U.S. Senators Jerry Moran (R-Kan.) and David Perdue (R-Ga.) today introduced legislation to overhaul and simplify the American tax system. The bill, based upon a proposed tax system known as the “FairTax,” would replace our complicated and costly tax system with a flat national consumption tax and eventually close the Internal Revenue Service (IRS).
“Overhauling the American tax system is not an easy undertaking, but the economic need for a leaner and fairer tax code has never been greater,” Sen. Moran said. “Reducing costly inefficiencies and the burden of filing taxes should be a priority in this Congress. The FairTax would place all taxpayers on equal footing, protect Americans from government intrusion by the IRS, boost business growth, and incentivize savings and investment – all while collecting revenue at levels similar to those of our current mess of a tax code.”
