The FairTax would abolish the IRS
Visualize getting your whole paycheck (no federal income tax or FICA deductions) every payday. Then imagine that you would get to decide how much federal tax you pay according to what you chose to buy. Well, the FairTax would do this for everyone. FairTax replaces and is simpler and fairer than the IRS’ 77,000page federal income-tax code. the FairTax eliminates the Internal Revenue Service.
Now let’s look at what taxes would go away under FairTax. The proposal now in Congress, HR 25, replaces federal income, payroll, personal, gift, estate, capital gains, alternative minimum, Social Security, Medicare, self-employment and corporate taxes. Another big advantage: American workers would take home their whole paychecks. That means more people will have jobs. No federal income or payroll taxes would be withheld from pensions, investment income or Social Security checks, either.