<ul><li>US Congressman Earl Buddy Carter has filed a bill called the Fair Tax Act, H.R. 25, which aims to abolish the IRS and reform the US tax code.</li><li>The bill proposes simplifying the taxing process, abolishing income, payroll, and estate taxes, and implementing a national consumption tax system.</li><li>The IRS has been facing backlash, including lawsuits from the Texas Blockchain Council and Blockchain Association, over its proposed tax regulations for the crypto industry.</li><li>The IRS has also faced criticism for its insistence on taxing unrealized staking gains, as challenged by a US couple in a lawsuit.</li></ul>

Bitcoin and Crypto in the Spotlight as US Congressman Proposes to Abolish the IRS and Reform Tax Code

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