Today is Friday December 12, 2014 and the Progressive Consumption Tax Act has seen the light of day!
But wait – is it a VAT? I will have a look at the bill text (see below) and let you know. There is no rush; this is just a discussion document and won’t get any serious consideration any time soon.
Pundits did not take long to take a VAT entirely out of its context – see http://www.prosperousamerica.org/
“If US producers sell to other countries most charge a consumption tax when the US producers have already paid US taxes. If we ever want to come out of our current economic malaise we need to make more of what we consume and make our products globally competitive.”
Click here for the pdf of the bill text: http://www.cardin.senate.gov/download/progressive-consumption-tax-113th-congress