The WSJ takes a look at what happened in Illinois:
The Democratic House in Springfield killed the proposal, 107-0, after Mr. Blagojevich came out against his own idea when it became clear he was going to be humiliated . . .. . . Easily re-elected in November, the Governor used every trick in the “progressive” political playbook to sell his proposal. Instead of a general tax increase, he claimed it would be “targeted” for universal health care and education. Instead of raising individual taxes, he aimed at business and even built in an exemption for smaller firms. “These corporate guys, they can’t avoid this tax,” declared the Governor, sounding one of the “populist” themes that liberal columnists are now recommending for national Democrats.
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“These corporate guys, they can’t avoid this tax,”
Actually, the proposed gross receipts tax would have hurt retailers the worst, and they tend to be small businesses.
So, for example, if a corner grocer has only a 4% gross margin and the government imposes a 5% GRT, then the grocer is, by simple arithmetic, doomed to bankruptcy.
These are difficult concepts to exactly no one — except politicians.
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