End of the IRS?! Fair Tax Act EXPLAINED

#FairTaxAct #NationalSalesTax #TaxReform2025 #IRSReplacement #SalesTaxExplained #HR25 #SimplifyingTaxes #IncomeTaxReplacement #FederalTaxReform #TaxSystemAlternatives

[CSI-Accounting-and-Payroll]

No IRS, no income tax—just a 23% sales tax. Could the Fair Tax Act really work, or is it too risky? Share your thoughts below!

[anthony.nunya.bizness]

That is what as known as a regressive tax.

No thank you. I’m not rich.

[daveS]

Every one making less than $100k will hurt if this is implemented. Especially those in the first two tax brackets.

[KingSkillsMusic]

It would bring in about 4 trillion annually

[guesswhomartin]

I'm good with higher taxes in shopping, but yes; Shut down The Whole IRS System completely across America.
There;s no filing taxes every yr and there's no tax return money. Yes, Shut down The Whole IRS System completely.

[amlglgarver]

Iran not really just 23%, there is a difference between inclusive and exclusive tax, it would really be 30% on top of whatever state sales tax you pay.

[kevinbrown]

Sales go under ground so as not to pay the taxes. Someone will get loophole to not pay taxes, and then they will reimplement taxes and not remove the sales taxes. Any time the government picks the cards up and reshuffles the deck .

[BILLWASS]

We would receive 100% of our checks. That will add almost 20+% to our checks right there. Hidden/Embedded business taxes are gone. AND, the only time 23% is added is on new items. That is it. Used items, bill paying, almost all monthly expenses will not have the tax added. Also, when purchasing "necessity items", everyone will receive a pre-bate at the beginning of each month to compensate. FairTax is the way forward, it will cover all needed government expenses, treat low-income people better than currently, and can be reduced as the new tariffs begin to add more to the government coffers. NO MORE IRS! Keep reading that last line until it sinks in.

[jaysanchez]

Let see as a carpenter you would pay 23% or more on tools and lumber and then you would pass on the cost to the consumer, how much would that overall increase? That’s not even mentioning you would throw out the tax code on prepared vs non prepared groceries. This would be a mess forsure

[rogergreen]

The current tax system combined with the current welfare system discourages hard work and encourages dependence on government handouts. Handouts paid for by the system man. The fair tax system allows the working man to keep all of his hard earned pay. Taxes currently paid equal 22%.this includes corporate taxes passed onto the consumer. There will be adjustment problems at first, but in the long run the fair tax is far better than the current confusing mess.

[firstlovemusicmn]

It's actually a 30% sales tax. 23% is deceiving. They say 23% because they gross up the price after tax and take the percentage from the higher number. For example, let's say after tax the price is $100. The original price is $77. They say $23 is 23% of $100. But if you take 23/77 it is actually 30%. This is substantially higher than what we normally have to pay today because we would be responsible for 100% of the FICA (social security and medicare tax of 15.3%) tax rather than the employer being responsible for half of it. Mortgage and rent payments would not be exempt. Do you know how expensive a car or home would be in this new system?

[merlinmage]

Not sure if i understand yet need more research but i think this sounds way better than what is on now if no taxes on property and such tht sounds like way u.s.a. was supposed to be constantly paying taxes on things we already payed for is double dipping makes more sense its on sales plus lower income get help with cash who will say no to that the rich have way to much money theres no real reason to have so much money id say its a win win for all.

[muursnorthwestamexem]

Means more savings to do things right ?

[Juden]

Taxes on lower income Americans would sky rocket and all the rich wouldnt feel a thing. I think personally all federal tax should be abolished and shouldnt be allowed. Make the states pay for there own bs. That means no more pay checks for congress

[muursnorthwestamexem]

But yet you sent 67 trillion over to someone else 😂😂😂😂😂