Graetz, Michael J., “VAT as the Real Key to Tax Reform,” The TaxProf Blog, 02/28/11

“Combining a VAT with major reform of corporate and indi-
vidual income taxes would permit us to achieve whatever
revenue and distributional targets our political process deter-
mines to be appropriate. Reforming our income taxes does not
preclude Congress from dedicating an amount of VAT revenue to
funding specific expenditures, such as healthcare. And changes
like these can be phased in on a timetable appropriate to our
economic circumstances at the time of enactment. In contrast,
simply adding a VAT to our existing tax system to address the
need for more revenue would waste a once-in-a-lifetime oppor-
tunity for real and lasting income tax reform.”
This is an excerpt from one of 26 commentaries on VAT published by The TaxProf Blog.
http://taxprof.typepad.com/taxprof_blog/2011/02/the-vat-reader.html