Thanks fair taxers. We told you so.
This draconian measure is nothing like the Fair Tax, which would only tax goods at the point of consumption.
This beast taxes you for depositing your paycheck in the bank. It taxes the furniture maker 1% for buying the lumber to produce the chair that you'll eventually pay a 1% federal tax on, when you purchase it.
This thing is something only a Commie would dream up. It's even worse than a VAT tax.