Sorry, middle class. The VAT may be inevitable. – The Term Sheet: Fortune’s deals blogTerm Sheet


 

MORE: Good luck estimating your new tax rate!

If Washington gridlock persists, the big new tax is a virtual certainty. The most probable choice will be a VAT. Since the VAT is assessed on things people buy, not their incomes, it falls heavily on the middle class. Suddenly, the issue is sneaking into the fiscal debate. A January 7th editorial in the New York Times called for a VAT.

Sorry, middle class. The VAT may be inevitable. – The Term Sheet: Fortune’s deals blogTerm Sheet

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