U.S. Congress - H.R.25 Fair Tax Act of 2005
H.R.25 - Fair Tax Act of 2005
To promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national sales tax to be administered primarily by the States. view all titles (2)
All Bill Titles
- Short: Fair Tax Act of 2005 as introduced.
- Official: To promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national sales tax to be administered primarily by the States. as introduced.
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Official Summary
1/4/2005--Introduced.Fair Tax Act of 2005 - Repeals the income tax, employment tax, and estate and gift tax. Redesignates the Internal Revenue Code of 1986 as the Internal Revenue Code of 2005. Imposes a national sales tax on the use or consumption in the United States of taxable propertyOfficial Summary
1/4/2005--Introduced.
Fair Tax Act of 2005 - Repeals the income tax, employment tax, and estate and gift tax. Redesignates the Internal Revenue Code of 1986 as the Internal Revenue Code of 2005. Imposes a national sales tax on the use or consumption in the United States of taxable property or services. Sets the sales tax rate at 23 percent in 2007, with adjustments to the rate in subsequent years. Allows exemptions from the tax for property or services purchased for business, export, or investment purposes and for State government functions. Sets forth rules relating to:
(1) the collection and remittance of the sales tax; and
(2) credits and refunds. Allows a sales tax rebate for certain families, based on family size and income. Grants States the primary authority for the collection of sales tax revenues and the remittance of such revenues to the Treasury. Sets forth administrative provisions relating to:
(1) the filing of monthly reports and payments of tax;
(2) accounting methods;
(3) registration of sellers of goods and services responsible for reporting sales;
(4) penalties for noncompliance; and
(5) collections, appeals, and taxpayer rights. Directs the Secretary of the Treasury to allocate sales tax revenues 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. Prohibits the funding of the Internal Revenue Service after FY 2009. Establishes in the Department of the Treasury:
(1) an Excise Tax Bureau to administer excise taxes not administered by the Bureau of Alcohol, Tobacco and Firearms; and
(2) a Sales Tax Bureau to administer the national sales tax.
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Recent Blog Coverage
H.R.25: Fair Tax Act - U.S. Congress - OpenCongress
This bill would eliminate all federal income taxes, payroll taxes and the estate tax, and replace them with a federal sales tax of 23% on the use or consumption of all goods, properties and services. - -
H.R.25: Fair Tax Act of 2009 - U.S. Congress - OpenCongress
...privately funded research shows the U.S. economy would double within 15 years. In the last election, Republican challengers won 25.8 percent of their races, but where the challengers were identified as fair tax supporters, ... OpenCongress Summary. This
H.R.25: Fair Tax Act of 2007 - U.S. Congress - OpenCongress
OpenCongress Summary. This bill would eliminate all federal income taxes, payroll taxes and the estate tax, and replace them with a federal sales tax of 23% on the use or consumption of all goods, properties and services . ... to display here, email us the
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