Sunday, December 19, 2010
The VAT v. "The Single Tax"
Fareed Zakaria discussed the increased fees (resulting in “demonstrations” in London) and increased VAT in Britain with George Osborne. Gordon Browne disagreed, saying
I can recall back in the early 1970s the Far Left (“People’s Party”) wanted a “Single Tax”, which it claimed must he an “income tax”, so that “life was fair” and everybody started at the same place in line (that’s what Chairman Mao wanted). I think we studied "The Single Tax" in high school government class.
Zakaria said that US Congress was playing a shell game, risking financial instability in order to pretend it could keep tax cuts. Britain, Zakaria thought, may be facing its problems more squarely and the UK may be much more creditworthy in the future.