Word: moneys
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Dates: during 1970-1979
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...Bourbon South has controlled the Senate Finance Committee like his own fiefdom. He thus personally approves every piece of legislation which touches what Harry Truman called, "the most sensitive nerve in the human body--the pocketbook nerve." Without a doubt, Long's VAT proposal will pinch the money nerves of all Americans...
...value added tax from cutting into his profit margin. At a rate of 10 per cent, the VAT collects a total of $5 off a case of wine which eventually sells for $50. It serves the same function as a sales tax. But instead of taking all the money in one final sale, the VAT collects its taxes in nibbles--a dollar here and a dollar there...
...thus found a solution to Edmund Burke's perennial problem: "To tax and to please, no more than to love and be wise, is not given to man." Long seems to reply to Burke by suggesting that if politicians disguise their taxes, they can please the public, take its money and still get re-elected. With unfounded audacity, Senator Long claims that the VAT is the "least painful way of collecting money," over-looking the regressive nature of this tax. Long actually described the VAT as "somewhat like a hidden sales tax." By taxing consumption, the VAT insures that government...
...business have limited funds to invest in expanding capital to spur productivity. The solution to this problem--for Senator Long and Representative Ullman--lies in a tax on consumption. They even propose that this consumption tax--the VAT--partially replaces the corporate profits tax to free still more money for investment. Evidently, Long and Ullman have overlooked the startling expansion of corporate profits in the past two years. In the name of productivity, they have opted for financing a rich man's corporate tax credit with the dollars of middle class American consumers...
...come from a regressive consumption tax. As long as federal regulations limit banks' interest rates on savings accounts to 5.75% while inflation runs well over double that rate, it will make no sense for consumers to save large parts of their incomes. If the government wants Americans to save money, it must eliminate these interest ceilings and permit banks to pay a fair price for their savings...