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Tuesday, October 6, 2015
Prices without taxes
Let's say we have a product which costs $110 with %10 tax on it. If we abolish that tax, would it simply cost $100? Considering people now have more money,would it cause a demand-pull inflation? And abolishing taxes will also lower the production costs. I can't follow the steps. Abolishing taxes would lower the prices but should it be expected to be as low as the price on the label without taxes? Sorry if it sounds silly.