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Nixon to study value added tax plan for next year's budget
The White House ordered the treasury department to draft a detailed value added tax plan to present to President Nixon within weeks. The plan would show how a 3 percent VAT could be financed, with a $500 annual purchase exemption per person, credits against income tax, or direct refunds for non tax payers. Critics warn the tax could raise prices, while Europe uses exemptions for essentials. Rep Wilbur Mills may block any VAT move if he remains Ways and Means chair.
MENTIONED IN THIS ARTICLE
Eileen Shanahan
N.Y. Times
Washington
White House
Treasury Department
Nixon
Congress
Treasury
The
House
Ways and Means Committee
Wilbur D. Mills
D-Ark
Mills