World Superbike Racer
Join Date: Aug 2008
Location: Windsor, ON
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I have no idea what Romney is proposing, but VAT (and/or closing down some out of state loopholes) is going to happen with or without him.
I know VAT isn't a popular topic, but tax reform is going to happen one way or another in the US, I'd guess within the next decade. The current system, with all the loopholes is not sustainable in the long run.
Internet merchants enjoy an unfair advantage by not being forced to collect taxes for out of state purchases. This pushes more and more people online to save a few percent in sales tax, thus reducing the amounts collected by local/state governments.
It's already having a large impact on local economies and it's only going to get worse. Many stores will be forced out of business by the likes of Amazon through ever increasing economies of scale, just like Walmart but probably worse.
Last edited by pbeaul; 01-01-2012 at 04:58 PM.