, if I believed that the nrst had ANY chance of being implemented the way it is worded, I would support it. However, I am afraid that it has NO chance whatsoever of being implemented this way, and would eventually devolve into a VAT. Ick
Ahhh! I really hate to be the one to inform you but for all practical purposes, our corporate tax is a VAT. The NRST is designed to reverse that situation as well as repeal the individual income tax.
http://www.taxfoundation.org/foundationmessage03-00.html
"Under the WTO definition of the term, a sales tax is an indirect tax, as is an European-style VAT. The economic equivalence of an European-style VAT and a subtraction-method VAT is well-established. A subtraction-method VAT is essentially identical to a business income tax except that all purchases of plant and equipment may be expensed, rather than depreciated as under current U.S. law."
And every man woman and child in the nation, pays federal taxes through that VAT.
DO YOU PAY YOUR INCOME TAX
AT THE SUPERMARKET?
by D. Sherman Cox J.D. L.L.M. Taxation
The full impact of the federal tax system(taxes in gross wage/salaries & other compensation + business income/payroll taxes) added onto the base(taxfree) price of retail consumption goods and services is 36% for federal taxes alone.
I'm in favor of sticking with the Devil I know rather than dancing with the Devil I don't know.
Doesn't look like you know the Devil you are dancing with too well at all, from my perspective.