The so-called FairTax, if enacted, would be the largest structural change in U.S. taxation in 110 years. Wages, capital gains and corporate profits would become tax-free. The new levy would hit consumption instead. The national sales tax would apply to a broad base including food, medical care and new homes.
Mr. McCarthy (R., Calif.) told reporters late Tuesday that he doesn’t support the FairTax, distancing himself from an idea with support from a vocal segment of his party but that has begun to cause political headaches for Republicans.
National Sales-Tax Plan Gains Attention in House GOP
- by: Richard Rubin
- 01-25-2023
- Source:
Wall Street Journal
- 01/26/2023
Sunrise at the US Capitol in Washington DC by Andy Feliciotti is licensed under Unsplash unsplash.com
A decades-old proposal to replace federal income, estate and payroll taxes with a national sales tax has gained support and attention in the new House GOP majority, but House Speaker Kevin McCarthy said he doesn’t favor the policy.
Sunrise at the US Capitol in Washington DC by Andy Feliciotti is licensed under Unsplash unsplash.com
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