(redirected from National retail sales tax)
NRSTNational Retail Sales Tax
NRSTNational Riparian Service Team
NRSTNon-Resident Shareholders' Tax (South Africa)
NRSTNatural Resources Science and Technology (alternative high school in Beaverton, OR, USA)
NRSTNon-Resident Specific Tasks
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This proposal would repeal the individual income tax, the corporate income tax, all payroll taxes, the self-employment tax, and the estate and gift taxes and levy a 23% (tax-inclusive) national retail sales tax as a replacement.
There are two very similar lines of RST proposals: The National Retail Sales Tax proposal of Reps.
A national retail sales tax would operate much like a state sales tax.
Three widely discussed options are a national retail sales tax, a value-added tax (VAT), and a flat tax.
A major contender is the national retail sales tax, which could level an increasingly uneven playing field for taxpayers; downsize the IRS by using parts of existing retail sales tax systems; and, with the right exceptions to the "one tax rate for everyone," keep the tax system from becoming regressive.
Some congressional proposals call for a 15 percent national retail sales tax (NRST), levied on a broad consumption base and government spending.
In addition, a grass-roots group of taxpayers called the Citizens for an Alternative Tax System (CATS) is pushing for the Schaefer/Tauzin National Retail Sales Tax Act.
The net effect of the National Retail Sales Tax Act (NRST) is to eliminate two taxes and replace them with one clearly-defined tax on goods and services at the retail level.
Congressional proposals for a flat tax and a national retail sales tax would force states to undertake major revisions of their sales and personal income tax systems.
Archer favors a consumption tax, such as a national retail sales tax, which eliminates the role of the IRS and helps savers at all income levels accumulate wealth.
That, in part, is why Washington must turn to a simpler, more visible, economically efficient tax: a national retail sales tax. This would be a tax on goods and services, somewhere between 16% and 19%, almost exactly as state sales taxes are collected today.
and Sam Nunn, D., Ga., and the national retail sales tax plan backed by Reps.
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