02-23-2016, 03:36 AM
You are basically increasing the cost of all goods and services by 1.5%.
GET is a tax on gross receipts, so the effective increase is actually more than the additional 1.5% seen at the point of sale.
the tax was taken off prescription drugs some time ago
Again, not a "sales tax", so prescription drugs are still taxed (every transaction along the way is a "gross receipt" for someone) and that tax is still passed along to the consumer (the businesses involved aren't paying -- it's built into their overhead).
GET is a tax on gross receipts, so the effective increase is actually more than the additional 1.5% seen at the point of sale.
the tax was taken off prescription drugs some time ago
Again, not a "sales tax", so prescription drugs are still taxed (every transaction along the way is a "gross receipt" for someone) and that tax is still passed along to the consumer (the businesses involved aren't paying -- it's built into their overhead).