The FairTax Act, from Rep. Rob Woodall (R-Ga.), would abolish the 16th Amendment, which was ratified 100 years ago this February. That amendment gives Congress the power to impose income taxes without having to spend the revenues evenly among the states. Woodall's bill, H.R. 25, would replace the current tax system with a 23 percent consumption tax on all new goods and services. He said Thursday that this change would eliminate the need for a complicated tax code, and would be the kind of tax reform that helps reinvigorate the economy. "The momentum is building for fundamental tax reform, and it's fueled by the American people," he said.Editor's comment - Of course, we libertarians would prefer that the income tax be replaced with what is know as the No Tax. But it's a start.
Tuesday, January 8, 2013
Abolish the IRS? Not a pipe dream anymore
Thanks to 54 Republicans in the House TheHill reports that 54 House members on the GOP side, introduced a bill to repeal the 16th Amendment.