Actually, you would pay $1.29%. The "tax exclusive" rate is 29.87%. The 23% is the "tax inclusive" rate (29 is 23% of 1.29). Cute, huh?
Yep, and the same amount of tax paid either way.
Lets see $29 split between personal income/payroll taxes and hidden taxes embedded in prices.
Or $29 tax with visible receipt detailing full tax amount in payment for NRST on retail purchases.
I think I would rather have everyone know amount they really end up paying for the government demanded.
That would be true if the rate was 29.87%. But that rate is too low, it would be much higher if ever passed. As Dr. Dale Jorgenson of Harvard stated in 2002, "It is well known that the ST and AFT [Americans for Fair Taxation] sales tax proposals fail to achieve revenue neutrality and tax rates must must be increased substantially above the levels proposed by the authors of the plans."
It also doesn't take into account my state & local taxes that have increased so they can pay the federal sales tax on their expenditures. [so much for visible taxes with the NRST.]