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Author: rayvt ✧  😊 😞
Number: of 16624 
Subject: Re: "The Art of The Deal"
Date: 07/29/2025 11:29 AM
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At a guess, 6% VAT would probably be enough to wipe out the problems of the federal deficit.

You can't be that naive. Not if you have spent any time as a US resident or citizen.

Within 2 to 4 years the federal government would increase spending by more than the amount of VAT collected.

We have plenty of historical evidence of what would happen.

Federal income tax was initially 1% with a top rate of 3%.

The Social Security tax was initially 1%.

Several states have raised their income tax this way:
* A temporary surcharge to pay for flood/tornado/fire damage. "This is not a tax increase, because it is only temporary."
* A few years pass.
* The surcharge is folded into the income tax. "This is not a tax increase, because you are already paying it."
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