This Bill, H.R. 25 was introduced in January. Could this be part of the "Big Deal" that 'O' is pushing for? Also, we keep hearing that the Fed is Dead (Rumors) and now ... Snip ~ "It also would abolish the Internal Revenue Service after fiscal year 2015, replacing it with a Sales Tax Bureau to administer the FairTax and an Excise Tax Bureau to administer remaining excise taxes formerly under the jurisdiction of the IRS. In the 112th Congress, the Fair Tax Act has been introduced as H.R. 25."... Kel ...
H.R. 25: Fair Tax Act of 2011
112th Congress
This is a bill in the U.S. Congress originating in the House of Representatives ("H.R."). A bill must be passed by both the House and Senate and then be signed by the President before it becomes law. Bill numbers restart from 1 every two years. Each two-year cycle is called a session of Congress. This bill was created in the 112th Congress, in 2011-2012. See H.R. 25 on THOMAS for the official source of information on this bill or resolution.
To promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national sales tax to be administered primarily by the States.
Related articles: Note, Also interesting .. Iraq and the "VAT Tax ...March 2010 (Iraq also mentions a VAT Tax ~ Link ~ Note older article ~ 'Our Aim is to Establish a Forward Market in Iraqi Dinars in the Near Future,' say Finance Officials ...
_U.S._
November 17, 2010 ~ Link ~ Would a Value Added Tax Help Reduce the Deficit?
January 23, 2011 ~ Link ~ Could it be? Consumption Tax? ~ Slow-Growth U.S. Now Ripe for Consumption Tax ...
July 19, 2011
Congressman Dave Camp (R-MI), Chairman of the Committee on Ways and Means, today announced that the Committee will hold a hearing on alternative tax systems, with a focus on tax systems that are based on taxing consumption rather than income.
Specifically, the Committee will consider the FairTax – a proposal to replace existing federal taxes with a national retail sales tax – and the Value-Added Tax (VAT), a type of consumption tax used by many other countries as a supplement to other taxes, such as taxes on individual and corporate income.
The hearing will take place on Tuesday, July 26, 2011, in Room 1100 of the Longworth House Office Building, beginning at 10:00 A.M.
In announcing this hearing, Chairman Camp said, “While the Committee thus far has focused on reforming the income tax, tax proposals that would move us away from an income base and instead adopt consumption as the tax base have continued to generate interest as well.
Supporters of such approaches believe that taxing consumption rather than income could have important economic benefits, and so as part of our efforts to reform the tax code, the Committee needs to examine those proposals. This hearing will allow the Committee to learn more about two of the most-discussed consumption tax proposals, the FairTax and the VAT.”
Background:
For several consecutive Congresses, legislation to repeal existing federal taxes on income, payroll, estates and gifts and replace them with a single national retail sales tax has been introduced as the Fair Tax Act. The bill would grant states the primary authority for the collection of sales tax revenues and the remittance of such revenues to the Treasury.
It also would abolish the Internal Revenue Service after fiscal year 2015, replacing it with a Sales Tax Bureau to administer the FairTax and an Excise Tax Bureau to administer remaining excise taxes formerly under the jurisdiction of the IRS. In the 112th Congress, the Fair Tax Act has been introduced as H.R. 25.
Many countries have adopted a different kind of consumption tax – the Value-Added Tax – in addition to their income and other taxes. Under a VAT, a business pays tax on the value it adds during its stage in the production, distribution, and sales processes.
http://waysandmeans.house.gov/
