Buddy Carter's Bill to Abolish IRS and Overhaul Tax Code Aims to Cut National Debt

Carter's new rule to also exempt retirees with fixed income from Social Security benefit taxes as well as taxes on investment incomes. (Credit: buddycarter.house.gov)

Earl LeRoy "Buddy" Carter, the US representative for Georgia's 1st Congressional district, announced the introduction of H.R. 25, the Fair Tax Act, via a 9th January press release to replace the current US tax code.

The Republican Congressman proposed abolishing income, death, gift, and payroll taxes and replacing them with a single national consumption tax. The Fair Tax Act would also eliminate the requirement for the Internal Revenue Service.