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Also, they feds will have to ban cash transactions to implement a NRST. Otherwise, I might sell you my car, house, or airplane for cash.

Of course, since your car, house, and airplane are used, there would be NO TAX on them. Why would it matter if you used cash?

Of course, since your car, house, and airplane are used, there would be NO TAX on them. Why would it matter if you used cash? 539 posted on 11/06/2002 8:15 PM PST by Principled

Personally, I think that all of these items should be included -- It would lower the overall rate. Real Estate sales (residential only, not even counting Commercial) constitute something like $1.2 Trillion dollars in annual transaction value. The inclusion of these items in the NRST schedule could potentially reduce the base rate from 30% to more like 20%, IMHO.

And it's not like houses won't sell, either. Banks will just include the Tax in the Total Mortgage amount (c'mon, almost nobody pays Cash for a house, the critics are just being silly) because Banks don't like to be in violation of the Law. And people will still BUY houses, because with no Income Tax, they can afford the Sales Tax.

It's not like most people are gonna "flip" their house in 3 months and lose the Tax they paid; the average residency in a home purchase is something like 7 years.

But that's a quibble on my part. I think that Home Sales should be included; I think that I am right about this; but I support HR 2525 whether or not it includes Home Sales in the tax schedule.