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To: Your Nightmare

But what's the inclusive payment?

The amount listed in the receipt for "price inclusive of tax."

 

H.R.25

Fair Tax Act of 2005 (Introduced in House)
http://thomas.loc.gov/cgi-bin/query/z?c109:H.R.25:


SEC. 2. DEFINITIONS.

`(a) In General- For purposes of this subtitle--

(5) GROSS PAYMENTS- The term `gross payments' means payments for taxable property or services, including Federal taxes imposed by this title.

 

SEC. 510. TAX TO BE SEPARATELY STATED AND CHARGED.

`(a) In General- For each purchase of taxable property or services for which a tax is imposed by section 101, the seller shall charge the tax imposed by section 101 separately from the purchase. For purchase of taxable property or services for which a tax is imposed by section 101, the seller shall provide to the purchaser a receipt for each transaction that includes--

`(1) the property or services price exclusive of tax;

`(2) the amount of tax paid;

`(3) the property or service price inclusive of tax;

`(4) the tax rate (the amount of tax paid (per paragraph (2)) divided by the property or service price inclusive of tax (per paragraph (3));

`(5) the date that the good or service was sold;

`(6) the name of the vendor; and

`(7) the vendor registration number.

 

Simply multiply the "tax rate" times the "price inclusive of tax", check the result against amount of tax paid. Exactly as one would check a tax bill today.

1,097 posted on 05/24/2005 7:43:20 AM PDT by ancient_geezer (Don't reform it, Replace it!!)
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To: ancient_geezer
But what's the inclusive payment?
The amount listed in the receipt for "price inclusive of tax."
You're clueless...

How do you figure the "amount listed in the receipt for 'price inclusive of tax'"?
1,099 posted on 05/24/2005 7:56:17 AM PDT by Your Nightmare
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