Just shooting from the hip without really researching. I'm not an economist but it sounds like everyone's taxes are going to go down but the government is going to get the same amount of money. It sounds fishy.
I suspect the taxes 'built in' to the prices of everything we buy will remain there & prices won't decline. Why would they go away - the manufacturers & their employees all have to pay the sales tax too - their costs won't decline.
Not everyone's - depends on how much you spend on retail consumables.
There is a tremendous amount of money wasted in our economy. THe NRST recovers much of it.
I suspect the taxes 'built in' to the prices of everything we buy will remain there & prices won't decline.
The idea of business is to maximize profit - not maximize price. When 22% of costs are removed, prices will fall to mazimize profit. If I sell widgets for $100 and a competitor sells the same widget for $75, who's gonna profit more? Link
...the manufacturers & their employees all have to pay the sales tax too - their costs won't decline.
The only sales tax is collected for retail consumption and services. Business purchases are NOT taxed. Quick overview.