The Value Added Tax (VAT) cat is finally creeping out of its bag. No longer is it just those hysterical rumor-mongers like columnist Charles Krauthammer speculating on the next national tax to be imposed by the Obama administration. Now it’s none other than Obama economic adviser Paul Volcker telling the New York Historical Society that a VAT should be considered to get the deficit under control. For good measure, he threw in taxes on carbon and energy.
A VAT is the mother of all taxes. Think of it as it is, a national sales tax imposed on virtually everything sold, with collections at every sales point (where value is added) from origin to ultimate consumer.
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