Buddy Carter's Bill to Abolish IRS and Overhaul Tax Code Aims to Cut National Debt

Politics and Government Politics and Government

Mon, January 13, 2025

[ Mon, Jan 13th ] - MSN

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Buddy Carter's Bill to Abolish IRS and Overhaul Tax Code Aims to Cut National Debt

^{Published on 2025-01-13 13:40:58 - MSN}

Earl LeRoy "Buddy" Carter, the US representative for Georgia's 1st Congressional district, announced the introduction of H.R. 25, the Fair Tax Act, via a 9th January press release to replace the current US tax code.

Representative Buddy Carter has introduced a bill aimed at abolishing the Internal Revenue Service (IRS) and completely overhauling the U.S. tax code. The proposed legislation, known as the Fair Tax Act, seeks to replace all federal income taxes with a national sales tax. This move is intended to simplify the tax system, reduce the national debt, and eliminate the need for the IRS. The bill suggests that this new tax system would encourage economic growth by allowing individuals to keep more of their earnings, potentially leading to increased consumer spending. Critics, however, argue that a national sales tax could disproportionately affect lower-income families, who spend a larger portion of their income on consumption. The proposal has sparked a significant debate on tax policy, economic fairness, and government revenue collection methods.

Read the Full MSN Article at:
[ https://www.msn.com/en-gb/politics/government/buddy-carter-s-bill-to-abolish-irs-and-overhaul-tax-code-aims-to-cut-national-debt/ar-BB1rnKK5 ]

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