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.

^{Sponsored Content}

Prepare Your Finances for What’s Coming

Economic turbulence may be on the horizon. Find out how to protect your wealth and secure your future before the storm hits. Click Here for the Full Update

Poll Of The Day

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.