Will the New Debt Commission Back a VAT?

Elizabeth MacDonald
Fox Business
October 14, 2010

The new bipartisan federal debt commission is set to report on how the US should cut its deficit December 1, as Congress recesses without a budget for the fifth time in seven years after enacting massive deficit spending, and the Bush tax cuts are now subject to horse trading in a lame duck session.

• A d v e r t i s e m e n t

That means the federal debt commission’s findings could reshape government tax and spending policy in a dramatic fashion.

And some fear they smell a VAT, akin to a new national sales tax.

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But a value-added tax is not tax reform, as it would most likely not replace, but get layered on top of, the US’s tangled barbed wire of a tax system.

A VAT is a symptom, not a cure, for fiscal incontinence.

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This article was posted: Thursday, October 14, 2010 at 8:11 pm

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