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Income tax. what is being put on the table here is a national sales tax. that s what a value added tax is. greta: it is a tax on every change in value of a product pushed on. if you bought a $300 iphone under 20% added value tack the cost might be $360. this major tax it hits the middle class. in addition to state sales taxes. a lot of states have hired 6, 8, some 10%. if you have 18 or 20% value added tax you are talking about 25% sales tax at the cash register every time you buy food, groceries, diapers, school supplies, just about anything would be taxed. greta: paul volcker saying this one of the first acknowledgements out of the administration that we are in ....
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