This plan would replace the current system of taxes with a 9% individual flat tax, a 9% value added tax on corporations, and a 9% sales tax.
What if Congress lowers income tax rates and imposes a consumption tax--perhaps a national sales or value added tax--to make up the difference?
For instance, in the initial version of his fiscal plan, House Budget Committee Chairman Paul Ryan (R-WI)would have eliminated all taxes on gains, dividends, and estates and repealed the corporate income tax (which he would have replaced with an 8.5 percent value added tax).
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The tax increases will more than triple what the Democrats advocated, including a large new Value Added Tax (probably called a Business Receipts Tax).
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The American tax system actually is more progressive than that of many European nations which rely on the Value Added Tax.
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There often is debate about whether, if we went the national consumption tax route, a value-added tax (VAT) or retail sales tax (RST) would be better.
We could repeal the corporate tax entirely and enact a Value-Added Tax.
He was recently criticised during a televised debate by Minnesota Congresswoman Michele Bachmann, who said the sales tax would eventually become a national value-added tax.
Last week, Italy increased the value added tax a full percentage point to 21%.
Value Added Tax or VAT is a kind of sales tax in much of the world.
It aims to introduce a fully fledged value added tax by the spring of 2013.
The tax hikes include a rise in the value-added tax and a (risk-adjusted) levy on bank profits.
Value added tax (VAT) is paid whenever you buy goods or a service.
Are the Republicans afraid to raise the issue of a value added tax?
Unlike schools and academies, colleges are unable to claim back Value Added Tax and so have to pay it in full.
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Chandler explains that China's Value Added Tax, the country's largest revenue raiser, creates a huge disincentive for investment in energy efficiency projects.
Taxes on products include value added tax (VAT), excise, fuel tax, etc.
This rises to 59% once value added tax (VAT) has been added.
And senior Democratic officials, including Paul Volcker and Nancy Pelosi, have been floating trial balloons about bringing a broad-based Value Added Tax to the United States.
Value Added Tax (VAT) on household energy bills must be scrapped to prevent pensioners having to choose between heating and eating, campaigners and charities claim.
The betting among London city analysts is that the new government will hike the Value Added Tax to 20% in early 2011 from its current 17.5%.
Democrats would like to use the crisis to push through a Value Added tax and other tax increases, locking in a higher government share of GDP.
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The European Commission has said it is studying a proposal to impose value added tax (VAT) on sales of music, software and other "virtual" goods over the internet.
Also, some Brazilian states (3 of 27) charge a lower VAT (Value Added Tax) on hydrous ethanol sold to Flex-Fuel cars compared to VAT imposed on gasoline at the pump.
Maybe Congressman Stockman, as a sign of his fealty to the legend of Margaret Thatcher, would be interested in proposing similar legislation and introduce a value added tax in America?
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Portugal has increased its value added tax by 1 percentage point across all categories, while increasing the top marginal tax rate by 1.5% on top earners and by 2.5% on corporations.
Whatever you think of this approach, it sure beats higher income taxes, higher capital gains taxes, or the dreaded Value Added Tax, which you know is just waiting in the wings.
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