Charles Norwood: “I want to talk about the price of goods that could occur under the consumption tax. Presently, if a loaf of bread is a…”

“I want to talk about the price of goods that could occur under the consumption tax. Presently, if a loaf of bread is a dollar, we have to generally earn $1.28 to go buy that loaf of bread. Now, under the consumption tax bill, we are going to eliminate 30 cents of that dollar that is in the process of getting to the loaf of bread that is in taxes that companies and farmers and retailers and millers normally pay, as well as the compliance part. What, I would ask the gentleman from Louisiana [Mr. Tauzin] is going to happen to the cost of bread when you eliminate that 30 cents out of the dollar? And I just use one example here. It is true in gasoline and many other products. But what is going to really happen to us now with that cost of bread when you take out 30 percent of the cost? What do we think that the American citizen would end up paying then for that same loaf of bread that previously they had to earn $1.28?”