How does a 16% business tax that eliminates corporate and payroll taxes raise the price of products? It should actually lower them.
In addition to the low 16% flat tax on business, the business can also deduct 100% of their costs for improving their business in one year.
Bill Clinton wanted a value added tax too. And so did members of Obama’s think tank.
For some reason we all opposed it when they suggested it.
We have ‘vat’ style taxes in gasoline, right? Hidden taxes that simply make the cost look higher.
So the oil that’s imported, under free trade, would be tax free compared to oil drilled here in the US.