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Biden Vows To Veto House Republicans’ ‘Fair Tax Act’ Proposing Elimination Of IRS

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Biden Vows To Veto House Republicans’ ‘Fair Tax Act’ Proposing Elimination Of IRS

Several U.S. House of Representatives Republicans have proposed legislation that would significantly decrease funding for the Internal Revenue Service (IRS). The move comes after the newly elected Speaker, Kevin McCarthy, stated that he would challenge the funding granted to the U.S. tax agency in the previous year.

Biden Administration Opposes Bill for Rescinding Funding for IRS Enforcement of Tax Laws

After Kevin McCarthy, the speaker of the United States House of Representatives, announced his intention to repeal the tens of billions in funding that was approved for the Internal Revenue Service (IRS) last year, House Republicans voted on a bill that aims to eliminate the federal income tax and replace it with a “Fair Tax” and a national consumption tax that would be collected by each state. The bill is called the “Family and Small Business Taxpayer Protection Act” and it calls for a “rescission of certain funds made available to the IRS.”

The H.R. 25 bill, also known as the Fair Tax Act, was co-sponsored by representative Earl L. “Buddy” Carter (R-GA). “Instead of adding 87,000 new agents to weaponize the IRS against small-business owners and middle America, this bill will eliminate the need for the department entirely by simplifying the tax code with provisions that work for the American people and encourage growth and innovation,” Carter said in a statement. “Armed, unelected bureaucrats should not have more power over your paycheck than you do.”

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“This reckless bill would increase the deficit by nearly $115 billion over 10 years per an estimate by the Congressional Budget Office by enabling wealthy tax cheats to engage in additional tax fraud and avoidance,” the Biden administration said in a statement on Jan. 9, 2023.

Reports indicate the proposed legislation is not supported by Democrats, who currently control the Senate. Furthermore, the White House has stated that U.S. president Joe Biden will veto any bill that aims to defund the Internal Revenue Service (IRS). The Biden administration’s statement emphasizes that the “bill would rescind funding passed in the Inflation Reduction Act (IRA) that enables the IRS to crack down on large corporations and high-income individuals who cheat on their taxes and evade the taxes that they owe under the law.”

The White House added:

If the president were presented with H.R. 25 – or any other bill that enables the wealthiest Americans and largest corporations to cheat on their taxes, while honest and hard-working Americans are left to pay the tab – he would veto it.

Meanwhile, the Internal Revenue Service (IRS) is preparing to have a new commissioner run the tax agency, and reports indicate that it will likely be Danny Werfel. The news also follows statements from the acting special agent-in-charge of the IRS-Criminal Investigation’s New York office, who said “cryptocurrency is here to stay.”

In recent times, American crypto advocates have been plagued with anxiety over the advent of a new tax reporting requirement that will necessitate digital currency exchanges, Venmo, Cash App, PayPal, Airbnb, and eBay sending 1099-K forms to their users. The IRS, with its unyielding gaze, has set its sights on payments of $600 or more for goods and services received through a third-party payment network.

The IRS knows if you gave your brother $600 but still can’t tell us how Nancy Pelosi became a millionaire. None of it makes sense

— 🇺🇸Travis🇺🇸 (@Travis_in_Flint) January 3, 2023

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U.S. lawmakers want Americans to believe that the $600 rule and the deployment of 87,000 new IRS agents is a concerted effort to combat the nefarious billionaire tax evaders and mega-corporations. However, many Americans are not so easily swayed, and believe that this added enforcement and the $600 rule is nothing but a preposterous ploy aimed at the common man.

The IRS audits the poor 5 times the rate of the rich.

87,000 new IRS agents aren’t for billionaires.

They are for $600 Venmo transactions.

— Julio Gonzalez – juliogonzalez.com (@TaxReformExpert) January 10, 2023

Advocating for Abolition of the IRS: A Repeated Idea by Various Proponents

The bill is not the first time Republican officials have discussed abolishing the IRS. On Oct. 30, 2022, the U.S. senator from Texas, Ted Cruz (R-TX), tweeted “Abolish the IRS!” and repeated the sentiment earlier this week.

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Abolish the IRS!

— Senator Ted Cruz (@SenTedCruz) October 30, 2022

Former representative Ron Paul, R-Texas, has advocated for shutting down the IRS on many occasions. Paul believes the IRS is intrusive and that it violates privacy rights by requiring individuals and businesses to disclose personal financial information. He has advocated for a flat tax or a national sales tax as an alternative to the current income tax system.

The late American economist, historian, and political theorist Murray Rothbard also argued that the IRS represented a violation of property rights and an illegitimate use of government power. Rothbard wrote extensively on the subject, and in his view, the IRS, as an enforcement arm of the state, was a tool of coercion and oppression and therefore must be abolished. Meanwhile, as far as the Fair Tax Act is concerned, Rep. Bob Good (R-VA), said he supports the Fair Tax “because it simplifies our tax code.”

“This transforms the U.S. tax code from a mandatory, progressive, and convoluted system to a fully transparent and unbiased system which does away with the IRS as we know it,” the Virginia representative added.

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Biden, Biden Administration, Bob Good, Bureaucrats, Compliance, consumption tax, control, Convoluted, corporations, Cryptocurrency, Democrats, Earl L. “Buddy” Carter, Economy, Elimination, Enforcement, Fair Tax, Fair Tax Act, House of Representatives, Innovation, IRS, IRS Commissioner, Murray Rothbard, power, Progressive, Recession, Republicans, Rescission, Ron Paul, Senate, Simplification, State remittance, Tax, tax evasion, Taxation, Ted Cruz, Transparency, Unelected bureaucrats, veto, wealthy

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What do you think about Biden saying that he would veto the Fair Tax Act? What impact would the elimination of the IRS and implementation of the Fair Tax Act have on the U.S. economy? Share your thoughts in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Biden

Donald Trump Trading Card NFTs Skyrocket In Value Despite Being Mocked For His ‘Major Announcement’

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Donald Trump Trading Card NFTs Skyrocket In Value Despite Being Mocked For His ‘Major Announcement’

After the former 45th president of the United States, Donald Trump revealed his non-fungible token (NFT) trading card collection, Trump’s NFTs sold out within hours after the announcement. Statistics from Opensea, three days after the sale, show that the Trump NFT trading card collection’s floor value is now .49 ether or roughly $578.

Trump NFTs Sell out, Cards Quadruple in Value on Opensea, Left-Leaning Political Commentators Are Outraged

Donald Trump once said in 2019 that he was not a fan of bitcoin (BTC), and today the former president has leveraged blockchain technology to release his NFT trading cards. The collection of 45,000 cards features images of Trump dressed as Superman, an astronaut, a cowboy, and many other designs. However, there’s been accusations that the team behind Trump’s NFTs used stock images from Shutterstock and left the Shutterstock watermarks on the NFT photos.

Half the people mocking Trump for selling NFTs today were silent when he was selling out our nation’s future through record inflation.

— Libertarian Party (@LPNational) December 15, 2022

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Despite the claims, Trump’s NFT cards have been very popular and during the last 24 hours, cryptoslam.io stats show Trump’s collection is the second-largest in sales behind Bored Ape Yacht Club (BAYC). Trump NFT sales increased by 50.19% during the past 24 hours and there’s been $3,597,251 in sales. The $3.5 million in sales was across 4,749 transactions and 1,839 buyers and 2,155 sellers.

Good morning and Happy Saturday to everyone who agrees it’s great that House DEMs introduced a bill to bar trump from office under the 14th Amendment, so he can spend more time selling ridiculous digital trump card NFTs.

— BrooklynDad_Defiant!☮️ (@mmpadellan) December 17, 2022

On Opensea, the current floor value for Trump’s NFT cards is around .49 ether or $578, which is more than 4x larger than the original $99 price when the sale launched. There’s roughly 15,811 Trump NFT owners and 35% are unique owners, according to Opensea metrics on Dec. 18, 2022. One user owns approximately 1,000 Trump NFT cards and is the largest holder of the entire collection. Some people have claimed the unknown Trump NFT owner with 1,000 cards is Donald Trump himself.

liberal NFT mfers seeing Trump Trading Card NFTs mooning pic.twitter.com/WOdU2vYmAY

— Ashley (@AshleyDCan) December 16, 2022

Of course, Trump’s NFT trading cards caused an outcry from left-leaning political pundits since the 45th U.S. president made his announcement. Current U.S. president Joe Biden mocked Trump in a tweet that says Biden “had some MAJOR ANNOUNCEMENTS the last couple of weeks,” using all capital letters like Trump. The left-leaning political commentator Lindy Li made fun of Trump’s NFT announcement as well, when she said:

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Trump’s big announcement is that he’s selling NFTs. Melania’s big announcement was that she was selling a $185,000 NFT. Ivanka’s big announcement was to promote Goya beans. Don Jr’s big announcement was to sell $500 cameos. The most pathetic family to ever occupy the White House.

Other proponents of the left, like former New York Times (NYT) author, Kurt Eichenwald, tried to expose Trump’s NFT venture. Eichenwald published a blog post on his Substack that claims “Trump’s trading card grift is worse than you think.” Eichenwald found that shell companies are associated with a company called NFT International LLC. The former NYT columnist also linked the firm to some people with negative reputations but in the end, Eichenwald concludes that “none of this means that NFT International is crooked.”

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Biden, Bored Ape Yacht Club, cryptoslam.io, Donald Trump, Former NYT reporter, Joe Biden, Kurt Eichenwald, Lindy Li, MAJOR ANNOUNCEMENT, metrics, NFT collection, NFT International LLC, NFT Values, NFTs, NFTs Trump, Non-fungible tokens, Opensea, Stats, Trump, Trump NFT collection, Trump NFT owners, Trump NFTs, Trump’s NFT announcement, Value

What did you think about Donald Trump releasing his NFT collection? What do you think about the collection selling out? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bear Market

Brandt Says DOGE Bear Market Is Over, Kiyosaki Advises Buying BTC ‘Before Fed Pivot,’ Bitcoin.com Backed Ramírez Challenges For WBA Boxing World Title — Week In Review

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Brandt Says DOGE Bear Market Is Over, Kiyosaki Advises Buying BTC ‘Before Fed Pivot,’ Bitcoin.com Backed Ramírez Challenges For WBA Boxing World Title — Week In Review

In this week’s hottest stories from Bitcoin.com News, veteran trader Peter Brandt says the bear market that began for dogecoin back in May is over, Bitcoin.com-backed boxer Gilberto ‘Zurdo de Oro’ (Golden Southpaw) Ramírez steps up for a shot at the World Boxing Association light heavyweight title, the United States Federal Reserve’s key inflation gauge increases in September, and Robert Kiyosaki warns of real estate markets crashing and advises buying bitcoin before the ‘Fed pivot.’ All this and more, just below.

Veteran Trader Peter Brandt Says Dogecoin Bear Market Has Ended

Veteran trader Peter Brandt says the dogecoin bear market that began in May last year has ended. His comment came after the price of dogecoin soared following Tesla CEO Elon Musk’s acquisition of the social media platform Twitter.

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Fed’s Key Inflation Gauge Jumps 0.5% in September, America’s Rising Costs to ‘Punish’ Democrats

The U.S. central bank’s key inflation gauge, the personal consumption expenditures (PCE) price index, increased by 0.5% in September, according to data released by the U.S. Commerce Department on Oct. 28. Meanwhile, markets expect with near-certainty that the Federal Reserve will codify its fourth consecutive rate hike by 75 basis points (bps) next month. While investors await the next bank rate increase, midterm elections start on Nov. 8 and reports say inflation is weighing heavily on the minds of most Americans.

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Undefeated (44-0) Gilberto ‘Zurdo’ Ramírez Challenges for WBA Light Heavyweight World Title vs․ Dmitry Bivol With Bitcoin․com Backing

Gilberto ‘Zurdo de Oro’ (Golden Southpaw) Ramírez, with Bitcoin.com in his corner, has a shot at the World Boxing Association (WBA) light heavyweight title as he faces Dmitry Bivol, also undefeated. In what is being hailed as the biggest fight of the year, Ramirez vs Bivol is the main event of a DAZN card that will be aired live from Etihad Arena in Abu Dhabi on November 5.

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Robert Kiyosaki Warns Stocks, Bonds, Real Estate Will Crash as Fed Continues Rate Hikes — Advises Buy Bitcoin Before Fed Pivot

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has warned that stock, bond, and real estate markets will crash as the Federal Reserve continues to raise interest rates. Noting that the Fed will pivot, he advises investors to buy bitcoin.

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Bear Market, Biden, boxing, Buy Bitcoin, Doge, dogecoin, Federal Reserve, Gilberto Ramírez, inflation, market crash, Peter Brandt, real estate market, robert kiyosaki, WBA, World Boxing Association

What are your thoughts on this week’s stories? Let us know in the comments section below.

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Since 2015, Bitcoin.com has been a global leader in introducing newcomers to crypto. Featuring accessible educational materials, timely and objective news, and intuitive self-custodial products, we make it easy for anyone to buy, spend, trade, invest, earn, and stay up-to-date on cryptocurrency and the future of finance.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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America

Report: Saudi Government Privately Mocks Joe Biden’s Mental Acuity, Crown Prince Denies US President’s Oil Requests

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Report: Saudi Government Privately Mocks Joe Biden’s Mental Acuity, Crown Prince Denies US President’s Oil Requests

According to a recent report, members of the Saudi government and crown prince Mohammed bin Salman have been privately mocking U.S. president Joe Biden by questioning his keenness of thought and mental acuity. The report follows Biden’s recent trip to the region in July, when the U.S. president pressed the Saudis for more oil production, but the Saudi government refused his requests.

Report Says Fist-Bumping Biden Privately Mocked by Members of the Saudi Government, Saudi Television Broadcast Makes Fun of ‘Sleepy Joe’

Saudi Arabia’s government doesn’t seem to like U.S. president Joe Biden, as a report from the Wall Street Journal (WSJ) shows crown prince Mohammed bin Salman and many others have mocked the American leader. Biden and vice president Kamala Harris were also made fun of on a television broadcast aired in Saudi Arabia. The Saudi television broadcast openly mocks Biden’s alleged cognitive decline and leverages the nickname “Sleepy Joe.”

During a show broadcast on Saudi television, U.S. president Joe Biden and vice president Kamala Harris were made fun of over Biden’s alleged cognitive decline.

Three reporters from the WSJ — Stephen Kalin, Summer Said, and Dion Nissenbaum — wrote on October 24, that unnamed members of the Saudi government say the prince and his team privately make fun of president Biden. “Saudi crown prince Mohammed bin Salman, the kingdom’s 37-year-old day-to-day ruler, mocks president Biden in private, making fun of the 79-year-old’s gaffes and questioning his mental acuity, according to people inside the Saudi government,” the WSJ reporters said.

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The reporters added:

He has told advisers he hasn’t been impressed with Mr. Biden since his days as vice president, and much preferred former President Donald Trump, the people said.

The latest news report from the WSJ and the Saudi television broadcast openly mocking Biden follows Saudi Arabia’s request to join the BRICS nations. U.S. president Joe Biden was heavily criticized in America for his reasons to visit Saudi Arabia in July, as the American president traveled there to ask the crown prince to increase oil production. Reports noted that the Saudi government was not impressed by Biden because he wouldn’t shake the crown prince’s hand.

Biden’s visit with crown prince Mohammed bin Salman in July did not go well, and the U.S. president’s fist-bump was criticized, alongside his need to bring up the killing of Washington Post journalist Jamal Khashoggi.

Instead, Biden opted to leverage a pandemic-inspired fist bump, and while the U.S. president begged for more oil production, he continued to mention the killing of Washington Post journalist Jamal Khashoggi. “I made my view crystal-clear,” Biden said at the time. “I said, very straightforwardly, for an American president to be silent on an issue of human rights is inconsistent with who we are and who I am.”

The crown prince of Saudi Arabia and the government flat-out refused Biden’s requests for more oil production. In fact, Saudi Arabia revealed a reduction in oil production, and the Saudi government has been very friendly with the members of the BRICS nations.

On October 24, when the White House press secretary Karine Jean-Pierre (KJP) was asked about the Saudi rulers privately making fun of the U.S. president’s mental acuity, KJP had nothing to say. “I don’t have any comments,” the White House press secretary replied to the reporter.

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America, American president, Biden, brics, BRICS Nations, crown prince Mohammed bin Salman, Economy, fist-bump, fist-bump president, Jamal Khashoggi, Joe Biden, Karine Jean-Pierre, KJP, Mohammed bin Salman, OIL, oil production reduction, President Biden, Saudi Arabia, Saudi government, Saudi rulers, Saudi television broadcast, US President, Washington Post journalist, WSJ, WSJ reporters

What do you think about the report that says the Saudi government and crown prince have been making fun of U.S. president Joe Biden? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, editorial photo credit: @Spa_Eng via Twitter, Youtube

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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