The Daily Money: A 30% national sales tax? Breaking down the FairTax Act

A bill in the House would abolish income and payroll taxes in favor of a national sales tax. But it faces an uphill climb. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW   Monday, February 6 It's Paul Davidson here bringing you Monday's top stories for money, tech and travel. Friday's blockbuster jobs report showing 517,000 employment gains in January and a 3.4% unemployment rate – a  54-year low – was still generating buzz three days later. Although the report eased fears of a recession in the short term, it sank stocks on fears it would keep inflation higher for longer and prompt the Federal Reserve to raise interest rates more sharply. And that, ironically, could increase the odds of a downturn. Some economists, though, say a booming jobs report should be a good thing for markets. They note robust job gains don't necessarily mean faster, stronger wage growth and hefty pay increases don't necessarily lead to higher prices. Goodbye to income taxes? With tax season in full swing, the House's new Republican majority is proposing some out-of-the box ideas for simplifying the tax code. The Fair Tax Act of 2023. Introduced by U.S. Rep. Early "Buddy" Carter, R-Ga., it proposes a national sales tax on the use or consumption of taxable property or services. The tax would replace income taxes, payroll taxes and estate or gift taxes and effectively amount to 30%. The bill faces an uphill battle even in the GOP-controlled House and President Biden has said he would veto it. 📰More stories you shouldn't miss📰  How much can my landlord really increase my rent? Know your rights as a tenant. Inflation is affecting travel. But that doesn't mean it's slowing down Don't rush to start collecting Social Security retirement benefits at 62. Here's why. A year of free Cracker Barrel? Pop the question this Valentine's Day at any restaurant. Recall Alert Honda, Volkswagen and Kia vehicles are among those affected by the latest recalls. The National Highway Traffic Safety Administration warned motorists not to drive certain 2001-03 Honda and Acura models until an airbag issue is fixed. Some 2023 Jaguar Land Rover and Range Rover SUVs were recalled over a defect that could cause an oil leak and pose a fire risk. And some 2021 Volkswagen EVs may be at risk of losing power while driving, and certain Kia 2023 Telluride SUVs also have an airbag issue. About the Daily Money Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. A year of free Cracker Barrel? Propose on Valentine's Day at... Five couples who pop the question at any Cracker Barrel location on Valentine's Day will win a year of free food from the restaurant. Top financial issues that young adults should focus on How much and how often your landlord can increase your rent Is inflation affecting travel? Yes, but don't expect it to slow down You can draw Social Security at 62 but waiting can be lucrative Did you buy a Tesla this year? You may be eligible for a tax credit When does the Fed meet in 2023? Here's Federal Reserve schedule. Which industries would keep hiring in a recession while others shed... Child Tax Credit: Here's what you need to know for this tax season What we know so far about Netflix's password-sharing plans   Problem viewing email? View in browser Unsubscribe • Manage Newsletters • Terms of Service • Privacy Policy/Your California Privacy Rights • Privacy Notice • Do Not Sell My Info/Cookie Policy • Feedback © 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. 7950 Jones Branch Drive, McLean, VA 22102