Democrats and some Republicans are floating the idea of a value-added tax to help ease the crushing deficits caused by the (Social) Democrats’ massive spending binge. Before you say “Sure, why not?”, take a look at the VAT rates that would be required over the next ten years to eliminate the deficit:
Remember, that tax would be applied at every stage of production, from raw materials to the moment you purchase the item, and the costs would be passed along to you. Oh, and then you’d pay state sales tax, too.
Still think it’s a good idea?
Here’s a better one. Maybe they should cut spending and borrowing, instead.
RELATED: Reasons why a VAT won’t work.
(via dmataconis on Twitter)