Sales tax

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Sales tax

A percentage tax on the selling price of goods and services.

Sales Tax

A tax imposed on the sale of retail goods and services. That is, the government collects a certain percentage of the sale price on transactions where goods and services are traded at the retail level. While the retailers are responsible for paying the sales tax, most of the time they simply pass on the cost to customers. For example, if an item costs $10 and there is a 5% sales tax, the retailer will charge the customer $10.50. Proponents of sales taxes argue that they reward those who spend less and, therefore, do not punish those who earn more. Critics argue that sales taxes harm the poor disproportionately and can drive business to other jurisdictions. See also: VAT, Regressive tax.

Sales tax.

A sales tax is a tax imposed by state and local governments on transactions that occur within their jurisdictions.

The taxing authority determines which transactions are subject to tax and the flat rate at which the tax is calculated. Some countries, though not the United States, impose a national sales tax often called a value added tax (VAT).

sales tax


turnover tax

a form of INDIRECT TAX that is incorporated into the selling price of a product and is borne by the consumer. Sales taxes include VALUE-ADDED TAX and EXCISE DUTY.
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Will a change from the current income tax system to a national sales tax system cause the price of housing to increase or decrease (e.
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A national sales tax is progressive because the more you earn, the more you spend and the more you pay in taxes.
tax code is very unlikely to scrap the income tax system in favor of a national sales tax or a European-style value-added tax, the panel's vice chairman told the American Council of Life Insurers.
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In national debates over reforming the federal income tax system, a commonly suggested remedy is to simply eliminate the federal income tax and replace it with a national sales tax.
Recommendations include an extension of the moratorium or the development of an Internet national sales tax system.
1%) and replacing the tax code with a national sales tax (9.

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