The Fair Tax Act of 2023 is not a new idea. It was first proposed to the House of Representatives in 1999. Since then, it has been brought up again before Congress several times—this time by the Republicans in January 2023.
The main idea behind the Fair Tax Act, says FairTax, is to eliminate the Internal Revenue Service and income taxes and replace it with an across-the-board tax of 23 percent on all new purchases. One thing that likely helped to bring this act to the fore is that the IRS received $80 billion to hire 87,000 new agents to increase taxpayer customer service. It has already been funded, but the Republicans want it repealed.
