<ul><li>United States Representative Earl Carter has introduced the Fair Tax Act (H.R. 25), a bill that aims to eliminate the Internal Revenue Service (IRS) and replace the existing U.S. tax system.</li><li>The proposed legislation aims to abolish corporate income taxes, gift taxes, death taxes, and payroll taxes, replacing them with a national consumption tax system.</li><li>The Fair Tax Act has gained significant traction and is supported by several Republican representatives.</li><li>However, there are concerns about the potential burden on lower-income individuals and ongoing legal challenges to IRS regulations regarding cryptocurrency brokers.</li></ul>

Buddy Carter Unveils Plan to Abolish IRS and Revamp Tax System

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