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A group of Republican lawmakers has introduced the Fair Tax Act of 2025, aiming to abolish the Internal Revenue Service (IRS) and replace federal income taxes with a national sales tax. The proposed legislation seeks to eliminate personal and corporate income taxes, as well as estate, gift, and payroll taxes, substituting them with a consumption-based tax system.

Proponents argue that this shift would simplify the tax code and enhance economic efficiency by taxing spending instead of income. Critics, however, express concerns that a national sales tax could disproportionately affect lower-income individuals and potentially reduce consumer spending. As the bill progresses through Congress, investors should monitor its implications for economic policy and personal financial planning.

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**Fun Fact:**
The first federal income tax in the United States was introduced in 1861 to help fund the Civil War, with a rate of 3% on incomes over $800.

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