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...