October 27, 2021

Wilbur Ross Would Like to Torpedo the Income Tax and Replace It with a VAT

Why? Because we need the tax policy equivalent of Law & Order: SVU.

“We need something that is very far-reaching, very dramatic,” said Ross, the head of W.L. Ross & Co. “An idea I’ve been in favor of is to scrap all of the corporate income taxes, all of the individual income taxes, and substitute a value-added tax on all goods imported into the country and manufactured and consumed here, and then rebate it on exports.”

Oh and that jobs bill? It’s bupkis:

“The amount being put in relative to that plan, compared to the jobs they say it will produce, is way out of whack,” Ross said.

Implement VAT, Cut All Income Taxes to Create Jobs: Ross [CNBC]

Why? Because we need the tax policy equivalent of Law & Order: SVU.

“We need something that is very far-reaching, very dramatic,” said Ross, the head of W.L. Ross & Co. “An idea I’ve been in favor of is to scrap all of the corporate income taxes, all of the individual income taxes, and substitute a value-added tax on all goods imported into the country and manufactured and consumed here, and then rebate it on exports.”

Oh and that jobs bill? It’s bupkis:

“The amount being put in relative to that plan, compared to the jobs they say it will produce, is way out of whack,” Ross said.

Implement VAT, Cut All Income Taxes to Create Jobs: Ross [CNBC]

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles