Speaker of the House Kevin McCarthy appeared to reject the idea of tax on consumption earlier this week.
The Fair Tax Act introduced by Representative Earl"Buddy" Carter wouldand propose a 23 percent national sales tax, but the effective rate would be 30 percent, according to the non-partisan Institute of Taxation and Economic Policy think tank.
"Under the bill, if you buy something that costs $100 before tax, you pay $30 of national sales tax. Most of us would call that a 30 percent sales tax," ITEP said on its website. "Proponents, however, call it a 23 percent tax, because that $30 is 23 percent of your 'gross payment' of $130, your payment including the sales tax. Proponents claim this method of calculation is more comparable to how we think about the income tax but its main result is widespread confusion," ITEP's article said.
In this combination image, Speaker of the House Kevin McCarthy speaks during a news conference outside of his office at the U.S. Capitol on January 24, 2023 in Washington, DC. and inset photo of USA flag with American dollars. McCarthy has suggested he opposes a 30 percent national sales tax.That 30 percent figure has now become the main focus of criticism and Democrats have taken aim at the proposal, with Democratic Senator Jon Tester pledging on Wednesday to defeat the"awful" plan.
Conservative anti-tax campaigner Grover Norquist described the idea as"a political gift to Biden and the Democrats."
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