Dr. Ron Paul (R-TX) isn’t one to let his opinion go unheard… especially as Congress continues approving massive amounts of debt-financed spending.
From his recent Texas Straight Talk:
“Last week, the House approved another increase in the national debt ceiling. This means the government can borrow $1.9 trillion more to stay afloat and avoid default. It has been little more than a year since the last debt limit increase, and graphs showing the debt limit over time show a steep, almost vertical trend.
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Value Added Tax Will Mean More Government
With the growing mega-sized debt load in the US, and the passage of the health care bill, lawmakers are scrambling for ways to generate new revenue. And, from the look of it, Washington seems to have rested its eye on a solution from Europe, the value-added tax (VAT).
The VAT is a tax on consumption which, from an economic perspective, should be better for the economy than income taxes. However, that’s only the case if the VAT replaces other taxes… which is unlikely.
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