• House Republicans are set to vote on a bill that would abolish the Internal Revenue Agency (IRS) and introduce a national consumption tax to replace the existing national income tax scheme.
• House Speaker Kevin McCarthy agreed to put the Fair Tax Act on the floor as one of a number of concessions he made to House Freedom Caucus members last week in a bid to secure the speakership.
• The bill was introduced by Representative Buddy Carter (R., Ga.) on Wednesday and has also received the support of Republican representatives Scott Perry of Pennsylvania, Bob Good of Virginia, and Ralph Norman of South Carolina.

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