The Republican Party’s Monday proposal to abolish the IRS and income taxes was mocked by President Joe Biden.
He referred to Republicans as being “fiscally demented,” in his statement.
During a speech for MLK Jr. Day, the president discussed Republican economic ideas.
Biden expressed disapproval of the Republican plan, which would eliminate the IRS and income taxes in favor of a National Sales Tax run by the states known as the “Fair Tax.”
“In order to replace the revenue lost from taxes on the millionaires and billionaires,” he claimed, “they want to hike taxes on the middle class by taxing hundreds of everyday products from groceries, fuel, and apparel while cutting taxes for the wealthiest.”
Rep. Buddy Carter (R-GA) proposed the Fair Tax Act as a measure to lessen the tax burden on Americans.
“This bill will completely eliminate the need for the dept. by simplifying the tax code with measures which further work for the people and encourage innovation and growth,” Carter said in a statement. “Instead of adding 87,000 new agents to weaponize the IRS against owners of small businesses and middle America.”
Even if the bill cleared the House, it will not pass in the Democrat-controlled Senate.
In order to help the IRS hold millionaires and billionaires accountable, Biden claimed that the IRS required extra agents.
He responded, “You know, all these new agents we have are here because a lot of them got fired and a lot of them are retiring.”
He threatened to reject any Republican plans to slash IRS funding or abolish the IRS.
“Let me be very clear: I will veto any of these bills if they come across my desk. Any one of them.”