Hollings, (fmr.) Sen. Fritz, “U.S. Is in a Trade War, Whether It Likes It or Not,” Huffington Post, 10/11/10

“This economy can be turned around on a dime by cancelling the corporate income tax and replacing it with a 5 percent value added tax. The FY 2010 estimate for corporate tax revenues is $156.7 billion. A 5 percent VAT reaps $600 billion with $443.3 billion left over to pay down the debt. This will eliminate the tax incentive to off-shore; eliminate the corporate income tax; eliminate the tax on exports, and make it profitable to produce in the United States. All that industry or corporate America needs is the assurance that we will implement a plan to compete in globalization.”

http://www.huffingtonpost.com/sen-ernest-frederick-hollings/us-is-in-a-trade-war-whet_b_758411.html