Schumer Says Fair Tax Act Won't Pass While He's Majority Leader

Sen. Chuck Schumer, Majority Leader (D-NY)has termedtheFair Tax Act, which seeks to abolish theInternal Revenue Service,as the craziest yet and has asserted he would not allow it to pass as long as he is the Majority Leader.

"This so-called 'Fair Tax' plan is the craziest yet. Its a real doozy. It's hard to believe they came up with it. It would completely abolish the IRS ... and just impose a 30% tax on everything," Schumer said in a video that he tweeted.

Americans areworried about inflationand theRepublican Party ...many of them are saying we want to increase what you pay by another 30%. This plan is dangerous. It's a disaster. It would impact just about every single American family for the worse, Schumer said.

Why It Matters: The Fair Tax Act seeks to eliminate all personal and corporate income taxes, the death tax, gift taxes, and the payroll tax while also eliminating the need for the IRS. First introduced to Congress in 1999 by former Georgia CongressmanJohn Linder, the Fair Tax would repeal the current tax code and replace it with a single national consumption tax.