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15.02 - 13:37
National Sales-Tax Plan Gains Attention in House GOP
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WASHINGTON—A decades-old proposal to replace federal income, estate and payroll taxes with a national sales tax has gained support and attention in the new House GOP majority, but House Speaker Kevin McCarthy said he doesn’t favor the policy.
The so-called FairTax, if enacted, would be the largest structural change in U.S. taxation in 110 years. Wages, capital gains and corporate profits would become tax-free. The new levy would hit consumption instead. The national sales tax would apply to a broad base including food, medical care and new homes.
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