Let Bush tax cuts expire, VAT DOA, Frank says

07/30/2010 | CNBC

The Bush tax cuts for Americans earning more than $250,000 a year should be allowed to expire, and a value-added tax has "zero chance" of going forward, Rep. Barney Frank, D-Mass., and chairman of the House Financial Services Committee, said on CNBC on Thursday. "The argument that raising the marginal rate somehow hurts economy activity has been tested," he said. "When Bill Clinton became president in 1993, I voted with his policy to take the marginal rate, the top parts of income, from 36 percent to 39 percent. It had zero negative impact."

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