Here’s what you need to know about the GOP bill to abolish the tax code

House conservatives are breathing new life into an old proposal to do away with income taxes, payroll taxes, estate taxes and even the IRS itself in favor of a supersized sales tax that would account for nearly all government revenues. 

Versions of the far-reaching plan have been around for decades, and with Democrats controlling both the White House and Senate, the proposal has little chance of making it into law. But frustration over the $80 billion funding boost for the IRS passed by Democrats last year has Republicans wanting to make bold statements about changing the tax code — including scrapping it altogether.

The Fair Tax Act introduced by Rep. Buddy Carter (R-Ga.) and supported by 30 other Republicans would institute a massive 30 percent sales tax on all purchases in exchange for doing away with income, Social Security and Medicare taxes.  

That means workers would get to keep the entirety of their paychecks without having to pay out anything to the government. But it also means that buying everything from groceries to automobiles would be hugely more expensive.