What does a National Sales Tax Have to do with Social Security? - AMAC & POLITICO
Perhaps “nothing” might be the typical reply to, “What does a National Sales Tax Have to do with Social Security?” But all of D.C. has been abuzz with talk about this idea which comes up from time to time. Democrats are lined up against it, hailing the typical epithets that a national sales tax is a way to cut Social Security. Chuck Schumer and Joe Biden were quick to denounce it. The GOP is more divided on the issue. This POLITICO piece by Benjamin Guggenheim looks at the issue from all sides.
The chief sponsor of the legislation, Rep. Buddy Carter (R-Ga.), tried to dispel some “myths” surrounding the bill. He says, “Each household will receive a monthly prebate based on federal poverty levels and household size that will allow families to purchase necessary goods, such as food, shelter, and medicine, essentially tax-free. This is similar to our current individual exemption and refundable tax credit system.”
Full article here.