Rep. Earl “Buddy” Carter has introduced a bill called the Fair Tax Act, which proposes eliminating the IRS and implementing a national consumption tax. The legislation aims to simplify tax administration and compliance by eliminating personal and corporate income taxes, death tax, gift taxes, and payroll tax. It has gained support from several Republican representatives, who believe it will encourage growth and innovation. However, the bill also requires unauthorized immigrants to pay taxes and denies them the consumption allowance. In related news, the IRS has published regulations requiring brokers to report transactions from 2027, causing concern among crypto industry groups. The Blockchain Association, DeFi Education Fund, and Texas Blockchain Council have filed a lawsuit to challenge these rules, arguing that they infringe on privacy and pose operational challenges for the DeFi sector.



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