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.

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.


... morehide bill summary

Sponsor

• Sen. Saxby Chambliss [R, GA]
• and 4 Co-Sponsors
  • Sen. Thomas Coburn [R, OK]
  • Sen. John Cornyn [R, TX]
  • Sen. James Inhofe [R, OK]
  • Sen. John Isakson [R, GA]
  close

Committees

• Senate Finance

Amendments

This bill has no amendments.

Amendments to S.1025

Number	Status	Purpose

Bill Status

Make a Bill Status Widget

	OpenCongress widgets allow you to display information about bills and issue areas on your own website or blog. First, select which bill or issue you want to track, then customize the appearance of the panel, and finally paste a simple chunk of HTML into your site. Now your community will have an easy, up-to-date way to track the status of important bills and issues in Congress.

Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
March 29, 2007

Show All Actions (2 actions)Hide Actions

All Bill Actions

• Introduced on Mar 29, 2007.
• Mar 29, 2007: Read twice and referred to the Committee on Finance.

---

Related Bills:

• H.R.25

Related Issue Areas:

• Medicare
• Old age, survivors and disability insurance
• Payroll deductions
• Politics and government
• 67 more
• Poverty
• Rebates
• Sales tax
• Small business
• Social security
• Social security finance
• Social security taxes
• Sports
• State and local government
• State politics and government
• Tax administration
• Tax auditing
• Tax courts
• Tax credits
• Tax liens
• Tax penalties
• Tax refunds
• Tax returns
• Tax simplification
• Taxation of foreign income
• Taxpayer compliance
• Taxpayers
• Telecommunication
• Telephone
• Trade
• Wages
• Welfare
• Withholding tax
• Taxation
• Administrative fees
• Administrative procedure
• Administrative remedies
• Affiliated corporations
• Aged
• Aliens
• Budgets
• Business
• Cost of living adjustments
• Department of the Treasury
• Estate tax
• Executive departments
• Executive reorganization
• Exports
• Families
• Finance
• Financial services
• Foreign corporations
• Gambling
• Gift tax
• Government information
• Government paperwork
• Government trust funds
• Health policy
• Hobbies
• Immigration
• Income tax
• Insurance
• Interest
• Intergovernmental tax relations
• Internal Revenue Service (IRS)
• Internal revenue law
• Interstate compacts
• Inventories
• Labor
• Law
• Loan defaults
• Medical care

Data from the Congressional Research Service

Users tracking S.1025 (7) are also tracking:

Show More User Statistics... Hide User Statistics

In the News

We are not currently finding any news articles on this topic using our daily automated search of Google News. However, if you know of a relevant news article to display here, OpenCongress site editors have the ability to add it manually. Simply e-mail us the web address of this page and the web address of your suggested news article: We'll post relevant links as quickly as possible. Also, if this topic is important to you, you could write a letter to the editor -- if a news article refers this specific topic by name, a link to that news article is likely to appear here soon.

Information made available by:

Blog Coverage

January 06, 2009 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. ...

Was this article useful? Yes or No

Source: Pontiac Solstice Forum

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

December 30, 2008 ralf’s blog » Blog Archive » Grundsatzreferat Bischof Hofmann ...

In: AAS 58 (1966) S. 1025-1115. Deutsche Übersetzung zitiert nach: BRECHTER, Heinrich Suso u. a. (Hgg.), Sonder-Bd. 3: Das Zweite Vatikanische. Konzil. Konstitutionen, Dekrete, Erklärungen (lat./dt.) und Kommentare Teil III. ...

Was this article useful? Yes or No

Source: ralf's blog

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

December 24, 2008 davegreco.com » Blog Archive » Saxby Chambliss

He is the primary sponsor in the United States Senate of the tax-reform proposal The Fair Tax Act (S. 1025), attracting more cosponsors than any other fundamental tax reform bill introduced. Although Chambliss has a conservative voting ...

Was this article useful? Yes or No

Source: davegreco.com

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

53 more posts...
See most useful blog posts

Information made available by: