This ain’t your father’s Republican Party. They want to cut taxes for billionaires. They want to impose a 30% national sales tax. And they want to cut Social Security and Medicare.
@JoeBiden It’s not an “across the board” tax lmao it’s 23% sales tax on non-essential, brand new luxury items. Used cars and houses will have no sales tax, groceries will have no sales tax, and we get to keep 100% of our paychecks by eliminating the federal income tax. Read the bill.
@thekrueniverse @JoeBiden Wow, those are important exemptions that I’m not hearing about.
@thekrueniverse @JoeBiden While current sales tax do make those exception, this bill does not. The only potential exception are for capital investment. Also it is a 23% GROSS tax as opposed to all other tax rates. If the subtotal is $100 the bill is $130, which every other tax policy would call 30%
@thekrueniverse @JoeBiden The words "used" and "new" (in the context of goods), "essential", "food", "groceries", nor "luxury" appear anywhere in this bill.
@thekrueniverse And what happens to STATE Sales Tax? Still applicable to those items? Here in Wisconsin, that's an additional 6%. (which would bring the total Sales Tax to 29%) Not saying it's the worst or best plan, but the clamor about "30%" is not off base.
@thekrueniverse @JoeBiden The bill doesn't say anything like that. Given that federal tax is 25% of GDP there is just no way to exempt a significant portion of products and services while retaining the 30% rate.