Monday, April 12, 2010

Beware of a Value Added Tax

Subject: txt mny lbrty sclm bdd -
White House economic adviser Paul Volcker’s suggestion that Congress enact a “value added tax” (VAT) has furthered speculation that a VAT may well be in the cards as soon as this fall. The Heritage Foundation describes the VAT, already used in the European Union, as

“similar to a national retail sales tax but is collected at every stage of business production until its entire burden ultimately falls on the consumer.”

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