This is some kind of whacked “fair” tax scheme that will never come out of committee.
imposed on cash (and credit sales) at retailers plus EVERY financial transaction - that is a national (federal) sales tax
Imagine paying a 1% tax on the check you write to pay your property and income taxes :-(
I assume this also goes after internet sales
Expect the retail and financial industry lobbyists to come out swinging, this should not sneak into the tax code unchallenged
But making everyone aware and putting them on alert is a smart move
Sounds like it.
From FactsCheck:
Answer: No. This idea was first floated in 2004 by one House member, who says it would replace the federal income tax and eliminate the national debt. So far it has gone nowhere.
IMO, if they did place a transaction tax on ALL services, like legal fees, hair cutting, stock transactions, etc., they could get the percentage way lower. The intent would be that "we don't care how you got your money, we'll tax it when you spend it."
The problem is that while the income tax raises revenue, the pols use tax breaks as a carrot/favor and distorts the whole setup.
No IRS? Ah, perchance to dream.