What is the Fair Tax? Q.What is the Fair Tax? A.The Fair Tax Act of 2023 (HR 25) would replace the federal individual income tax, corporate income tax, payroll taxes, and the estate and gift tax with a national retail sales tax. Read more about What is the Fair Tax?
What are the major federal payroll taxes, and how much money do they raise? Q.What are the major federal payroll taxes, and how much money do they raise? A.Payroll taxes are levied to finance Social Security, the hospital insurance portion (Part A) of Medicare, and the federal unemployment insurance program. Revenue in 2022 totaled just over $1.2 trillion. Read more about What are the major federal payroll taxes, and how much money do they raise?