01/26/2025
WOW…Did you know that there are several states, actually 5 that do not have sales tax at all! Hmm see attachment.. 🧐🤔
So NOW you know.. In summary: ALL STATES will pay their FAIR tax if the BILL is passed!! and let’s say good bye to all the other taxes too!!
Yes, the IRS will be abolished - I’ve been asked why am I happy about this..
Because for years, most of my clients I attract are small businesses, I have prepared taxes for clients and educated them on where in the Tax Code to find this or that and it’s very stressful on them to not know if they owe taxes and worse how am I going to pay them.. and watch their tears fall especially, when they were expecting a refund.
They’re that this country was built on and America needs to keep more money in their pocket!
Every year the IRS/Government messes with the game of “what’s IN & what’s OUT” but we don’t know until tax filing time and we preparers are the keepers of that bad news when we hit Calculate!
The Fair Tax Act will eliminate all of that!
So, I’ve doing a bit of reading while resting and my FB friend Susan Choate shared the news about the “Fair Tax Act” that it’s been sent up again as promised, so ME the person I am, had to do some digging..
Keeping following ME Zorn's Tax & Accounting Services for further updates..
In the news today -
Shown Here:
Introduced in House (01/09/2023)
FairTax Act of 2023
This bill imposes a national sales tax on the use or consumption in the United States of taxable property or services in lieu of the current income taxes, payroll taxes, and estate and gift taxes. The rate of the sales tax will be 23% in 2025, with adjustments to the rate in subsequent years. There are exemptions from the tax for used and intangible property; for property or services purchased for business, export, or investment purposes; and for state government functions.
Under the bill, family members who are lawful U.S. residents receive a monthly sales tax rebate (Family Consumption Allowance) based upon criteria related to family size and poverty guidelines.
The states have the responsibility for administering, collecting, and remitting the sales tax to the Treasury.
Tax revenues are to be allocated 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.
No funding is authorized for the operations of the Internal Revenue Service after FY2027.
Finally, the bill terminates the national sales tax if the Sixteenth Amendment to the Constitution (authorizing an income tax) is not repealed within seven years after the enactment of this bill.
Congress.gov
Hit the link below: MAP OF THE STATES RATE WHO PAYS WHAT AND WHO DOESNT!
https://money.com/state-sales-tax-rates-map/
U.S. Congress legislation, Congressional Record debates, Members of Congress, legislative process educational resources presented by the Library of Congress
