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(Archived document, may contain errors) 42 June 7, 1979 A REVIEW OF THE FY 1980 BUDGET RESOLUTION The House and Senate have approved a FY 1980 First Resolution which reduces the FY 1979 deficit, offers a FY 1980 deficit lower than President Carter's, and projects a balanced budget in FY 1981. Unfortunately this achievement is not the result of incisive and sizable cuts in spending. Congress chose instead to rely on the expansion of tax revenues through inflation. THE RESOLUTION
Understand what a value added tax (VAT) is. The current tax system has been widely criticized for its bias against savings, investments, and capital formation.