Wednesday, October 21, 2009

The VAT Tax - The New Budget Gimmick

Speaker Pelosi continues to mention in interviews that she is open to the imposition to a European style VAT, or Value Added Tax to raise revenue to cover the cost of the Democrats' takeover of healthcare and increased deficit spending. But what is a VAT tax exactly and what would it mean for working Americans? The CATO Institute has a good video that explains how it works:

The GOP Leader blog has more information on the VAT here.

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