Barney Frank: ‘Zero chance’ of Congress approving ‘unpopular’ VAT
There is no chance of Congress implementing a value-added tax (VAT), a top House Democrat said Thursday.
Rep. Barney Frank (D-Mass.), the chairman of the House Financial Services Committee, said on CNBC that the VAT was “as dead as a doornail,” despite Republicans’ caution that Democrats might try to pass one.
The Massachusetts Democrat acknowledged that while the tax, which levies taxes on different stages of production, might have had some appeal due to its effect on export levels, “It had zero chance of going forward, it was very unpopular.”
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