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Home»DeFi»Congressman proposes IRS elimination
DeFi

Congressman proposes IRS elimination

January 15, 2025No Comments3 Mins Read
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On Jan. 9, 2025, congressman Earl Carter introduced a groundbreaking bill that could potentially revolutionize the U.S. tax system. The bill, known as The Fair Tax Act of 2025 (H.R. 25), aims to replace the existing tax code with a national consumption tax while simultaneously abolishing the Internal Revenue Service (IRS). This bold move has sparked both support and controversy among lawmakers and taxpayers alike.

The Fair Tax Act proposes to eliminate several taxes, including income, payroll, estate, and gift taxes, in favor of a national sales tax on goods and services purchased for final consumption. The goal is to simplify the tax system, promote economic growth, and enhance transparency in taxation. The bill also addresses the administrative and compliance costs associated with the current tax code, as well as the privacy concerns and lack of transparency in the IRS.

One of the most radical aspects of the Fair Tax Act is the proposal to abolish the IRS entirely. Congressman Carter argues that the new tax system would be so straightforward and transparent that individuals and businesses would no longer require professional assistance to file their taxes. This move has garnered support from several Republican congressmen who believe that eliminating the IRS would streamline the tax process and foster economic prosperity.

However, the Fair Tax Act has also faced opposition, particularly from the crypto community. The IRS recently introduced new reporting rules that classify decentralized finance (DeFi) platforms as brokers, requiring them to provide transaction information to the IRS. This has sparked a lawsuit from organizations such as Blockchain Association, Texas Blockchain Council, and DeFi Education Fund, who argue that DeFi platforms are not brokers and should not be subject to these rules.

See also  US Treasury and IRS finalize crypto broker tax reporting rules

The lawsuit highlights the potential impact of the IRS’s new rules on the development and leadership of the American crypto industry. If the rules are enforced, it could drive leading industry brands to seek more favorable jurisdictions outside of the U.S. This conflict underscores the ongoing tension between the IRS and the crypto community, raising questions about the future of taxation in the digital age.

As the debate over the Fair Tax Act and the IRS’s new reporting rules continues, it remains to be seen how these developments will shape the future of taxation and regulation in the U.S. Will 2025 be a turning point for tax policy, or will the status quo prevail? Only time will tell.

Congressman elimination IRS proposes
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