The Creativity Secrets

Stables, Ian (2013-02-19). The Creativity Secret: How to get ideas like a genius - How to come up with ideas the easy way ). Kindle Edition.



Very enjoyable book. A quick read.

Kindle Ap for PC

I'm really in love with Kindle's ap for pc http://www.amazon.com/gp/feature.html?ie=UTF8&docId=1000426311 .
I put it on my notebook travel computer and now I always have a book available to read.

They also have a mac version. My cousin has an Ipad but she can't organize her books into collections like he ap I have allows me to do. The only thing I wish is that I could highlight several books at a time to put into a collection. I want to check out Calibre when I get a chance they may have a better method of organizing my books.

I was totally swamped for several months sowas unable to post. Just digging myself out now . My brother and his wife have actual kindles but I'm not sure if I want to buy one.Although they tell me you can read it outside in bright sunlight. I wonder how well kindles hold up to sand and the outside environment. One thing bad about electronic toys is they do not like extremes of temperature and wet. I have to buy a camera almost every year because I like to be outside where the temperature ranges below zero Fahrenheit in winter and sometimes up to 100 F in summer. Then there is the wind, snow and rain. So I'm waiting to see it the designers will make a durable model.

However, something tells me I'll be a long time waiting since it appears most people live in comfortable environments where it's not too cold in winter and not too hot in summer. They live in a man made climate. I base these conclusions on the impractical clothing styles now in vogue where your pants don't meet your shirt so skin shows allowing the cold winter weather to freeze your back.

Black Gold, the story of oil in our lives

albert marrin
isbn: 978-0-375-86673-9

very readable

The Bootstrapper's Bible

How to start and build a business with a great idea and [almost] no money
by Seth godin
isbn: 1-57410-103-x

The aftershock investor

a crash course to staying afloat in a sinking economy
by David Wiedemer PhD
robert a. Wiedemer
cindy s. spitzer
isbn: 978-1-118-07354-4
www.aftershockpublishing.com

notes
"recovery" is still driven by government borrowing and printing. take away either one and we would be in a deep recession.

Investment outlook as of June 2012

• Stocks -likely volatile. In past have dropped after QE ended. worth looking into high dividend stocks of stable, conservative large-cap companies such as electric utilities, johnson & johnson, procter and gamble worth looking at in conservative portfolio. less potential for short-term growth, but also lower long term risk
• bonds - interest rates are as low as they can go, meaning potential for capital gains from bonds is pretty slim. recommend keeping shorter-duration high quality bonds, such as 2, 3, & 5 year treasuries. special bonds such as TIPS. ETFs such as TIP and MBB (for mortgage backed bonds)
• Europe - expect European Central bank to print more money
• international equities. probably not worth the risk of longer-term hold
• gold - likely to have explosive growth? see www.sprottphysicalgoldtrust.com/NetAsssetValue.aspx
• Silver and commodities, more volatile than gold in short-term and likely to go up in time. possible upward in commodities with inflation

real productivity growth is slowing down here and world wide

probably inflation and not deflation

Fed will continue QE for market stabilization, foreign currency markets stabilization and government spending deficit.

money managers investing in stocks are managing OPM and want to keep their jobs.

Valueing stocks
P/E, price to revenue ratio, book value/liquidation ratio, private company valuation,

high dividend stocks such as electric utilities work best in a market that is moving upward at a slow rate but with high volatility. (Monitor consumer price index at www.bls.gov)

Real estate; fixed rate mortgages, only make minimum payment, avoid HELOC

income producing rental properties. Rents eventually track re values, decreasing employment may decrease rent, squatters decrease rent

necessities sector; health care, education, food, basic clothing, transportation, government services, utilities

portfolio strategy; preservation of capital, minimal volatility, reasonable returns
portfolio components; gold, high dividend stocks, shorter term treasurys, TIPS, foreign currencies, commodities, short stock ETFs, short bond ETFs

government intervention will be most important factor affecting your portfolio

understand short selling, put options and LEAPS

What americans really want... really

the truth about our hopes, dreams and fears
by Dr. Frank I. Luntz
isbn: 978-1-4013-2281-6

excellent book

www.sba.gov/50plusentrepreneurs

Buy and Hedge, the 5 iron rules for investing over the long term

by Jay Pestrichelli & Wayne Ferbert
isbn: 978-0-13-282524-5
www.buyand hedge.com blog

notes:
capital lost is capital that cannot grow
risk is the input; return is the output
emotion is the enemy
volatility is kryptonite
return that matters is after tax return

hedge every investment
know your risk metrics
smart portfolio = long term outlook + diversification
unleash your innter guru
harvest gains and losses

3 strategies
indexing
asset class allocation
defensive hedging

gain from avoiding a loss is more than just the loss avoidance, it also benefits from compounded grown on capital preserved.

3 basic hedging tactics for your positions (sometime incorrectly called strategies)
married put (married call for short positions)
collar
in-the-money options (aka ITM calls or ITM puts

build a portfolio hedge

1. calculate your overall portfolio value and determine the net long or short value
2. find an investment that is an index product (such as an ETF) that has a high correlation to your portfolio and has options that trade on it. (Typically this is a broad market index for most investors, such as an S&P ETF)
3. buy the put protection (for net long portolios) or the call protection (for net short portfolios) that provides the downside protection the investor wants.

use delta to assess the extent you have hedged a position

4 key metrics

• capital at risk (CaR) maximum loss that could incur on an investment given the hedges put in place
• volatility- measure 1 year and 90 day
• implied leverage = (total market value of nonderivative securities + implied equity value for each derivatives position) / (total portfolio value - borrowed money)
• correlation - measures how 2 investments tend to move in price in relation to each other.

calculate portfolio volatility

1. gather closing portfolio liquidation value for every day the market was open in the trailing 12 months (about 252 data points)
2. calculate the percentage change in your portfolio each day. (adjust for any deposits or withdrawals each day)
3. of the resulting 252 percentage changes calculated, determine the standard deviation of the percentage changes
4. multiple  the standard deviation by the square root of 252 (15.87)

Steps for using correlation (6 month, 1 year and 3 year) to inform your risk decisions

• know correlation of each underlying investment in your portfolio to each other
• when adding a new investment to your portfolio, know the correlation of that investment to each investment already in your portfolio
• know the correlation of each position to the broader market. e.g. S&P 500 index
• http://www.sectorspdr.com/correlation/
• http://www.sectorspdr.com/sectortracker/
• http://www.sectorspdr.com/

 Rules for constructing a long-term portfolio

•  new investments should have expected hold time of more than 1 year
• portfolio should regularly have investment that have been held for 2 year or more. (often your broad market index investments)
• never invest with an intended hold time of less than 6 months

Base portfolio (when you hedge to reduce risk)

• Broad market indexes 70% (70-90%) recommend at least 50%, make sure that no more than 10% of your portfolio is ever concentrated in one sector
• Inner Guru investments 20% (range 0-10-40%)
• Cash 10%
• near retirement 10% to bond ETFs, then increase 10% each year until max out at 50%

ID your investing strengths - keep an investment journal
avoid being concentrated in one sector
review investments weekly

options

• are the preferred method of creating defensive hedges
• allow investors to define risk levels with a high degree of certainty (married put)
• are leveraged vehicles that allow hedges to be set without requiring a lare amount of capital
• can be sold for income to help fund the cost of hedges (a collar)
• are contract to take a buy/sell action at a predetermined price by a predetermined time on a defined asset.
• has 4 parts; underlying asset option is on, when option expires, strike price, whether it is a call or a put

Tax Free Wealth

How to build massive wealth by permanently lowering your taxes
by tom wheelwright, cpa
isbn: 978-1-937832-05-6

notes:
Tax laws were not initially intended to include the average working person... meant to reach only the excess earning of most wealthy individuals and corporations.... have evolved to become tools of social and economic policy making..... economic policy makers in government discovered that people respond quickly and directly to tax incentives.

Governments steer economic behavior through the tax code..reward desired behavior with tax breaks.

start small and think big. thing about the freedome that will come when you can devote most of your time to your business, investments and family.

spend money on things likely to grow your business.

taxfreewealthbook.com

invest for passibe income

document your income and expenses well. Scan receipts into your computer

cost segregation - breaking out the component parts of a building. see irs audit guide for their agents on how to handle cost segregations.

pay yourself reasonable rates for your position in your company. See www.salary.com

3 steps to successful estate planning; placing assets in trusts, creating a will & avoiding estate tax
Avoid probate because it includes courts, judges & lawyers; it's expensive and it's public

If you have charitable intentions with your estate consider a charitable trust. You can give assets to charity now but still take the income stream from the assets for the rest of your life.

Tax planning for permanent tax savings, retire rich, unlimited earnings, unrestricted withdrawals & unlimited control versus traditional deferred tax planning of temporary tax savings, retire poor, limited earnings, restricted withdrawals & limited control

Think through tax strategy: current investments, business entities, business & investment plans, how sure am i that my tax returns are being prepared in best way possible. How often do I hear from tax advisor (minimum 4x/yr), children age, children plan to work in your business, do i need to help my parents, how secure is my job. Need to have flexible strategy and look at big picture.

entities for asset protection; trusts, LLC best; general partnership not good; limited partnership, corporations good

government qualified retirement plans restrict what you can invest in, how you access your money. increase your tax rates, increase your risks, reduce overall returns due limitations in using leverage, lose control over what you can do with your money and when you can use it.

Do stock trading in self directed roth IRA

4 types of investment in oil & gas; stock, interest in royalties from producing well, invest in exploratory or development operations

use accounting software to prepare income and balance sheet

purchase audit defense plan for specific tax return

hiring the right tax advisor

1. what is your view of the tax law
2. who gets the most advantages of the tax law
3. what made you want to become a tax advisor
4. what would you like to know about me
5. tell me about your team of advisors
6. describe your personal business experience
7. tell me about your personal investment strategy
8. where did you eanr your masters of tax degree
9. give me 3 examples of how to reduce the risk of an irs audit
10. tell me your thoughts about asset protection

Your prospective tax advisor should discuss with you

1. tell me about your dreams and goals
2. describe your current and projected family situation
3. describe your relationship with your spouse and childrene
4. describe your current and projected investments
5. describe your current and projected business situation
6. explain your philosophy of tax reduction
7. what would you like to learn about the tax laws
8. how do you learn best? auditory, visual, tactile or kinesthetic
9. in a perfect world, how would you like to work with your CPA
10. who are the other members of your team?

the War of Art, Break through the blocks and win your inner creative battles

by Steven Pressfield
isbn: 0-446-69143-7

basically show up and do the work

Unintended Consequences, why everything that you've been told about the economy is wrong

by Edward Conard, former managing director of Bain Capital, LLC
isbn: 978-1-59184-550-8

notes:
the US was prosperous [after world war II] for a unique set of reason that are impossible to duplicate today, including a decade-long depression, destruction of the rest of the developed world's infrastructure, a failure of potential foreign competitors to educate their people and a highly restricted supply of workers.

Why did US capitalize on the internet to accelerate productivity more effectively than Europe and Japan. both had access to the same technology, similarly educated work forces and the necessary investment capital.

innovation is no different from any other investment... The quantity of ideas, both good and bad, comes from systematic investment.....economy must divert scarce resources, in this case, talented labor, from production for current consumption to the search for and implementation of new ideas. much of this investment results in failure. antiquated accounting obscures the line between investment and innovation by expensing rather than capitalizing investment in innovation.

risk taking is a function of the amount of wealth, namely equity, available to underwrite risk and the willingness to take risk per dollar of equity.

Does culture or incentives motivate risk taking? "In an era....[that] requires businesses to pour money into risky investments in order to find unproven innovations, talented U.S. employees to risk their precious once in a lifetime careers to lead these efforts and investors to defer consumption to underwrite this risk, it's a dangerous time to experiment with unconventional and unproven economics."

need to hold more capital in reserve to underwrite risk

leaving short-term capital idle cause high unemployment. Keynes "paradox of thrift"

rising home prices affected the behavior of poor home owners far more than that of wealthy homeowners. [borrowed against their houses for real outlays, not to invest or pay down debt]

how do you reduce the risk of damage from withdrawals?

history has show that lawmakers do not offset increases in government expenditures with future reductions. future spending cuts.... are virtually nonexistent.... lawmakers are most likely to follow increases in spending with more increases.

the government is ill-equipped to replace risk taking and investment in a way that truly avoid losses and bankruptcies and successfully transitions the economy to a more optimal allocation of resources. [due to politicians catering to voters] Most voters consume virtually everyting the earn. save ... nothing, invest...less, ... seldom underwrite any risk.

economist Paul Krugman agrees. "public policy designed to help workers who lose their jobs can lead to structural unemployment as an unintended side effect."

consumers ultimately pay corporate taxes in the higher price of goods. the reason that politicians prefer higher corporate taxes is because most consumers don't recognize that they are being taxed.

If voters want economic policies that increase risk taking, accelerate growth and reduce unemployment, they must elect lawmakers who respect and encourage risk takers. the alternative is lawmakers who believe the increased risk of damage from withdrawals, increased government spending (which demands higher taxes) and far-reaching regulatory changes filled with unintended consequences has little, if any, impact on risk taking, economic growth and increased employment.

rich invest rather than consume a portion of their income. [which] creates value for consumers and wager earners over and above the value it creates for investors....[through] wages, value of products. the poor  capture so little of value from investment [because] of the 44 million people in poverty in 2009, according to the Census, very few work. they largely garner value through income redistribution, not through the economics of investment, which creates value through wages and the consumption it buys.....Today, the bottom 20 percent of household supply only 15 hours/week of work, on average. Their incomes don't reflect the economic wages of the working poor; they reflect benefits paid by the government.

taxing the rich and redistributing their income comes at the expense of the middle class. the richest families consume very little of their income, perhaps 10 percent or less. .. had the rich continued investing, the demands of consumers would have dictated the success and failure of their investments. investors would have run experiments to find new products that uncover those demands.

in addition to reducing investment and the motivation that drives it, redistribution of income by the government decouples the full cost of labor from its market price.... if companies don't bear the full cost of employees, employees will end up earning more than they contribute... they will earn wages proportional to their economic contribution from business plus government benefits unrelated to their economic contribution... misallocation diverts scarce resources from more productive endeavors to less productive  endeavors. investment declines and growth slows.

charity may even hurt the poor more than it helps them. Dambisa Moyo... 'evidence overwhelmingly demonstrates that aid in Africa has made the poor poorer, and growth slower.' similarly expenditures to reduce U.S. poverty may have contributed to a greater number of children born out of wedlock, reduced hours of labor supplied by poor families, increased dropout rates, increased drug use and elevated crime rates.

what burdens future generations is not debt per se but government-induced consumption whose increase comes at the expense of reduced investment. a reduction in investment and risk taking slows growth and diminishes the future for our children

a shortage of talent exists... because a large number of college graduates refuse to take the risk and responsibility necessary to bring unrealized investment opportunities to fruition.

this uniquely American innovation-based strategy will not succeed if we reduce the payouts for successful risk taking...payouts for lucky success motivate and justify risk taking. If we lower the payoffs for luck, we lower the willingness of investors to risk probably failure. that will slow economic activity and diminish the grown of wages... consumers and wage earners, not investors, capture almost all of the value from risk taking. Rapidly changing U.S. demographics will make it harder ... to pursue an investment based strategy.

It's Rising Time! A call for women

What it really takes for the reward of financial freedom
by Kim Kiyosaki
isbn: 978-1-61268-085-9

notes:
Financial education is discovering where you are and what you have financially and then determining where you want to go.

If money were no issue and you had all the money you needed (and assuming you have already taken your much-deserved extended vacation), what would you do differently regarding... your profession or career, health and fitness, financial life, personal and spiritual well-being, marriage/primary relationship, children, other family members, whatever else is important to you?

To have a strong foundation requires: knowing what makes up the foundation you have, getting rid of whatever makes the foundation weaker, building and adding what will make your foundation stronger

If an investment opportunity that I want appears today, do I know what I have and don't have available financially, and do I know what funds I need in order to won this investment? (Know what you have. Know what you don't have and still need.)

Be truthful about all income that comes into your household
Be honest about your expenses (Include the ones that make life enjoyable)
What investments do you own?

• What is making you money without you working for it?
• What price did you pay for the investments?
• What is happening with that investment today?

There are many ways to get to financial heaven. What is my financial heaven? what does it look like to me?

If you stopped working today, how long could you survive financially at your current standard of living?

your wealth number = available money / your monthly expenses
The optimal number is infinite.

Other financial experts assume that you will have a fixed amount of money to live off that earns you a small amount of interest and you will have a lower standard of living during retirement than when you were working due to loss of paycheck and rising medical expenses as you age.

Rich woman philosophy assumes you have income coming in every month that equals or exceeds your living expenses and your standard of living remains the same or increases.

Today it is nearly impossible to save your way to retirement because of rising taxes, inflation, lack of pensions, future rising interest rates, devaluation of dollar and other currencies, insolvency of Social Security, Medicare, Medicaid and other entitlement programs, and insufficient retirement accounts.

Income from infinite wealth plan comes from putting your money to work.
2 primary outcomes an investor invests for is Capital Gains and Cash Flow. A 3rd way is called a hedge which is like insurance used to offset possible losses. For example reserve account for rental property, silver and gold, stock option is the right but not obligation to buy a stock (a call) or to sell a stock (a put) at an agreed-upon price within a certain time period or on a specific day. (With a call option you are betting that the price of that stock is going up.)

Cash flow - cash that flows in every month without you working for it is produced by investments, or assets, generating cash flow which is called passive income. Primary focus in building infinite wealth because most people can't save their way to retirement today, you have control, you can control the choice to stop working or not.

You must know if an investment will give you cash flow (dividends, rental income), capital gains, a hedge (silver), or any combination of the three. You must decide which result you want from your investments.

Income statement lists Income/Expenses
Income can be ordinary, portfolio, passive.

Balance sheet lists Assets (things that put money in your pocket whether you work or not)/ Liabilities (things that take money out of your pocket.)

Strategy for infinite wealth is acquire assets that give you cash flow. Once a dollar goes in the asset column, it stays in the asset column.

to realize your reward of financial freedom really demands that you stay true to your values, loves, dreams, talents, wit, silliness and everything that makes you, you. Kolbe index can be used to identify a person's natural, innate and unchanging talents. Journal to find the truth about yourself and the environment you are in. Write down any and ll thoughts that come out for your eyes only. Write until you get an answer, until the issue is complete.

What's wrong with saving money today is low interest rates, quantitative easing (government printing money), inflation, worth-less money. Save as a shore term proposition while looking for your next investment. Something that will give you a solid return.

Increase and expand your (cash flow) income instead of living below your means. ok to live below your means in the shore term as a part of a long-term plan to expand your means. Living below your means can kill your spirit, make you less of who you are, sentences you to a life of mediocrity.

Question everything. Does it make sense for me? pros and cons. will it get me to my financial goal? Think for yourself and don't blindly accept and follow traditional financial advice.

4 tests to find good advice
choose advisers wisely - seek out people who have actually done what you want to do
practice what they preach - are they taking their own advice
Consider the source
Adviser or sale person, what's their agenda? how do they benefit/ get paid?
Do you trust this person

3 keys to longevity
purpose - sense of being of value to selves and others
optimism - bright and positive outlook on life
resiliency - possess the ability to recover from a setback

Turbulence, ask what happened, what exactly is the problem, what can i do now, who can i call now who knows more about this than i do, what info do i need and where can i find it now?

investment offering should be clear and concise
numbers, past operating, best and worse case scenario of future numbers
explain why and how this investment will increase in value in the future
expected rate of return on money invested.

ROI= annual investment income (cash flow) / cash invested

Rules of every investment

• put money in your pocket (cash flow, appreciation)
• must stand/ survive alone
• want to control investment (income, expenses, debt or at least monitor and stay on top of what's happening
• should have exit strategy or exit options (price, date, certain market events, or personal events)

Stocks

• stop-loss order, when you will sell if stock doesn't move in your favor
• take-profits order, when you will sell and take profits when the stock does move in your favor.
• if you don't understand how the company makes money, then don't invest in that company
• if it looks too good to be true, then it probably is.
• preserve capitol and create growth is a possible goal

Entrepreneurial mindset
understand mission and purpose, what's your money's higher purpose
results are what count, how much money did my money make me. results require action
always keep learning





OPM presentation; project, partners, financing, management

2 rules on partners
Never take on a partner who needs money
never give equity to a person whose services you can buy in the marketplace

Buffettology
the new buffetology by mary buffet

commodities

• agriculture, livestock, energy, precious metals, industrial metals
• pros: easy entry, increase demand as economies grow, hedge against inflation and falling currency, tax advantages, home based business
• cons: no cash flow, no leverage, dependent on economy, volatile

Forty ways to look at winston churchill

a brief account of a long life
by Gretchen Rubin
isbn: 978-0-8129-7144-6

The politics of Immigration, questions and answers

Jane Guskin and David L. Wilson
isbn: 978-1-58367-155-9

Streetsmart guide to valuing a stock

the savvy investor's key to beating the market
by Gary Gray, Patrick J. Cusatis, J. Randall Woolridge
isbn: 0-07-141666-8

If you're clueless about the stock market and want to know more

Seth Godin
isbn: 07931-4367-5

The Belly Melt Diet

The 6-week plan to harness your body's natural rhythms to lose weight for good.
by the editors of prevention
isbn: 978-1-60961-842-1

Basically boils down to get enough sleep by sleeping on a consistent schedule in a dark bedroom, no viewing blue light electronic media 2 hours before bedtime (invest in amber lights, blue lights shut off melatonin production which helps you sleep) and eat regular meals at regular times. Getting out of rhythm by sleep deprivation, random eating, nighttime eating and shift work can increase your weight.

Starting stats

• height
• weight
• BMI (body mass index) =(weight in pounds x 703)/ height in inches/ height inches. or see prevention.com/bmi
• chest - fullest point of your bust
• waist - narrowest part of your torso,usually 2 inches above belly button
• hips; the fullest part, with the tape measure evenly parallel to the ground all the way around your hips
• left and right thigh, left and right biceps; the fullest part of each when relaxed, with arms hanging down and feet shoulder-width apart

Hunger scale

1. ravenously hungry. my stomach is growling and i think i may faint
2. very hungry. i need to eat soon
3. my stomach feels empty, it's growling, and i'm getting hungry
4. i could eat... or not
5. i'm not hungry, but i'm not totallyfull
6. feeling good, tummy is ful, and i'm satisfied
7. almost full
8. really full
9. why didn't i wear my elastic waist pants
10. why did i eat that? i think i'm going to be sick

before each meal drink 2 glasses of water

Down under Way to stop snoring (Didgeridoo) train 5 minutes a day & be patient

• tap your tongue against the roof of your mouth over and over
• while you're tapping, chant nonsense sounds
• pull your tongue toward the back of your mouth and swallow while doing the first 2 steps

http://www.didgeridoostore.com/didgeridoo.html
http://www.youtube.com/watch?v=rxZiZrNKrqc
http://www.youtube.com/watch?v=JZKfpQADDk0
http://www.youtube.com/user/wwwYirdakicom
http://www.howtoplaydidgeridoo.com/

The benefit and the burden - Tax Reform

Why we need it and what it will take
by Bruce Bartlett
isbn: 978-1-4516-4619-1
Very interesting book.

Notes below:
He "believes that federal revenues will need to rise as a share of GDP in coming years to pay for the cost of an aging society and stabilize the nation's finances."...."it would be better to raise those additional revenues by taxing consumption rather than raise tax rates."

After each chapter he had additional sources that you can read.

He gives a good overview of the history of federal income taxation.

3 variables regarding taxation
income/ consumption
tax unit; individual/ family
time period

We're the only country that taxes its citizens where-ever they live, even if all their income is earned outside the United States.

The exclusion for employer provided health insurance is far and away the largest of all tax expenditures.

"double taxation of income earned in the corporate sector discourages the payment of dividends."

Good overview of tax reform history

Both [parties]... believe that government should raise enough revenue to cover its legitimate functions. The question is.... what are the legitimate functions of government?

All taxes have what economists call a "deadweight" or "welfare" cost over and above the tax itself in the form of output discouraged by the form of the tax rather than its amount.....It is estimated that the deadweight cost of the federal tax system is equal to about one-third of revenue raised or about 5 percent of the gross domestic product.

Economists have long know that taxes on consumption, such as excise taxes or retail sales taxes, have a lower deadweight cost than taxes on incomes or profits.

Thomas Hobbes.. argued that consumption is what people take out of society while saving is what they put in.....Alexander Hamiliton...argued... that taxation of consumption is more consistent with freedom than taxes on incomes because people can more easily reduce their consumption than their income if taxes become excessively burdensome.

One problem with consumption taxes, however, is that evasion is relatively easy....Economists have long observed that retail sales taxes such as those in the states become too difficult to collect above a rate of about 10 percent. Another problem ... is.. "cascading,", taxes levied on taxes rather than on goods and services.

Good discussion of pros and cons of VAT

"What is so far lacking in the tax reform effort is a compelling reason to enact any actual reforms."