Is A 6.5% VAT Coming?
Zero Hedge ^ | 11/17/2010 | Tyler Durden
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Confirming once again that the clueless government would rather risk a populist backlash than actually cutting costs (recall that federal worker compensation has surged in the past 5 years), it appears that the long-stirring debate over a value added tax may be about to materialize into something tangible. Per Bloomberg, "Alice Rivlin, a member of President Barack Obama’s deficit-reduction commission (and former Fed vice chairwoman), is trying to stir a debate over imposing a national sales tax to reduce the deficit. Rivlin, as part of a separate 19-member group sponsored by the Bipartisan Policy Center in Washington, offered a plan for a 6.5 percent national debt-reduction sales tax. Her recommendation comes as the president’s panel prepares a Dec. 1 report of options for Congress to trim the national debt." Coming from a former Fed member, this is not all that surprising - after all, there is nothing to stir inflation expectations like a sudden 6.5% hike in all prices.
(Excerpt) Read more at zerohedge.com ...
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HELL NO!
