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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Cogito Ergo Sum who wrote (52007)8/2/2004 12:13:23 PM
From: KyrosL  Read Replies (2) of 74559
 
The beauty of a VAT is that you can adjust it so that it essentially functions as a tariff by shifting the burden almost entirely on imported goods, e.g. excluding food, medicine, and non-luxury services, and having a much higher tax on "luxury" goods. I think a VAT is inevitable in the US, but it will not replace the income tax; it's going to be on top of it, to pay for the boomer retirement.
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