On Wednesday, two days after the national Income Tax filing deadline, U.S. Reps. Earl “Buddy” Carter (R-GA) and Andrew Clyde (R-GA) introduced legislation declaring April 16 as FairTax Day.
The legislation, HR 25 – the FairTax Act – would replace the current tax code with a national consumption tax. The Congressmembers said the resolution would signal a readiness to begin a new, fair process that gives tax payers power over their paychecks. The legislation would also eliminate both the Internal Revenue and Tax Day.
“Americans spend over six billion hours per year filing their taxes. Instead of putting your hard-earned dollars straight into Uncle Sam’s pocket, the FairTax allows you to keep 100% of your paycheck and choose how much you pay in taxes every year. It is a simple, fair, and preferred alternative to the current system, which punishes success and puts unelected bureaucrats in charge of your paycheck. Let’s make April 15, 2024, our last Tax Day ever. It’s time for a change, and FairTax Day will raise awareness about this popular, Georgia-grown proposal,” Carter said.
The legislation was first introduced into Congress in 1999 by former Georgia Rep. John Linder. The proposal would abolish all personal and corporate income taxes, the death tax (Capital Gains tax), gift taxes, and the payroll tax. The Congressmen said the legislation would allow Americans to keep every cent of their income, and would replace the current tax code with something that is pro-growth, simple, efficient, friendly to economic growth, non-discriminatory, unintrusive, and fair.
“The FairTax would not only create a simplified and fair tax code for all Americans but would also foster economic prosperity and eliminate the need for the IRS, which has become weaponized,” Clyde said.