Crypto Gains Momentum As IRS Abolition Hits Congressional Agenda
One of the biggest breaks for crypto could be the possible elimination of the Internal Revenue Service. At least, this is the proposal being pushed by a US lawmaker.
Rep. Earl “Buddy” Carter has sparked controversy with his latest plan to get rid of the IRS and replace the current US tax law with a national consumption tax.
This campaign, known as the Fair Tax Act, seeks to simplify taxation by removing a variety of taxes, including personal and corporate income taxes, payroll taxes, and the death tax. Instead, a single consumption tax would be imposed, substantially altering how Americans pay to federal revenues.
A Bold Move For Crypto & Tax Reform
The Fair Tax Act was introduced on January 9, 2025, and has already…
