We recently read Roy Cordato's vivid synopsis of what a VAT would mean for the American public. His article appears on the website, The Moral Liberal.
Cordato... offers his frank opinion on the merits of VAT..."a pernicious and insidious tax," ... that... "poses a fundamental threat to liberty and a free society."...the end of the world as we know it.
Cordato and other critics are saying... this: VAT is a tax that works really, really well. It works so well that you're guaranteed to hate it with every molecule of your being...
The reasons why Cordato hates VAT are identical to the reasons we adore it. What others see as fiscal Armageddon, we view as vital progress toward a more optimal fiscal environment. That's because we prefer a tax system that succeeds in performing its core objective of generating revenue for government -- unlike our pathetic income tax system with it's sieve-like tax base.
Once you've realized that: (1) the IRS can't close the tax gap, (2) Congress will never control its spending addiction, and (3) we are slaves to the bond market which won't tolerate our chronic deficits much longer, then VAT is all that's left. VAT is what's still standing after everything else has FAILED MISERABLY.So yes, VAT is the end of the world as we know it ... but that's just what we need.
View the VAT Bastard's opinion in its entirety on TAX.com.
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