[Iwo Jima]

You don't know much about the bill yet - that's fine. You'd do well to take a look at it.

You might want to read the bill as well. You have previously stated that "used property" is any property on which tax has been paid. However, the bill in Section 2. Definitions (a)(16)defines USED PROPERTY to mean (A) property on which the tax has been collected AND "B) property that was held other than for a business purpose(as defined in section 102(b))on December 31, 2006."

So, houses, cars, and other non-business property existing as of 12/31/06 would never be subject to the NRST. Correct?

[Principled]

What you posted is what I said.

[kevkrom]

So, houses, cars, and other non-business property existing as of 12/31/06 would never be subject to the NRST. Correct?

That is exactly correct, and is not at odds with what Principled says -- items purchased prior to the NRST enactment date are considered "previously taxed", because they were already subject, directly and indirectly, to the income and payroll taxes.

[Your Nightmare]

You might want to read the bill as well. You have previously stated that "used property" is any property on which tax has been paid. However, the bill in Section 2. Definitions (a)(16)defines USED PROPERTY to mean (A) property on which the tax has been collected AND "B) property that was held other than for a business purpose(as defined in section 102(b))on December 31, 2006."

The new version of the bill specifically says "or," not "and." This is the only difference in this version of the bill.