Should the US adopt a VAT tax?

[ImJustBayuum]

Final-Fan said:

Kasz216 said:

I would replace the corporate tax with a corporate vat. That way we tax all companies who do business here, rather then just the ones who are nice enough to locate here and create jobs here.

I hadn't thought of it that way.  At a glance, it does seem like handling corporate taxes by VAT is a good idea.  But for personal taxes, I think income taxes are fine -- except, of course, that the tax code needs simplifying, but that's a different topic.

[edit:  but wait, how would that even work?  A VAT is a sales tax.]

Im guessing a transaction tax. eg All companies must pay 0.5% - 1% tax on every financial transaction they make.