July 16, 2011

THEY'RE A REPLACEMENT, NOT AN ADDITION:

Consumption Taxes: The Next Topic for Ways and Means? (John D. McKinnon, 7/16/11, WSJ)

As if the topic of new taxes weren’t controversial enough, the House Ways and Means Committee is expected to hold a hearing July 26 on consumption taxes.

Consumption taxes such as a national sales tax or the European-style value-added tax have a lot of appeal for many people. They are blessedly uncomplicated, relatively easy to administer, and arguably create less economic drag than a lot of other taxes.

“As you take a holistic view… the value-added tax is one of those things that needs to be on the table,” Greg Hayes, CFO of United Technologies Corp., said in response to a lawmaker’s question at a Ways and Means hearing in May.

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Posted by at July 16, 2011 8:18 AM
  

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