Friday, February 19, 2010
Political cover, nothing more, to increase your taxes.
Here is a link describing the UK value added tax, which economically is nothing more or less than a national sales tax. Check it out, it is 17.5% on the purchase of most all goods and services.
Then read this. History has shown since King Kong was a little bitty monkey that whatever the top marginal tax rate does, we only squeeze about 20% or so of GDP in tax revenues out of the economy. A VAT tax is the one remaining cash cow of jackpot proportions. Washington now drools over the chance to enact it and say "we had to...look at the deficit! This bipartisan commission said so!" And it is total and utter rot.