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Why is this important? It is estimated that each $1 billion in exports supports 19,000 jobs in the U.S. While our competitors’ exports range from 15 percent to 30 percent of their Gross Domestic Product, our exports only total 6 percent of U.S. GDP. By increasing exports, the U.S. can create hundreds of thousands of the type of high-wage jobs that our country desperately needs.
With the national retail sales tax, our international competitiveness will be greatly enhanced. The national retail sales tax is only levied on sales in the U.S. Our exports will pay no U.S. tax nor include U.S. taxes in their prices. Imports into our country that are sold at the retail level will be taxed in the same manner as U.S. retail products.
5. Ensures that the members of the underground economy pay their share. Using IRS estimates, the underground economy has grown at a rate of almost 8 percent per year since 1965 and is the fastest-growing segment of our economy. The IRS estimates that $216 billion in taxes went uncollected in 1996, but many analysts believe that estimate is too conservative.
The underground economy encompasses not only illegal sources of income, such as drug dealing, gambling and prostitution, but also the average, ordinary citizen who accepts a lower price for cash payments and doesn’t report the income; the businessman who keeps two sets of books and pockets a portion of the sales or takes improper deductions; or the self-employed person who charges personal expenses through the business.
Will there be people who try to evade the national retail sales tax? Yes. There are always going to be people who refuse to pay any tax. However, it is much more difficult to avoid the national retail sales tax than an income tax.
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