sales tax

(redirected from National Sales Tax)
Also found in: Dictionary, Thesaurus, Legal, Financial, Acronyms.

sales tax,

levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. It may be levied each time a commodity changes hands—as from manufacturer to wholesaler, from wholesaler to retailer—and is then called a transactions, or turnover, tax. Many oppose the tax as being regressive, i.e., as placing a disproportionately heavy burden on the poor; but it yields a large revenue, and governments find it easy to collect. As of 1999, 45 states, the District of Columbia, a number of cities and counties, and many foreign countries levied sales taxes. A modern variant of the sales tax is the value-added taxvalue-added tax
(VAT), levy imposed on business at all levels of the manufacture and production of a good or service and based on the increase in price, or value, provided by each level.
..... Click the link for more information.
.
References in periodicals archive ?
Compare and contrast the flat tax and national sales tax systems as applied to individuals, using the principles of simplicity, transparency and minimum tax gap.
Skeptics claim a national sales tax would be more regressive than the current code.
A national sales tax may well exempt many basic necessities from tax --beginning with food and clothing.
He was also involved - as co-founder and CEO - in Americans for Fair Taxation, a group that promotes a national sales tax to replace the current personal income tax system that helps fund the federal government.
During the two-day summit, participants discussed the pending federal budget deficit controversy and tax reform, state and local budget challenges, the likelihood of a national sales tax, the IRS's new emphasis on the middle-market, and in a strategy session, how CPA firms can take a more disciplined approach to maintaining client loyalty.
Herman Cain attracts raucous cheers at Republican debates for his 9-9-9 plan, a flat-tax variation with a 9 percent income tax, 9 percent business tax and 9 percent national sales tax.
DURING THE FIRST Republican presidential debate in May, erstwhile Godfather's Pizza CEO Herman Cain was asked about expert projections that his proposal for a national sales tax would hurt poorer Americans and involve taxation of real estate and rental property.
Mike Huckabee's platform when he ran for the Republican presidential nomination was a national sales tax.
I am an orthodox conservative, but I would have thought that Libertarians would find replacing the Internal Revenue bureaucracy with a far simpler and much less intrusive national sales tax (The Fair Tax) would be the answer to our prayers.
Then Clegg addressed the crowd, echoing one of Huckabee's proposals--a call to replace the income tax with a 23 percent national sales tax.
Replacing the income tax with a national sales tax would eliminate a monster and create a source of reliable income for the poor.
Members also pushed for NLC to explore the local impacts of broader overhauls of the tax system, including a potential move to a national Value Added Tax or national sales tax.

Full browser ?