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The Fair Tax system is a tax system that eliminates income taxes (including payroll taxes) and replaces them with a sales or consumption tax. The 23% sales tax would apply to all retail and service transactions.
Under the Fair Tax system, individuals would no longer be required to file taxes. Individuals simply pay tax each time they purchase something from a store or a service provider.
Although the IRS would no longer be required to collect money from individuals, an enforcement agency would be required to ensure businesses appropriately collect taxes from consumers. Keep reading to learn about how the Fair Tax would work.
