When markets force Congress to finally get serious about reducing deficits, you’ll start hearing a lot about a Value Added Tax. Long popular in Europe, VATs not only raise huge amounts of money, they fall most heavily on the poor. And who could object to that? "The VAT Song" that follows is sung to the tune of "Home On The Range."
The VAT Song
Oh, give me a home,
Like in Stuttgart or Rome,
Where you’re taxed on the basics you buy;
Though it may not seem fair,
Tax collectors don’t care,
‘Cause the take is so wonderfully high.
Chorus
VAT, that’s where it’s at,
A tax that cuts lean but spares fat;
It makes the poor twitch,
But falls light on the rich,
And no one could argue with that.
My accountant is slick,
He knows ev’ry trick,
He brags ev’ry time that I call:
"A tax code regressive?
Your wealth’s more impressive,
Your heirs will be having a ball."
Chorus
VAT, that’s where it’s at,
A tax that cuts lean but spares fat;
It makes the poor twitch,
But falls light on the rich,
And no one could argue with that.
I deserve to live free,
No estate tax for me,
And a payroll tax that’s nicely skewed;
As taxes get flatter,
"They’re fairer," I natter,
And the rubes go along and get screwed.
Chorus
VAT, that’s where it’s at,
A tax that cuts lean but spares fat;
It makes the poor twitch,
But falls light on the rich,
And no one could argue with that.
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