Besides being a constant irritant, filing produces an endless need for record keeping. Fear of the Infamous IRS audit remains. It especially hurts the poor and middle class since a higher percentage of their income goes to buy the necessities of life - food, clothing, housing, and transportation. 3 Everything will cost more. Surpassingly, prices will fall.
Companies pass their tax and compliance costs on to consumers.
These hidden costs increase the price of everything we buy. Studies reveal that over 46 percent of a new car price accounts for hidden taxes. The NRST removes hidden costs and lowers prices, since it applies only once to the final purchase or goods and services. The free market and competition will drive consumer prices down, yet maintain the current profit margin for businesses. Remove income taxes from wage earnings and eliminate tax compliance costs for companies.