The only solution to our $40 trillion debt problem is a value-added tax
Summary
The U.S. national debt has reached $40 trillion. Peter J. Tanous suggests that solving this large debt requires a new tax called a Value-Added Tax (VAT), rather than only cutting government spending.Key Facts
- The U.S. national debt is now $40 trillion.
- Current government spending cuts are not enough to fix the debt.
- Peter J. Tanous recommends a Value-Added Tax to raise money.
- A Value-Added Tax is a tax added at each step of buying and selling goods and services.
- This tax would generate significant revenue to reduce the deficit.
- The article focuses on ways to manage the national debt through tax policy.
- Raising revenue is seen as necessary alongside any spending adjustments.
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