The VAT Solution

By on February 9, 2010

Shawn Tully of Fortune says a Value-Added Tax (VAT) is about the only solution left to solve our fiscal nightmare.

But the sheer scale of the expected numbers makes it practically inevitable that the U.S. will soon adopt a big VAT. It’s the only vehicle capable of raising the money to cover the gigantic projected increases in spending and deficits.

SMA Comment:The VAT is highly unlikely to ever be enacted because there are too many vested interests in the current income tax, i.e., tax lawyers and accountants.

Source: Fortune.com
***

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>