Richardcyoung.com

The Online Home of Author and Investor, Dick Young

  • Home
  • How We Are Different
  • About Us
    • Foundation Principles
    • Contributors
  • Investing
    • You’ve Read The Last Issue of Intelligence Report, Now What?
  • Your Survival Guy
  • The Great Reset
  • COVID-19
  • My Rifles
  • Dividends and Compounding
  • Your Security
  • The Swiss Way
  • Dick Young
  • Debbie Young
  • Key West
  • Paris
  • Dick’s R&B Top 100
  • Liberty & Freedom Map
  • Bank Credit & Money
  • Your Survival Guy’s Super States
  • NNT & Cholesterol
  • Work to Make Money/Invest to Save Money
  • Your Health
  • Ron Paul
  • US Treasury Yield Curve: My Favorite Investor Tool

Is There Anything Good About a VAT? You May Be Surprised

September 6, 2017 By E.J. Smith - Your Survival Guy

For years Dan Mitchell has criticized the value added tax (VAT). There are major problems with the way European nations have implemented the VAT. The biggest is that they didn’t get rid of all their other taxes first. At his blog International Liberty, Mitchell, a senior fellow at the Cato Institute, explains under what conditions a VAT might actually be favorable. He writes:

Whenever I see an otherwise sensible person express support for a value-added tax, it triggers a Pavlovian response. And it’s not a favorable reaction.

  • I’ve criticized Tom Dolan, Greg Mankiw, and Paul Ryan, for pro-VAT comments.
  • I’ve gone after Kevin Williamson, Josh Barro, and Andrew Stuttaford for the same reason.
  • I wrote that Mitch Daniels, Herman Cain, and Mitt Romney deserved skepticism from voters for being sympathetic to a VAT.
  • I also dinged Rand Paul and Ted Cruz for including value-added taxes in their campaign tax plans.
  • I strongly disagreed with pro-VAT articles by Peter Morici, Jim Carter, Geoff Davis, and Alan Murray.

But I just read a pro-VAT column and I liked it.

So what happened? Have I surrendered to big government? Did I ingest some magic mushrooms?

Actually, I think you’ll agree that I’m still the same lovable guy. Yes, Professor John Cochrane of the University of Chicago (also a Cato adjunct scholar) has a column in the Wall Street Journal that embraces a VAT. But unlike all of the others I just cited, he includes a condition that is mandatory, necessary, vital, and non-negotiable. It’s so important that it deserves the opposite of fine-print treatment.

…eliminate entirely the personal and corporate income tax, estate tax and all other federal taxes. …it is essential that the VAT replace rather than add to the current tax system, as it does in Europe.

Amen. John hits the nail on the head.

Read more from Dan here.

Related Posts

  • Congress May Pass VAT in Lame-Duck Session
  • May 22/25 European Elections
  • See Anything Wrong Here?
  • Author
  • Recent Posts
E.J. Smith - Your Survival Guy
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998.

E.J. has trained at Sig Sauer Academy in Epping, NH, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention.

E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris.

Please get in touch with E.J. at ejsmith@yoursurvivalguy.com

Click here to sign up for my free monthly Survive & Thrive letter.
Latest posts by E.J. Smith - Your Survival Guy (see all)
  • CATO: Global Freedom Is in Sharp Decline - January 27, 2023
  • TIME FOR A GONDOLA? Little Cottonwood Canyon Jammed with Traffic - January 27, 2023
  • Biden Administration Destroying Retiree Fiduciary Protections - January 27, 2023

Dick Young’s Must Reads

  • Is Rutin Useful in Preventing Blood Clots?
  • Your Odds with Statins: 500 to 1?
  • WAR HAS BEGUN: What Advice Are You Giving Your Loved Ones?
  • The Four Most Important Words in Investing
  • CONSTITUTIONAL CARRY: Alabama Becomes 22nd Permitless Carry State
  • Democracy: The Most Dangerous and Insidious Effect of Majority Rule.
  • What a Way to Make a Living: New Hampshire #1
  • Is It All Coming Apart in the Government’s Face?
  • FARM AMERICA: New York City’s Finest Cheesemongers
  • DONBAS: Russian Tanks Face Gauntlet of Death from Javelin Wielding Ukrainians

Disclosure

RSS Youngresearch.com

  • CATO: Global Freedom Is in Sharp Decline
  • Biden Administration Destroying Retiree Fiduciary Protections
  • 4 Life Changing Words for Your Survival Guy: “You Should Try This”
  • Suddenly, Holding Cash Looks Good Again to Many
  • Anti-Carbon Crusaders in Davos Talk ESG and OPM
  • Is Passive Investing Already Passé?
  • Welcome to Hotel California, Where You Can Never Leave
  • What You’re Telling Me Matters
  • Can Banks Compete with Apple Pay and PayPal?
  • America’s Super States and Stocks that Respect YOU

RSS Yoursurvivalguy.com

  • CATO: Global Freedom Is in Sharp Decline
  • TIME FOR A GONDOLA? Little Cottonwood Canyon Jammed with Traffic
  • Biden Administration Destroying Retiree Fiduciary Protections
  • 4 Life Changing Words for Your Survival Guy: “You Should Try This”
  • Anti-Carbon Crusaders in Davos Talk ESG and OPM
  • Welcome to Hotel California, Where You Can Never Leave
  • What You’re Telling Me Matters
  • The Rich Seek More from Bank Accounts
  • California’s Wealth Tax Will Drive Out Remaining Rich Residents
  • Political Establishment Irate over Conservative Challenges to ESG

Don’t Believe ’em. They’re Coming for Your Gas Stove

NH Republicans Favor DeSantis Over Trump By a Big Margin

CATO: Global Freedom Is in Sharp Decline

The Telling Depth of Media Propaganda and Censorship

TIME FOR A GONDOLA? Little Cottonwood Canyon Jammed with Traffic

Biden Administration Destroying Retiree Fiduciary Protections

Copyright © 2023 | Terms & Conditions | About Us | Dick Young | Archives