thanks for the post. yup.
it’s a new tax, taxes a product again and again all through the production chain, so it’s going to destroy jobs, encourage more corporate takeovers and consolidation, and be added to the consumer’s sales taxes indirectly. very bad idea.
That’s right, by the time it gets to the consumer the tax paid is actually far more than 16%. If the business makes cookies it has to buy sugar with a 16% tax on it, all products that go into making the cookies have had the 16% added on which increases the COST of the cookie, then there is an additional 16% tax added on for the consumer to pay.