Schumer calls 'Fair Tax' plan the craziest yet

Senator Chuck Schumer, Majority Leader D-NY, has called the Fair Tax Act, which seeks to abolish the Internal Revenue Service, as the craziest yet, and has stated that he would not allow it to pass as long as he is the Majority Leader.

The 'Fair Tax' plan is the craziest yet. It is a real doozy. It's hard to believe they came up with it. Schumer said in a video that he tweeted that the IRS would be abolished and impose a 30% tax on everything.

The Republican Party is saying that Americans are worried about inflation, and they want to increase what you pay by another 30%. Schumer said it would affect just about every American family for the worse.

Why Does the Fair Tax Act want to eliminate all personal and corporate income taxes, the death tax, gift taxes, and the payroll tax while eliminating the need for the IRS? The Fair Tax would repeal the current tax code and replace it with a single national consumption tax, which was first introduced to Congress in 1999 by former Georgia Congressman John Linder.

Schumer worried about how senior citizens would cope with their reduced spending power if the Act was passed.

Seniors who have saved and saved for their retirements, but they don't know if there would be any more Social Security but those who have Social Security will mean they have 30% less buying power immediately, he said.

As long as I am the majority leader, this devastating, unfair, nasty and almost crazy plan is not going to pass. It's not going to happen in the Senate. Jefferies Take: Rep. Hakeem Jeffries D-NY expressed his concerns about the Act, saying it would undermine the working and middle class.

He said in a video posted by Schumer that we are going to fight to defeat it, expose it and make it clear that it is part of an extreme agenda to undermine working families and the middle class in America in order to elevate the wealthy, well-off, and shameless.

Ray Dalio calls Debt Limit A Farce: 'Works Like A Bunch Of Alcoholics Who Write Laws To Enforce Drinking Limits'