3.0.0 1025 2023-01-11T19:47:49Z 2023-01-11T19:47:49Z Senate S S 2007-03-29 110 ssfi00 Finance Committee Senate Standing Referred to 2007-03-29T15:33:10Z Fair Tax Act of 2007 110 25 HR 2007-01-04 Referred to the House Committee on Ways and Means. Related bill CRS 2007-03-29 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-03-29 Introduced in Senate IntroReferral 10000 9 Library of Congress C000286 Sen. Chambliss, Saxby [R-GA] SAXBY CHAMBLISS R GA N I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA 2007-03-29 True C001056 Sen. Cornyn, John [R-TX] John Cornyn R TX 2007-03-29 True C000560 Sen. Coburn, Tom [R-OK] TOM COBURN R OK 2007-03-29 True I000024 Sen. Inhofe, James M. [R-OK] Jim Inhofe R OK 2007-04-18 False Taxation Administrative fees Administrative procedure Administrative remedies Affiliated corporations Aliens Commerce Cost of living adjustments Department of the Treasury Economics and Public Finance Estate tax Executive reorganization Exports Families Finance and Financial Sector Financial services Foreign Trade and International Finance Foreign corporations Gambling Gift tax Government Operations and Politics Government paperwork Government trust funds Health Hobbies Immigration Income tax Insurance Interest Intergovernmental tax relations Internal Revenue Service (IRS) Internal revenue law Interstate compacts Inventories Labor and Employment Law Loan defaults Medicare Old age, survivors and disability insurance Payroll deductions Poverty Rebates Sales tax Science, Technology, Communications Small business Social Welfare Social security finance Social security taxes Sports and Recreation Tax administration Tax auditing Tax courts Tax credits Tax liens Tax penalties Tax refunds Tax returns Tax simplification Taxation of foreign income Taxpayer compliance Taxpayers Telephone Wages Withholding tax Taxation 00 2007-03-29 Introduced in Senate 2007-09-21T20:00:11Z Fair Tax Act of 2007 - Repeals the income tax, employment tax, and estate and gift tax. Redesignates the Internal Revenue Code of 1986 as the Internal Revenue Code of 2007.

Imposes a national sales tax on the use or consumption in the United States of taxable property or services. Sets the sales tax rate at 23% in 2009, with adjustments to the rate in subsequent years. Allows exemptions from the tax for property or services purchased for business, export, or investment purposes and for state government functions.

Sets forth rules relating to: (1) the collection and remittance of the sales tax; and (2) credits and refunds. Allows families a sales tax rebate.

Grants states the primary authority for the collection of sales tax revenues and the remittance of such revenues to the Treasury. Sets forth administrative provisions relating to: (1) the filing of monthly reports and payments of tax; (2) accounting methods; (3) registration of sellers of goods and services responsible for reporting sales; (4) penalties for noncompliance; and (5) collections, appeals, and taxpayer rights.

Directs the Secretary of the Treasury to allocate sales tax revenues among: (1) the general revenue; (2) the old-age and survivors insurance trust fund; (3) the disability insurance trust fund; (4) the hospital insurance trust fund; and (5) the federal supplementary medical insurance trust fund.

Prohibits the funding of the Internal Revenue Service (IRS) after FY 2011. Establishes in the Department of the Treasury: (1) an Excise Tax Bureau to administer excise taxes not administered by the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF); and (2) a Sales Tax Bureau to administer the national sales tax.]]>

Fair Tax Act of 2007 Official Title as Introduced A bill to promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national sales tax to be administered primarily by the States. Introduced in Senate IS Display Title Fair Tax Act of 2007 Short Titles as Introduced Fair Tax Act of 2007 Introduced in Senate 2007-03-29T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s1025is/xml/BILLS-110s1025is.xml 2007-03-29 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.