<<A VAT would not replace the income tax. We know darn good and well that the VAT would would be in addition to the income tax.>>

Totally share that concern (and others you raise) which is why you do a national sales tax (groceries & sub $100 clothing exempt)…in return for ELIMINATION of the INCOME tax for half the country with zero income tax increase for everyone else.


That brings us, I think, to $500 Billion to $1 Trillion/year in net new revenues annually. Now you can rationally at least discuss a permanent path to deficits equal to GDP growth or less…something Buffett has said should be sustainable. Problem is the longer we drag our feet the larger the debt interest compounds: huge expenditures for ZERO benefit.

Or just wait til this path of annual multi Trillion deficits just blows up the bond market. Not a question of if but when. Do we just say “let’s hope it’s later not sooner?”. We’re WAY WAY beyond the point where REVENUE HIKES are optional. I hate it—you hate it—it’s reality. Fiscal conservative here.

Berkshire Hathaway FAQ

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