Podesta Says Value-Added Tax More Plausible as Deficits Grow \Who Is John Podesta ?2 Sept. 25 (Bloomberg) -- John Podesta compared the nations current budget crisis to the situation former President Bill Clinton faced in 1993 and said some form of a value-added tax is more plausible today than it ever has been. Theres going to have to be revenue in this budget, said Podesta, Clintons former chief of staff and co-chairman of President Barack Obamas transition team, said in an interview on Bloomberg Televisions Political Capital with Al Hunt, airing today. A so-called consumption tax would create a balance with European and Japanese economies and could potentially have a substantial effect on competitiveness, said Podesta. Value- added taxes in Europe and Japan encourage savings by taxing consumption. Podesta said such a tax may be regressive, but can be balanced by exempting some products and using the money to support low-wage workers. Podesta Says Value-Added Tax âMore Plausibleâ as Deficits Grow - Bloomberg.com Why not ? All those great powerhouse economies in Europe have one.