There is an oft-repeated saying about the VAT made by Larry Summers back in 1988. The reason the United States doesn't have one, he said, is because conservatives view it as a money machine and liberals see it as a tax on the poor. We will have a VAT, Summers predicted, when liberals figure out that it is a money machine and conservatives see that it is a tax on the poor.So Bruce Bartlett in The New American Economy, citing Jan M. Rosen in the New York Times, Dec. 19, 1988.
Thursday, November 12, 2009
Summers on VAT
This is apparently a few years old, but it's new to me, and it made me laugh: