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To: Zon
FairTax @ 23% $4.60
LOL! Is that "23% of the gross payment" inclusive?..No

Try $5.97

.23 X (of) $25.97 (gross payment)= $5.97

76 posted on 12/05/2005 7:09:43 PM PST by lewislynn
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To: lewislynn
Hypothetical -- "contrived" -- purchase: The shirt on the rack had a price tag that read $20.00 total.  The sales clerk at the register input $20.00 and hit the total button. The receipt read:

Shirt:                     $20.00

Total:                     $20.00

FairTax @ 23%      $4.60

Yes, the price of the shirt is tax inclusive.

82 posted on 12/05/2005 7:25:41 PM PST by Zon (Honesty outlives the lie, spin and deception -- It always has -- It always will.)
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To: lewislynn
You are clueless about math.

The price of the shirt without the tax was 15.40. THe price inlcuding tax was 20.00.

You can't really be this stupid. You're pretending, right?

Amount of tax is 4.60. 4.6/20=23% tax inclusive. Tax of 4.60
Amount of tax is 4.60. 4.6/15.4=30% tax exclusive. /tax of 4.60.

143 posted on 12/06/2005 5:07:21 AM PST by Principled
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