Today, Congressman J. Gresham Barrett (SC-03), a member of the Financial Services Committee, called on the President to denounce the value-added tax (VAT):
"I am very concerned about reports that the President is considering implementing a European style value-added tax on Americans. Let me be clear: implementing a VAT tax will not fix our country's financial woes; it will only place a greater financial burden on our nation's private sector and stifle job creation during a time of economic hardship.
As a member of the Financial Services Committee, I understand first-hand how important it is to get our nation back on track financially. Instead of looking to European tax codes for solutions, we need to develop free market ideas to address our financial problems while strengthening our economy. I strongly urge the President to denounce his support for this massive tax increase."