The House Republicans have recently introduced a 30% Sales Tax proposal, which would replace all federal income taxes
30% Sales Tax Issue
Criticism of Proposal
The proposal, known as the "Fair Tax Act," has been met with significant criticism from economists, tax policy experts
Addition Burden on households?
The proposal would abolish the IRS, Medicare, and Social Security payroll taxes and provide households monthly "prebate" but experts say it wouldn't be enough
Regressive vs Progressive
An income tax is considered a progressive tax, whereas a sales tax is regressive. High-income individuals pay a larger portion of their income under a progressive tax system
Relief to Wealthy?
Critics argue the proposal would provide a windfall to the wealthy and the proposal as a testament to Republican's commitment to delivering tax breaks to the wealthy.
it offers insight into the Republican Party's economic priorities at a time of inequality and hardship for poor and middle-class households
Opposition By Biden
The proposal has faced opposition from President Biden and Democratic lawmakers, who believe it would result in huge tax increases for working families
Biden Tweet a Relief?
President Biden has taken to Twitter to express his opposition to the proposal, calling it unfair to middle-class families.
No chance of Going through
The proposal has no chance of becoming law with Democrats in control of the Senate and the White House
We wish the proposal will be rejected as the proposal is "not fair" and would result in "huge tax increases" for working families.