House to vote on bill to abolish IRS and replace income tax with 'Fair Tax'

The Republican-led House will vote on a bill to abolish the IRS and replace the existing income tax system with a wide-reaching consumption tax.

Rep. Buddy Carter (R-GA) introduced the legislation, the Fair Tax Act, on Tuesday. Kevin McCarthy (R-CA) agreed to allow a floor vote on the legislation as part of a deal cut with the conservative House Freedom Caucus to become House speaker, Fox News reported.

The bill, which has a near zero chance of becoming law during this Congress, envisions simplifying the tax code by scrapping the...