Fair Tax Act 2025 Explained. Under the bill’s provisions, the internal revenue service would be eliminated, and each state would administer the national tax as well as its own. The readers digest version of the fair tax act of 2023 is that it replaces the income tax, payroll taxes that fund social security and medicare and transfer (estate and gift) taxes with a.
Keep reading to find out how it would work. The rate of the sales tax will be 23% in 2025,.