-sponsors are House Financial Services Committee Chairman Jeb Hensarling (R-Texas) and Oversight and Government Reform Committee Chairman Darrell Issa (R-Calif.).
Consider this your late #FairTaxFriday thread. Discuss among yourselves why you like or dislike the FairTax.