U.S. Senators David Perdue, R-Ga., and Johnny Isakson, R-Ga., today introduced the Fair Tax Act of 2015 to promote freedom, fairness and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national sales tax.

Perdue, a member of the Senate Budget Committee and an original co-sponsor of the bill, said:“In order for America’s economy to thrive in today’s international economy, we must remain competitive. Instituting the FairTax will level the playing field and make America the best place in the world to do business. The FairTax is smart policy that will help protect hardworking Georgians and all American taxpayers.”

“Our tax code is a burden on families and a drain on small businesses,” said Isakson, a member of the Senate Finance Committee who has co-sponsored legislation to repeal the tax code and to establish a national sales tax during every session of Congress since being elected to the U.S. Senate in 2005. “Our current tax code punishes hard work and productivity, and the recent scandals surrounding the Internal Revenue Service’s politically motivated targeting of grassroots citizen groups is even more proof that no federal government agency should be trusted with this much power. Moving to the kind of system outlined in the Fair Tax of 2015 is a no-brainer. It’s time that we simplify our tax code, abolish the IRS, and create a more simple way to pay your fair share.”

The Fair Tax Act of 2015 would repeal all federal personal income taxes, corporate income taxes, payroll taxes, self-employment taxes, capital gains taxes and gift and estate taxes, and replace those with a revenue-neutral, personal consumption tax on all retail sales of new goods and services.

Click here to read the legislative text of the Fair Tax Act.