The Fair Tax Act, explained: What to know about the Republican plan
After months of critique, House Republicans in January
. But the plan was largely seen as political messaging since neither Senate Democrats or the White House supported the measure.While the Fair Tax Act isn't likely to gain traction in Congress, experts say the plan would be a significant change for middle-income earners and the wealthiest Americans. If enacted, middle-income earners would see a "pretty significant tax increase," and the wealthiest Americans would see the biggest cuts, according to John Buhl, senior communications manager at the Tax Policy Center.
He said the plan would make the tax system more regressive, despite the built-in monthly rebates for families below a certain income level, especially since the 23% rate is "tax-inclusive" and will actually cost consumers about 30%. What's more, both experts say the sales tax won't be enough to make the plan "revenue neutral," which may be an issue as Republicans fight for tightened spending amid the debt ceiling battle.
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