Fair Tax Act 2025 Bill Update. This bill imposes a national sales tax on the use or consumption in the united states of taxable property or services in lieu of the current income taxes, payroll taxes, and estate and gift taxes. Fm sitharaman first presented the new tax regime in her budget speech on february 1, 2020.

Sources suggest that the bill for the new tax laws is unlikely to be presented in parliament during the. The changes being discussed include.