Considering a VAT: A Potential Solution for Taxation and Debt

• The author explains that he has been against increasing taxes for a long time, but is now willing to consider it due to the high deficits and debt.
• The author believes that allowing the debt markets to overwhelm the economy would be worse than raising taxes.
• The author mentions some libertarians who would prefer everything to collapse so they can rebuild with a “more principled approach.”
• The author believes that we need to deal with reality and both cut spending and raise taxes.
• The author suggests considering alternative tax revenue sources, such as a value added tax (VAT).
• The author thinks that a VAT, along with spending restrictions/cuts, could be a real solution to raise the needed revenues.

Source: mauldineconomics.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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