In deficit obsessed Washington, no one cares about the social and financial disaster of 10% unemployment, it’s all about raising revenue…
So, rather than raise income taxes, which are among the lowest in the developed world and at the lowest level in 50 years, the latest dodge is to introduce a value added tax (VAT).
VAT is nothing more or less than a national sales tax, and as such is totally regressive: the poorest pay the most, relative to income, and the richest pay the least.
But it’s politically easier to raise taxes indirectly, and there’s not a lot of courage or leadership in DC these days.
Gorilla thinks: “A VAT skins the cat, but there’s no skin in the game!”
Tags: US Economy, VAT