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22 sats \ 4 replies \ @Coinsreporter OP 26 Feb \ parent \ on: (Now) Trump threatens to impose 25% tariffs on EU goods econ
consumption based taxes
Excuse me! Don't you already have both?
Because we have both ever since I've known taxes.
We pay income tax + taxes on goods and services (GST).
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20 sats \ 3 replies \ @Undisciplined 26 Feb
There's no national sales tax and current tariffs are very low. The vast majority of US taxes are based on income or wealth, which is really bad from an incentive standpoint.
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33 sats \ 2 replies \ @Coinsreporter OP 26 Feb
I'm feeling pissed off because I was thinking that India has so much concession in taxes that's not found anywhere else. But I see now how you guys have gotten so much rich. You don't pay taxes on goods and services but we do. Why? Why?👀
Still I can buy 10 eggs in 1 dollar 🤣
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20 sats \ 1 reply \ @Undisciplined 26 Feb
US states and localities do often have sales taxes, so we are accustomed to paying them. It's just not part of the national revenue.
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41 sats \ 0 replies \ @Coinsreporter OP 26 Feb
You're still ahead. We pay dual sales tax. We've GST (Goods and Service Tax) which further divides into Central GST and State GST. So, basically we pay to both the crooks.
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