The FairTax Act of 2001 has been reintroduced to the 107th Congress and assigned bill number H.R. 2525. Read the press release that went out to every major media outlet in the country.

Detailed information can be found at: Americans for Fair Taxation http://www.fairtax.org

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Congressman John Linder (R-GA) and Congressman Collin Peterson (D-MN) Sponsor the FairTax Act of 2001, H.R. 2525

DISTRICT OF COLUMBIA - July 18, 2001 - Congressman John Linder (R-GA) and Congressman Collin Peterson (D-MN) reintroduced the FairTax Act late last night, and it was reassigned H.R. 2525 as its bill number. The two Congressmen are the primary sponsors of this bill, and they lead a bipartisan group of co-sponsors who champion this fair and simple fundamental tax reform proposal. The FairTax is a single-rate, federal consumption tax collected only once, at the final point of purchase for personal consumption.

Congressman Linder (R-GA) stated, "The FairTax is the only current tax reform proposal that completely untaxes the poor and allows wage earners to keep 100 percent of their paychecks. It empowers all Americans by enabling them to become voluntary taxpayers who can choose how much to spend in taxes. Further, the FairTax offers genuine tax relief in the form of lower prices and nearly nonexistent compliance costs." Linder continued, "It is time for fairness and honesty in our national tax policy, and the FairTax provides just that. Every American will benefit under the FairTax, and individuals can be secure in the knowledge that no American is unfairly burdened under this straightforward system."

The New York Times, in a front-page article on July 16, highlighted the Bush Administration's intent to overhaul the entire tax code. Congressman Linder stated, "I have spent the last few months meeting with top officials in the Bush Administration. I am encouraged by their dedication to fundamental tax reform and their willingness to seriously consider the FairTax." He further said, "The FairTax is the only bill that would fundamentally address the need for a complete overhaul of the system, rather than offering piecemeal reform. It completely eliminates the Internal Revenue Service and ensures that Congress cannot continue to amend the tax code and give tax advantages to special interests and corporations."

Congressman Linder also highlighted the FairTax's fairness and treatment of low-income Americans, as well as its benefits for average middle-class Americans. "The FairTax provides a rebate equal to spending up to the federal poverty level so that no American will pay tax on necessities. This bill is also the only bill that eliminates the antiquated and regressive payroll tax, which currently is substantially burdening the poor and working class," Linder remarked. Finally, Linder noted, "The FairTax levels the playing field for average Americans and allows workers to save for a home, a child's education, or retirement. Under the FairTax, middle-class individuals will receive the same treatment as the rich, who currently benefit from numerous tax credits and write-offs."

Now that H.R. 2525 has been introduced and assigned its bill number, it awaits consideration by the House Ways and Means Committee.