New Bill Would Replace Federal Taxes With Flat Sales Tax. Here's What It Could Mean for You

New Bill Would Replace Federal Taxes With Flat Sales Tax. Here's What It Could Mean for You

A proposal by House Republicans would change all of that. Dubbed the FairTax Act of 2023, the bill would replace a variety of federal taxes with a flat sales tax. Notable exceptions to the sales tax include the sale of used property, and business or investment purchases.