John Cochrane makes the case for a progressive value added tax

A thorough blog post by the University of Chicago's John Cochrane on the virtues of a value added tax, tailored for the U.S. 

I’m proposing a VAT and nothing else, and let’s put all the cross-subsidies and mandates on budget where we can see them. If we make it progressive, the highest rates hit levels that would please Piketty. I’m not sure there is a lot more to squeeze out of this!