Wednesday, November 14, 2012
The Thom Hartmann Show: Tom Pauken: Time For a VAT Tax in the US?
You want real tax reform and the wealthy to pay their fair share of taxes and not escape paying taxes through loopholes. And so fourth or moving money they made in America out of the country, then we need a what's called a VAT short for Value Added Tax. Or as I prefer to call it a Progressive Consumption Tax, because the way I would structure it would be. To have different rates depending on costs and much people need certain purchases to survive and live well. The wealthy or anyone else, including foreign corporations and executives would no longer be able to. Escape paying taxes, this is something we should do for the health of our long term debt and deficit picture but also to make our. Economy more competitive in the future so American companies are paying the same amount of taxes percentage wise. As their foreign competitors who do business in America, its not something we should do with the fiscal cliff in the short future but. Something we should do long term as part of comprehensive tax reform.
I'm not looking to increase taxes on the middle class or anyone else now or in the future so I wouldn't. Pass a Progressive Consumption Tax to go along with the Income Tax but I would do is scrap the Income Tax. With a lot of its loopholes, especially as they relate to corporate welfare and then replace the Income Tax with a PCT. And have different rates on it based on how much people are spending and the products they are buying.