Fair Tax Act of 2011
Latest action · Jan 25, 2011 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJan 25, 2011
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Fair Tax Act of 2011 - Repeals the income tax, employment tax, and estate and gift tax. Redesignates the Internal Revenue Code of 1986 as the Internal Revenue Code of 2011.
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 2013, 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 a monthly sales tax rebate for families meeting certain size and income requirements.
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 FY2015. 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.
Terminates the sales tax imposed by this Act if the Sixteenth Amendment to the U.S. Constitution (authorizing an income tax) is not repealed within seven years after the enactment of this Act.
Cosponsors 8
Members who signed on, in the order they did. Signatures ran from Jan 25, 2011 to Jun 6, 2011; 5 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-KS | Jerry Moran | Original | Jan 25, 2011 |
| R-SC | Jim DeMint | Original | Jan 25, 2011 |
| R-GA | Johnny Isakson | Original | Jan 25, 2011 |
| R-NC | Richard Burr | Original | Jan 25, 2011 |
| R-OK | Tom Coburn | Original | Jan 25, 2011 |
| R-TX | John Cornyn | Mar 30, 2011 | |
| R-OK | James M. Inhofe | Jun 6, 2011 | |
| R-IN | Richard G. Lugar | Jun 6, 2011 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Jan 25, 2011 |
Actions 2
Everything that happened, newest first.
- Jan 25, 2011Introduced in Senate
- Jan 25, 2011Read twice and referred to the Committee on Finance.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 2
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| — | DEPARTMENT OF THE INTERIOR, ENVIRONMENT, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2012302 pages | Appropriations Committee | Mar 28, 2011–May 20, 2011 |
| S. Hrg. 112-392 | DEPARTMENT OF THE INTERIOR, ENVIRONMENT, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2012499 pages | Appropriations Committee | Mar 9, 2011–May 19, 2011 |
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R41613 | Fishery, Aquaculture, and Marine Mammal Issues in the 112th Congress Archived | Report | Jan 22, 2013 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 25 | Fair Tax Act of 2011 | Related bill | Jan 5, 2011 |
Titles 2
Every title it has carried, official and short, at each stage.
- 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.
- Short Titles as Introduced
- Fair Tax Act of 2011
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Administrative law and regulatory procedures
- Constitution and constitutional amendments
- Department of the Treasury
- Employment taxes
- Executive agency funding and structure
- Foreign and international corporations
- Fraud offenses and financial crimes
- Gambling
- Games and hobbies
- General taxation matters
- Government information and archives
- Government trust funds
- Income tax credits
- Income tax deductions
- Income tax rates
- Interest, dividends, interest rates
- Intergovernmental relations
- Internal Revenue Service (IRS)
- Medicare
- Poverty and welfare assistance
- Sales and excise taxes
- Small business
- Social security and elderly assistance
- State and local government operations
- State and local taxation
- Tax administration and collection, taxpayers
- Tax reform and tax simplification
- Taxation
- Taxation of foreign income
- Transfer and inheritance taxes
Text 1
Each version as it was printed, newest first.
- Jan 25, 2011Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
