[영문]This paper considers what it might mean to describe the VAT as a qqqquot;money machine,qqqquot; tests whether it is one, and asks if it might consequently be wise not to adopt it. We find broadly persuasive evidence, using panel data for the OECD, for a qqqquot;weak formqqqquot; of the money?machine hypothesis: that countries with a VAT raise more revenue than those without. But the effect may not be large. The evidence also supports a qqqquot;strong formqqqquot; of the hypothesis: that this association reflects not increased demand for government, but rather the greater effectiveness of the VAT in raising revenue. Models in which citizens/voters are likely to lose by entrusting politicians with a qqqquot;money machineqqqquot; rely on quite extreme views of their preferences and/or the effectiveness of electoral discipline.