© Provided by ForbesNew Speaker of the House Kevin McCarthy has proposed a vote on a proposal called the Fair Tax, which would abolish the current federal income tax and replace it with a 30% national sales tax. Payroll taxes, which finance Social Security and Medicare, would also get axed.The IRS would go. Unfortunately, as this segment of What’s Ahead discusses, the Fair Tax has serious problems. How, particularly in these inflationary times, are voters going to react to paying a 30% sales tax on what they buy? Other problems with the Fair Tax are examined.

Source: Forbes January 19, 2023 18:27 UTC