Soleron on 20 October 2012
Mr Khan said:
The VAT as a replacement for corporate tax would be the better replacement, bringing in more revenue by catching all overseas companies that do business in America without imposing more of a burden on the ones that are here (maybe slightly more, as the VAT would be calculated to roughly bring in the same revenue as the current corporate rate, but without loopholes), and that excess revenue could work to help retraining programs for victims of outsourcing. |
That's still raising effective taxes and the effect is going to be like a similar to inflation of that percentage. Not that I disagree with raising taxes but VAT isn't going to be magic.
