A victory against VAT
The Value Added Tax, a harmful new tax plan that would be levied in addition to the income tax, has been defeated in an initial Senate test. In a vote of 84-13, a clear majority of Senators agreed with Senator John McCain (R-AZ) that:
It is the sense of the Senate that the Value Added Tax increase will cripple families on fixed income and only further push back America's economic recovery.
The Heritage Foundation could not agree more. Heritage's J.D. Foster, a Norman B. Ture Senior Fellow in the Economics of Fiscal Policy, has long opposed the VAT as a "liberal solution for unsustainable deficits that threaten the stability and very future of our economy." In fact, while discussing his resolution on the floor, Sen. McCain read directly from Foster's papers on the VAT and stated, "Mr. President, I agree with Mr. Foster."
Way to go J.D. Foster!