{"id":93764,"date":"2023-02-26T19:35:09","date_gmt":"2023-02-26T23:35:09","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=93764"},"modified":"2023-02-26T19:35:11","modified_gmt":"2023-02-26T23:35:11","slug":"what-is-the-fairtax-act","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/what-is-the-fairtax-act\/","title":{"rendered":"What Is the FairTax Act? How It Works &#038; Main Critiques"},"content":{"rendered":"\n<p>What is the FairTax Act? How does it work? Will the FairTax Act be passed?<\/p>\n\n\n\n<p>A House Republican has introduced the FairTax Act of 2023, a bill that would replace the income tax and other taxes with a national sales tax. If the bill became law, Americans would no longer file tax returns\u2014instead, they\u2019d pay a 30% tax on their purchases.<\/p>\n\n\n\n<p>Read on to learn about what the FairTax Act is, the main critiques of the Act, and the likelihood of it being passed.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-fairtax-act-of-2023\">The FairTax Act of 2023<\/h2>\n\n\n\n<p>On January 9, Republican representative Earl L. \u201cBuddy\u201d Carter of Georgia introduced a bill called the <a href=\"https:\/\/www.congress.gov\/bill\/118th-congress\/house-bill\/25?q=%7B%22search%22%3A%5B%22%5C%22H.R.25%5C%22%22%2C%22%5C%22H.R.25%5C%22%22%5D%7D&amp;s=4&amp;r=1\" target=\"_blank\" rel=\"noreferrer noopener\">FairTax Act of 2023<\/a>. If passed, it would be <a href=\"https:\/\/www.wsj.com\/articles\/national-sales-tax-plan-gains-attention-in-house-gop-11674664594\" target=\"_blank\" rel=\"noreferrer noopener\">the largest restructuring of the U.S. tax code in over a century<\/a>.\u00a0In this article, we&#8217;ll explain what the FairTax Act is, what supporters say its benefits are, and why the Act has drawn widespread critiques.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What Is the FairTax Act?<\/h3>\n\n\n\n<p>The central idea behind the bill is to replace the income tax and other taxes (such as estate, gift, and payroll) with a tax on consumption (purchases).<\/p>\n\n\n\n<p>If passed, this bill would change the government in the following ways:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The federal government would generate revenue through a national sales tax of 30%, rather than through income tax and other taxes.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>States, rather than the federal government, would be responsible for collecting these retail taxes.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Because people wouldn\u2019t be filing taxes, the Act would eliminate the need for the Internal Revenue Service (IRS).<\/li><\/ul>\n\n\n\n<p>The bill would also impact Americans\u2019 lives by eliminating the need to file taxes, instead, Americans would pay taxes as part of every purchase they made, such as clothing and healthcare.\u00a0Additionally, all households would also <a href=\"https:\/\/www.theatlantic.com\/ideas\/archive\/2023\/01\/national-sales-tax-house-republicans-grover-norquist\/672810\/\" target=\"_blank\" rel=\"noreferrer noopener\">receive a monthly, universal \u201cprebate\u201d<\/a>\u2014money from the government that would <a href=\"https:\/\/money.com\/fair-tax-act-national-sales-tax\/\" target=\"_blank\" rel=\"noreferrer noopener\">offset the 30% sales tax<\/a>. That way, families could still afford necessities such as groceries and housing.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-why-restructure-the-nation-s-tax-code\">Why Restructure the Nation\u2019s Tax Code?<\/h3>\n\n\n\n<p>According to <a href=\"https:\/\/buddycarter.house.gov\/news\/documentsingle.aspx?DocumentID=10862\" target=\"_blank\" rel=\"noreferrer noopener\">Carter<\/a> and the bill\u2019s other Republican co-sponsors, the FairTax Act <a href=\"https:\/\/perma.cc\/6267-LRJD\" target=\"_blank\" rel=\"noreferrer noopener\">would benefit the country in several ways.<\/a> First, it would boost the economy. Second, it would eliminate the headache of filing taxes. Third, it would encourage Americans to save and invest their money, since they\u2019d be allowed to keep all of their income instead of spending it on taxes. Finally, the Act would make it easier for Americans to start and grow small businesses since business owners wouldn\u2019t need to pay costs associated with tax compliance.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-main-critiques-of-the-fairtax-act\">Main Critiques of the FairTax Act<\/h3>\n\n\n\n<p>The FairTax Act has drawn critiques from across the political spectrum.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-critique-1-the-act-would-be-challenging-to-implement\">Critique 1: The Act Would Be Challenging to Implement<\/h4>\n\n\n\n<p>First, some analysts point out that <a href=\"https:\/\/www.wsj.com\/articles\/national-sales-tax-plan-gains-attention-in-house-gop-11674664594\" target=\"_blank\" rel=\"noreferrer noopener\">it would be challenging to make such dramatic changes<\/a> to the tax code\u2014for instance, shifting the responsibility of tax collection from the federal government to state governments.\u00a0<\/p>\n\n\n\n<p>Furthermore, the FairTax Act\u2019s plan to restructure the tax code <a href=\"https:\/\/money.com\/fair-tax-act-national-sales-tax\/\" target=\"_blank\" rel=\"noreferrer noopener\">is unprecedented<\/a>, meaning it could create unexpected problems. For example, it\u2019s unclear how the new code would influence Americans\u2019 spending. It\u2019s also unclear how the Act would affect the economy: Some analysts claim it <a href=\"https:\/\/money.com\/fair-tax-act-national-sales-tax\/\" target=\"_blank\" rel=\"noreferrer noopener\">would significantly boost GDP<\/a>, while others <a href=\"https:\/\/www.brookings.edu\/wp-content\/uploads\/2016\/06\/20040924.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">offer more conservative estimates<\/a>.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-critique-2-aspects-of-the-act-defy-conservative-values\">Critique 2: Aspects of the Act Defy Conservative Values<\/h4>\n\n\n\n<p>Second, right-leaning critics of the FairTax Act claim it <a href=\"https:\/\/www.theatlantic.com\/ideas\/archive\/2023\/01\/national-sales-tax-house-republicans-grover-norquist\/672810\/\" target=\"_blank\" rel=\"noreferrer noopener\">goes against the conservative ideal of a small government<\/a>. The Act\u2019s \u201cprebate\u201d features closely resembles the idea of a universal basic income\u2014an idea that liberals tend to support, given that it reflects the leftist ideal of large entitlement programs. Additionally, even though the Act would eliminate the IRS, it likely wouldn\u2019t reduce the size of the government overall; it would just <a href=\"https:\/\/money.com\/fair-tax-act-national-sales-tax\/\" target=\"_blank\" rel=\"noreferrer noopener\">shift work from the IRS to new federal agencies<\/a> tasked with implementing the new code.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-critique-3-the-act-s-tax-system-is-regressive\">Critique 3: The Act\u2019s Tax System Is Regressive<\/h4>\n\n\n\n<p>Third, left-leaning critics of the FairTax Act claim it\u2019s <em>un<\/em>fair because its <a href=\"https:\/\/www.americanprogress.org\/article\/the-fair-tax-act-would-radically-restructure-the-nations-tax-system-in-favor-of-the-wealthy\/\" target=\"_blank\" rel=\"noreferrer noopener\">tax code is regressive<\/a>, meaning that lower-income people would pay a higher proportion of their earnings than higher-income people. These critics point to analysis predicting that Act\u2019s tax <a href=\"https:\/\/www.americanprogress.org\/article\/the-fair-tax-act-would-radically-restructure-the-nations-tax-system-in-favor-of-the-wealthy\/\" target=\"_blank\" rel=\"noreferrer noopener\">would result in tax cuts for the <em>wealthy<\/em>, not the poor<\/a>. Some experts estimate that the top 1% of earners <a href=\"https:\/\/money.com\/fair-tax-act-national-sales-tax\/\" target=\"_blank\" rel=\"noreferrer noopener\">would receive an average tax cut of $75,000<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-s-next\">What\u2019s Next?<\/h3>\n\n\n\n<p>It doesn\u2019t look like Americans will be saying goodbye to the headache of filing their taxes anytime soon\u2014it\u2019s highly unlikely the FairTax Act will become law. As Republicans hold a slim majority in the House, five \u201cno\u201d votes are enough to kill the bill (assuming all Democrats also vote \u201cno\u201d). <\/p>\n\n\n\n<p>At least five House Republicans have already <a href=\"https:\/\/www.factcheck.org\/2023\/01\/democrats-misleadingly-suggest-widespread-gop-support-for-fairtax-bill-unlikely-to-become-law\/\" target=\"_blank\" rel=\"noreferrer noopener\">expressed their disapproval of the bill<\/a>. Even though the bill is unpopular among many Republicans and unlikely to become law, some Democrats are still seizing the opportunity to use the bill as a cudgel against the GOP with prominent Democratic leaders <a href=\"https:\/\/www.politico.com\/news\/2023\/01\/29\/gop-fair-tax-sales-00079609\" target=\"_blank\" rel=\"noreferrer noopener\">depicting the bill<\/a> as a Republican-wide effort to raise taxes on lower-class Americans and slash entitlement programs. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is the FairTax Act? How does it work? Will the FairTax Act be passed? A House Republican has introduced the FairTax Act of 2023, a bill that would replace the income tax and other taxes with a national sales tax. If the bill became law, Americans would no longer file tax returns\u2014instead, they\u2019d pay a 30% tax on their purchases. Read on to learn about what the FairTax Act is, the main critiques of the Act, and the likelihood of it being passed.<\/p>\n","protected":false},"author":19,"featured_media":64877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[81,275,24],"tags":[727],"class_list":["post-93764","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics","category-politics","category-society","tag-articles","","tg-column-two"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Is the FairTax Act? How It Works &amp; Main Critiques - Shortform Books<\/title>\n<meta name=\"description\" content=\"What is the FairTax Act? 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