How does the FairTax Act effect the United States returning to a Gold Standard?
The FairTax act “abolishes the IRS” and taxes the consumer based on consumption through businesses operating within the defined terms of the system and state in which the business maintains headquarters. The treasury is to maintain communication with the states and collect the due taxes prescribed by law. H.R. 9157 “This bill requires the Department of the Treasury to define the Federal Reserve note dollar in terms of a fixed weight of gold, based on that day’s closing market price of gold. Federal Reserve Banks must exchange Federal Reserve notes with gold at this price. If a Federal Reserve Bank does not do this, Treasury must make any exchange and place a corresponding lien on the assets of that bank.” Both puts the power into the hands of the treasury.
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