Earlier this week, presidential economic adviser Paul Volcker said a value-added tax may be necessary if the U.S. hopes to reduce deficits and reform entitlements. We get reaction from New Jersey Rep. Scott Garrett. What is a value-added tax? Is it a good idea? Would it simplify the tax code or just pile on to our tax bill? We also get Garrett’s thoughts on the debate to reform regulation for the banks and Wall Street.