What is a national retail sales tax? Q.What is a national retail sales tax? A.A national retail sales tax is a consumption tax collected as a flat-rate tax on all sales from businesses to households. Read more about What is a national retail sales tax?
How would a VAT be collected? Q.How would a VAT be collected? A.Most countries with a value-added tax employ the credit-invoice method. Under this method, businesses are taxed on their sales at each stage of production but obtain credits for the taxes they paid on inputs. Read more about How would a VAT be collected?
What are the major federal excise taxes, and how much money do they raise? Q.What are the major federal excise taxes, and how much money do they raise? A.Federal excise tax revenues—collected mostly from sales of motor fuel, airline tickets, tobacco, alcohol, and health-related goods and services—totaled $83.8 billion in 2017, or 2.5 percent of federal tax receipts. Read more about What are the major federal excise taxes, and how much money do they raise?
