A bill to promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national sales tax to be administered primarily by the States.

Fair Tax Act of 2009 - Repeals the income tax, employment tax, and estate and gift tax. Redesignates the Internal Revenue Code of 1986 as the Internal Revenue Code of 2009. Imposes a national sales tax on the use or consumption in the United States of taxable property or services. Sets the sales tax rate at 23% in 2011, with…

Read More »

Fair Tax Act of 2009 - Repeals the income tax, employment tax, and estate and gift tax. Redesignates the Internal Revenue Code of 1986 as the Internal Revenue Code of 2009.

Imposes a national sales tax on the use or consumption in the United States of taxable property or services. Sets the sales tax rate at 23% in 2011, with adjustments to the rate in subsequent years. Allows exemptions from the tax for property or services purchased for business, export, or investment purposes, and for state government functions.

Sets forth rules relating to: (1) the collection and remittance of the sales tax; and (2) credits and refunds. Allows a monthly sales tax rebate for families meeting certain size and income requirements.

Grants states the primary authority for the collection of sales tax revenues and the remittance of such revenues to the Treasury. Sets forth administrative provisions relating to: (1) the filing of monthly reports and payments of tax; (2) accounting methods; (3) registration of sellers of goods and services responsible for reporting sales; (4) penalties for noncompliance; and (5) collections, appeals, and taxpayer rights.

Directs the Secretary of the Treasury to allocate sales tax revenues 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.

Prohibits the funding of the Internal Revenue Service (IRS) after FY2013. Establishes in the Department of the Treasury: (1) an Excise Tax Bureau to administer excise taxes not administered by the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF); and (2) a Sales Tax Bureau to administer the national sales tax.

Terminates the sales tax imposed by this Act if the Sixteenth Amendment to the U.S. Constitution (authorizing an income tax) is not repealed within seven years after the enactment of this Act.

« Read Less

administrative law and regulatory procedures, constitution and constitutional amendments, department of the treasury, employment taxes, executive agency funding and structure, foreign and international corporations, fraud offenses and financial crimes, gambling, games and hobbies, general taxation matters, government information and archives, government trust funds, income tax credits, interest, dividends, interest rates, intergovernmental relations

Read More »

administrative law and regulatory procedures, constitution and constitutional amendments, department of the treasury, employment taxes, executive agency funding and structure, foreign and international corporations, fraud offenses and financial crimes, gambling, games and hobbies, general taxation matters, government information and archives, government trust funds, income tax credits, interest, dividends, interest rates, intergovernmental relations, internal revenue service (irs), medicare, poverty and welfare assistance, sales and excise taxes, small business, social security and elderly assistance, state and local government operations, tax administration and collection, taxpayers, tax reform and tax simplification, taxation, taxation of foreign income, transfer and inheritance taxes

« Read Less