Fair Tax Act 2025 Explained
Fair Tax Act 2025 Explained. This bill imposes a national sales tax on the use or consumption in the united states of taxable property or services in lieu of the current income taxes, payroll taxes, and estate. Gpf latest interest rates and all other latest rules explained.
The readers digest version of the fair tax act of 2023 is that it replaces the income tax, payroll taxes that fund social security and medicare and transfer (estate. A group of house republicans is supporting the fair tax act, which would eliminate income, payroll, estate and gift taxes, to be replaced with a 23% national sales.
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