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What is the FairTax?

The FairTax is a proposal to replace all major sources of the federal government’s revenue—the individual income tax, corporate income tax, estate and gift taxes, and payroll tax—with a national sales tax and rebate, abolishing the Internal Revenue Service (IRS) in the process. Overall, the plan would likely result in a significant reduction in federal tax revenue and a more regressive tax system as measured by tax rates on income.

Source Tax Foundation

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