Thursday, July 8, 2010

IMF tells US to reduce budget deficit, suggests consumption tax to do it

In a Wall Street Journal article, the IMF is telling the United States to reduce its budget deficit. They recommended cutting entitlements such as social security, reducing the mortgage interest deduction, increase energy taxes, or implement a national consumption tax. The FairTax is a national consumption tax that would tax energy use and reduce the mortgage interest deduction by repealing the federal income tax code. Let’s make it happen.

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