Oh, I agree that it will hit hard on the economy, all taxes do, but the idea that any business does not include the cost of tax in product price is fiction. All costs are passed on to the consumer. Minimum wage or tax. Sometimes the added cost prices a business out of the market but no business tax ever comes out of the pocket of the businessman, only his customers’.
Not like a VAT TAX; this adds on MUCH more than what is added on now! And it makes all products extremely expensive!
How far do you think they would get by imposing a 16% tax directly on the business?? This is not the same thing.