samsmart
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My internet sarcasm detector is off at the moment. Could you please expound upon this?
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For Accountants and Economists - Lower Taxes but Fewer Tax Exemptions?
- Thread starter samsmart
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My internet sarcasm detector is off at the moment. Could you please expound upon this?
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Just means it makes compliance harder.
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If not entirely impossible. States have a problem with their own sales taxes as many businesses operate on a cash basis without sales going through registers. Expecting the federal government to be able to do this well is pretty insane. Especially when the projected national sales tax rate is expected to be around 25%. That's going to crush demand at the same time as creating massive incentives for physical stores to move to discounts on cash sales. We're going to need to triple, if not quadriple the number of auditors to run inventory audits to ensure compliance. I cannot see businesses standing for this when they will realize just how often they are going to get audited. When we have problems with basic internet sales going through credit card agencies, a national sales tax is insane. And if we remove income tax at the same time, there's no reference to cross check. Right now many people get caught cheating on their business taxes when states look at their personal tax and see large inconsistencies.