Will the farmer pay a VAT on his capital equipment? Will he pay it on his fertilizer? Will we have to have a VAT tax code with lots of loopholes or will we just pretend that we can have a VAT that is neither regressive or loaded with loopholes for the people who already own the country? When the top income tax rate goes back to 90%$ or more (like most of the nations that have a VAT), then I'll be willing to discuss regressive taxes.
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