“This is a Value Added Tax, or VAT.”
No, it’s worse. A VAT only applies to the increased value added at each step of production. This is a TRANSACTION tax, so that it is applied to raw materials, then applied to the full value of the raw materials again each time the product moves through the next stage of manufacturing. So that all becomes embedded in the products you buy. But personally, you get taxed when you are paid, again if you move money from checking to savings or IRA or brokerage account, then again when you withdraw money as cash, then again when you use your cash to buy something.
You can tell how bad it would be just by the stated goal in the text of the law. Pay off $14T in National Debt in 7 years ?? That tells you there is another $2T/yr of tax revenues expected — TRIPLING the current Income Tax revenues from $1T to $3T.
two words...Black Market during the great Utopian Soviet experiment with this nonsense more than half the economy was underground possibly more as the numbers will never be known. Bartering will come back in ernest too. Lets see no bank account, pay what little bills one could get away with by money order for 69 cents each plus 1% new taxes, never accept checks for work done EVER. contract productive efforts with like minded people for cash only and keep a low profile.Work less enjoy life more, I would rather work 3 days a week and have a modest dwelling and a couple of electronic toys bought used of course, than slave for the govt and lazy parasites 6 days a week just to buy a Mc Mansion n 4 plasma tvs, no thanks work 3 days golf 2 and fish one, the 7th is the Lords day spend it with family around a home cooked meal. Wait is this not going GALT? I prefer starving the monkeys myself