The Republicans' Fair Tax Act faces opposition from Democrats and a veto threat from U.S. president Joe Biden.
Several U.S. House of Representatives Republicans have proposed legislation that would significantly decrease funding for the Internal Revenue Service . The move comes after the newly elected Speaker, Kevin McCarthy, stated that he would challenge the funding granted to the U.S. tax agency in the previous year.
The H.R. 25 bill, also known as the Fair Tax Act, was co-sponsored by representative Earl L. “Buddy” Carter . “Instead of adding 87,000 new agents to weaponize the IRS against small-business owners and middle America, this bill will eliminate the need for the department entirely by simplifying the tax code with provisions that work for the American people and encourage growth and innovation,” Carterin a statement.
“This reckless bill would increase the deficit by nearly $115 billion over 10 years per an estimate by the Congressional Budget Office by enabling wealthy tax cheats to engage in additional tax fraud and avoidance,” the Biden administration said in a statement on Jan. 9, 2023.
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