U.S. Congress - S.1025 Fair Tax Act of 2007
S.1025 - Fair Tax Act of 2007
A bill 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
- Official: A bill 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.
- Short: Fair Tax Act of 2007 as introduced.
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Official Summary
3/29/2007--Introduced.Fair Tax Act of 2007 - Repeals the income tax, employment tax, and estate and gift tax. Redesignates the Internal Revenue Code of 1986 as the Internal Revenue Code of 2007. Imposes a national sales tax on the use or consumption in the United States of taxable propertyOfficial Summary
3/29/2007--Introduced.Fair Tax Act of 2007 - Repeals the income tax, employment tax, and estate and gift tax. Redesignates the Internal Revenue Code of 1986 as the Internal Revenue Code of 2007. 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% in 2009, 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 families a sales tax rebate.
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 (IRS) after FY 2011. Establishes in the Department of the Treasury:
(1) an Excise Tax Bureau to administer excise taxes not administered by the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF); and
(2) a Sales Tax Bureau to administer the national sales tax.
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Recent Blog Coverage
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S.1025: National Guard Empowerment and State ... - OpenCongress
U.S. Congress: S. 1025, A bill to amend title 10, United States Code, to enhance the national defense through empowerment of the National Guard, enhancement of the functions of the National Guard Bureau, and improvement ...
H.R.1925: America's Red Rock Wilderness Act of 2009 - U.S. ...
It is House Bill (HR 1925) andThe bill (S. 1025) proposed a solution. What are the contents of these two bills have different tax system, taxes, known as the fair. This is not what I've heard it is bad for fair taxation, to understand ... Source: my we
Who's looking forward to filing their taxes this year?!? - Pontiac ...
The plan has been introduced into the United States Congress as the Fair Tax Act (H.R. 25/S. 1025). The tax would be levied once at the point of purchase on all new goods and services for personal consumption. ...
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