Rep. Buddy Carter introduced a bill to eliminate the IRS and federal income tax
Gesara.news » » Rep. Buddy Carter introduced a bill to eliminate the IRS and federal income tax
Date: January 10, 2025
On January 3, 2025, Congressman Buddy Carter (R-GA) introduced H.R. 25, known as the FairTax Act of 2025.
This legislation proposes a significant overhaul of the U.S. tax system by eliminating the Internal Revenue Service (IRS) and replacing federal income taxes with a national consumption tax.
The FairTax Act aims to repeal existing personal and corporate income taxes, as well as other federal taxes such as the death tax, gift taxes, and payroll taxes. In their place, it would implement a single national sales tax on retail purchases, administered primarily by the states. Proponents argue that this system would simplify the tax code, promote economic growth, and allow individuals to retain their entire paychecks, paying taxes only when they make purchases.
Congressman Carter has been a longstanding advocate for the FairTax, having previously introduced similar legislation in earlier sessions of Congress. He contends that the current tax system is overly complex and burdensome, and that the FairTax would eliminate the need for the IRS, thereby reducing government intrusion into individuals' financial affairs.
The bill has been referred to the House Committee on Ways and Means for further consideration.
Zimbabwe interested in SWIFT alternatives
The Zimbabwean government would like to become a member of the BRICS economic bloc, the speaker of the ruling party ZANU-PF said on Wednesday."We made it clear that we would like to become a member of the BRICS," Christopher Mutsvangwa told Russia's RIA Novosti news agency.
The official added that his country is interested in developing alternatives to the Western-dominated SWIFT payment network.
In his view, BRICS could contribute to that.
Emergency Alert System reminder
The US Federal Communications Commission, Enforcement Bureau, Reminds EAS Participants of Compliance Obligations.FCC issues enforcement advisory reminding Emergency Alert System participants of compliance obligations, including ensuring alerts are accessible to people with disabilities.
The storm is upon us. We are ready now!
Details: www.fcc.gov
UN Urges Debt Relief for Developing Nations
The United Nations Development Programme (UNDP) warns that the debt crisis in developing nations has reached unprecedented levels, with debt servicing consuming an increasing share of national revenues at the expense of development.A new policy brief, released ahead of the G20 finance ministers meeting in Cape Town, highlights that 56 developing countries now spend over 10% of their revenue on interest payments, with 17 exceeding 20%, heightening default risks.
Total external public debt for the 31 poorest nations at risk of debt distress is estimated at $205 billion, while global debt servicing reached a record $1.4 trillion in 2023.
UNDP urges immediate reforms, including a more effective debt restructuring framework, systemic relief initiatives, and reduced borrowing costs to prevent a lost decade of development.
The upcoming Financing for Development conference in June will be a key platform for addressing these urgent issues.
WH is launching Quantum Information Science official website
White House is launching http://quantum.gov, the official website of the National Quantum Initiative and Quantum Information Science.Quantum Information Science (QIS) emerges from a deeper consideration of how quantum physics (our description of the world at the microscopic level) has implications for information science.
The National Quantum Initiative Act (NQI Act) was signed into law by President Trump on December 21, 2018 to accelerate quantum research and development for the economic and national security of the United States.
Sources:www.quantum.gov
Donald Trump expands tax relief proposals
Donald Trump expanded his tax reform proposals collection by announcing a New Policy on social media:'Seniors should not pay tax on social security!'
Aligning with NESARA Section 5, this policy includes provisions to enhance benefits for senior citizens, ensuring they receive more support.
This policy aims to create a more competitive tax system, boost economic activity, and provide targeted relief and support to various sectors, including seniors.