Given the country's fiscal hole, former Fed chair Paul Volcker and many tax experts say there may be a need for a value-added tax.
By Jeanne Sahadi, CNNMoney.com senior writer
Last Updated: October 2, 2009: 7:32 AM ET
Last Updated: October 2, 2009: 7:32 AM ET
NEW YORK (CNNMoney.com) -- President Obama has been steadfast in his pledge that he won't raise taxes on those making less than $250,000. But that doesn't mean only high-income households will be subject to higher taxes.
An increasing number of influential Democrats and fiscal-policy experts have signaled that lawmakers will have to get a handle on the deficit. And they recommend seriously considering the creation of a value-added tax (VAT) on top of the federal income tax.
That could mean more money out of everyone's pockets when buying virtually anything -- sweaters, school books, furniture, pottery classes, dinners out.
An increasing number of influential Democrats and fiscal-policy experts have signaled that lawmakers will have to get a handle on the deficit. And they recommend seriously considering the creation of a value-added tax (VAT) on top of the federal income tax.
That could mean more money out of everyone's pockets when buying virtually anything -- sweaters, school books, furniture, pottery classes, dinners out.
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