With An Outcome As Meticulously Researched As This By Obvious Party of No/Foreign Donor Types, I’m Sure ALL Signs In the SMARTEST Administration EH-VAH’s Magic Economic Eightball MUST Point
…to GO!
Value-Added Tax Could Cost 850,000 Jobs: Retail Group
The National Retail Federation is trying to put some numbers behind its argument against a value-added tax, which is one option being considered by a presidential commission looking into ways of reducing the ballooning federal deficit.
The retail industry’s trade group said a study it commissioned estimates a European-style VAT would result in the loss of 850,000 jobs in its first year, reduce the US gross domestic product for three years, and cut retail spending by $2.5 billion over its first decade.
…In order to achieve the goal of reducing the annual federal deficit by 2 percent of GDP, the VAT would need to be 10.3 percent.
Just ducky.
Biz, Nanny State, People, Politics | tree hugging sister | 
October 14, 2010 10:44 am
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Look on the bright side: when this little gem emerged last year, House Democrats were calling for a 24-percent VAT. Now, 10.3 doesn’t sound so bad. Right?
TEN percent, right off the bat!
And that’s only the beginning, as Gary points out.
The masses that don’t pay any income tax think they will be exempt from a VAT.
It would be hilarious if it weren’t so damn frightening.
As they think they should be from everything, including the after effects of hurricanes, LC. Lord help us.
I’d be willing to bet if a VAT comes online, we will see: (a) black-market economy, (b) a return to bartering, and (c) perhaps some Indian tribes pointing out they are exempt – and opening stores on their land.
Just trying to look for some hope in amidst all the change…