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IPFS News Link • TAXES: Federal

House GOP seeks to abolish IRS, replace income tax with consumption tax

• Daily

The FairTax Act, from Rep. Rob Woodall (R-Ga.), would abolish the 16th Amendment, which was ratified 100 years ago this February. That amendment gives Congress the power to impose income taxes without having to spend the revenues evenly among the states.

Woodall's bill, H.R. 25, would replace the current tax system with a 23 percent consumption tax on all new goods and services. He said Thursday that this change would eliminate the need for a complicated tax code, and would be the kind of tax reform that helps reinvigorate the economy.

1 Comments in Response to

Comment by Powell Gammill
Entered on:

uhhh, yay!???? 

How about no tax, you stinking robbers!  By what power do you rob us of our labor?