Excellent analysis, Vinnie. You’re right - you would not pay more than $10 out of $1,000 spent, no matter how many individual transactions it took to do it.
But - as you say, everyone on the production and consumption chain will pay 1% when those goods change hands, thus increasing the cost of every commodity in the marketplace.
And of course, the 1% rate is simply the camel getting his nose under the tent. It’ll go up and up, once it’s passed. It’s got to be stopped.
Actually, $19.90. There was $10 withheld on the financial transaction of paying you, then another $9.90 when you spent the $990 you actually received.