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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 371.65-1.1%Nov 17 4:00 PM EST
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To: TobagoJack who wrote (9666)9/26/2006 7:37:51 AM
From: KyrosL  Read Replies (2) of 217836
 
Given that most manufactured consumer goods in the US are made in China, this duty is equivalent to a sales tax on manufactured goods. Such taxes already exist in the US at lower levels at the State level (typically 5%), and in Europe as VAT at around 18%, as well as in Japan.

Although I believe the bill is stupid, in a way I like it because it may pave the way for a hefty Federal sales tax, that excludes food and medicines (which are mostly produced in the US); this is the simplest way to solve the looming fiscal problems caused by the boomer retirement.
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