lots of gobledygook.
It's called legalese. It's the lexicon of lawmakers. It does account for leased property when it is sold.
but leased good problem
It's not a problem. Leased property that is sold is taxed at fair market value of the property and tax is prorated according to how much tax was paid on the principle of the leased property.
thy neighbor as tax collectors are real issues.
Not sure what you mean by that. Eighty percent of retail sales are made by the large national stores, Eg., Wal-Mart, Target, Microsoft, McDonalds... They will collect 80% of the tax and remit it to the states.
Under the income tax the IRS has to keep track of 160 million tax payers. Under the FairTax there's about 25 million businesses to keep track of/ And most of those businesses already remit sales tax to their respective states.
I am not sure the law says that. Leasing is currently used by corps to get and double tax deduction. One for the expense of the lease by the renit corp and twice by the corp that takes the depreciaation.
I think we would see all sorts of used gray markets. for instance, I make computer and rent it for one week. One week of 'value' is taxed at 23%. Since the computer has then depreciated it is used and I pay no tax. I think this would be hard to keep track of.
Also, I am sure that the level of *visible* goods and services at the retail level would go down and we would have to charge a higher rate. This has already happened with the income tax as more folks have opted out the workforce.