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12-13-2009, 09:36 AM #1
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Congress: VAT Option as a Cure for Runaway Deficits
Many See the VAT Option as a Cure for Runaway Deficits
CATHERINE RAMPELL
Published: Friday, December 11, 2009 at 6:01 a.m.
Last Modified: Friday, December 11, 2009 at 5:09 a.m.
Runaway federal deficits have thrust a politically unsavory savior into the spotlight: a nationwide tax on goods and services.
Members of Congress, like their constituents, are squeamish about such ideas, instead suggesting spending cuts or higher taxes on the rich. But with a lack of political will to do the former, and a practical ceiling to how much revenue can be milked from the latter, economists across the political spectrum say a consumption tax may be inevitable once the economy fully recovers.
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