A Sales Tax By Any Other Name
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A Sales Tax By Any Other Name
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Most countries have a value added tax of some kind that is computed on consumption of goods and services. For example, European countries have extremely high VAT typically ranging from about 17% to 27% depending on the country, with most EU member states using standard rates between 19% and 25%. For example, Germany applies a standard rate of 19%, France 20%, Italy 22%, and Hungary 27% (the highest in the EU), while reduced rates can apply for specific goods and services such as food, books, or medicines depending on national policy.
Canada has a goods and services tax of 5% charged by the federal government. Provinces also charge sales tax. In some cases the two sales taxes are combined into a harmonized sales tax. Like in the EU, the sales tax is charged at all stages in commerce, but the sales tax paid on input costs are deductible from the amount collected and owing.
Are taxes inflationary? They fund the government, but slow the economy.
The addition of import tariffs is just another tax. It’s a sales tax levied on imports. Imagine if the federal government were to levy a sales tax on the American consumer. I believe there would be an outright revolt. I believe Republicans and Democrats alike would be united against such a move.
It is pretty clear that the power of the purse rests with the Congress in the US. The executive branch of government does not have power to impose taxes. We will see if the tariffs imposed by the President will survive the challenge that is before the courts.
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