"I believe it would be regressive on many of our constituents in our district," Rep. We strongly oppose this bill," Bharat Ramamurti, the Deputy Director for the National Economic Council, told Spectrum News. "What this is at the end of the day is a massive shift in the tax burden in the United States, away from wealthy families to your typical low-income, middle-income family in the United States. In response to the proposal, President Joe Biden said he would veto it if it ever gets to his desk. Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries, have condemned the proposal. But for someone who's a little more frugal, they should have to pay the taxes based on their consumption, not based on their income," Cammack said.īut New York Democrats, including Sen. "For those that want to live a very extravagant lifestyle, they should be paying taxes as such. There would also be a monthly sales tax rebate based on “family size and poverty guidelines.” Supporters argue the bill is “consumption-based.” If it passes both chambers and makes it to Biden’s desk, the so-called FairTax Act would take effect in 2025 and states would administer the new tax. "We need to really take a serious look at how we can simplify the tax code, how we can make it more fair so that everybody is paying in," Rep. In the House, about two dozen Republicans, seven from Florida alone, have co-sponsored legislation to replace a slew of federal taxes with a 23% national sales tax and abolish the IRS.
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