and retail prices of everything would skyrocket ...
“and retail prices of everything would skyrocket ...”
The US corporate income tax brings in ~$300 billion/year now.
The interest on the national debt is about $1 trillion.
That would require $700 million/year to come from value added tax. The US GDP is about $28 trillion/year. Let’s say $20 trillion/year is added via corporations. That means a VAT tax rate of 3.5% to keep up interest payments. A 5% rate would see initially slow debt payoff.
Please bear in mind the national debt has to be paid one way or another. One can cheat savers, but then older folks like me refuse to sell our houses, forcing young families to buy more expensive new houses. There’s no free lunch at Joe’s Diner, and there won’t be one at Trump’s Diner either.
“and retail prices of everything would skyrocket ...”
If you don’t want to pay the 5% VAT, there’s the option of renting from mom & pop landlords, or landladies.
Additionally, there’s the option of buying from unincorporated sole proprietors.