US HB25 | 2019-2020 | 116th Congress

Status

Spectrum: Partisan Bill (Republican 28-0)
Status: Introduced on January 3 2019 - 25% progression
Action: 2019-01-03 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Summary

FairTax Act of 2019 This bill imposes a national sales tax on the use or consumption in the United States of taxable property or services in lieu of the current income taxes, payroll taxes, and estate and gift taxes. The rate of the sales tax will be 23% in 2021, with adjustments to the rate in subsequent years. There are exemptions from the tax for used and intangible property; for property or services purchased for business, export, or investment purposes; and for state government functions. Under the bill, family members who are lawful U.S. residents receive a monthly sales tax rebate (Family Consumption Allowance) based upon criteria related to family size and poverty guidelines. The states have the responsibility for administering, collecting, and remitting the sales tax to the Treasury. Tax revenues are to be allocated among (1) the general revenue, (2) the old-age and survivors insurance trust fund, (3) the disability insurance trust fund, (4) the hospital insurance trust fund, and (5) the federal supplementary medical insurance trust fund. No funding is authorized for the operations of the Internal Revenue Service after FY2023. Finally, the bill terminates the national sales tax if the Sixteenth Amendment to the Constitution (authorizing an income tax) is not repealed within seven years after the enactment of this bill.

Tracking Information

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Title

FairTax Act of 2019

Sponsors


History

DateChamberAction
2019-01-03HouseReferred to the House Committee on Ways and Means.
2019-01-03HouseIntroduced in House

Subjects

Administrative law and regulatory procedures
Constitution and constitutional amendments
Department of the Treasury
Employment taxes
Executive agency funding and structure
Foreign and international corporations
Fraud offenses and financial crimes
Gambling
Games and hobbies
General taxation matters
Government information and archives
Government trust funds
Income tax credits
Income tax deductions
Income tax rates
Interest, dividends, interest rates
Intergovernmental relations
Internal Revenue Service (IRS)
Medicare
Poverty and welfare assistance
Sales and excise taxes
Small business
Social security and elderly assistance
State and local government operations
State and local taxation
Tax administration and collection, taxpayers
Tax reform and tax simplification
Taxation
Taxation of foreign income
Transfer and inheritance taxes

US Congress State Sources


Bill Comments

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