What is the total fairtax charged on a 100.00 US item?
Not a 77.00 dollar item, a 100.00 item.
That would be $123.00 PLUS whatever your state sales tax is.
Great deal huh?
A $100 item, exclusive of all taxes? Using the rate in the current NRST bill (23% inclusive, 29.87% exclusive), the total tax would be $29.87 (29.87% of $100, 23% of $129.87).
If the Bush tax cuts are made permanent, current calculations indicate that the NRST rate would still be revenue-neutral a 19.2% inclusive (23.76% exclusive), so the tax in that case would be $23.76.
Two questions for you... 1) How much does that $100 item (exclusive of all taxes) cost when current corporate and payroll taxes are added in? and 2) How much do you have to earn (pre-tax) before you can buy that item?
$129.87 + State sales tax + local sales tax + city sales tax