Posted on 03/27/2010 10:55:40 AM PDT by PMAS
As the night follows the day, the VAT cometh. With the passage of ObamaCare, creating a vast new middle-class entitlement, a national sales tax of the kind near-universal in Europe is inevitable.
We are now $8 trillion in debt. The Congressional Budget Office projects that another $12 trillion will be added over the next decade.
ObamaCare, when stripped of its budgetary gimmicks — the unfunded $200-billion-plus doctor fix, the double counting of Medicare cuts, the 10-6 sleight-of-hand (counting 10 years of revenue and only 6 years of outflows) — is at minimum a $2 trillion new entitlement.
It will vastly increase the debt. But even if it were revenue-neutral, ObamaCare pre-empts and appropriates for itself the best and easiest means of reducing the existing deficit. ObamaCare's $500 billion of cuts in Medicare and $600 billion in tax hikes are no longer available for deficit reduction. They are siphoned off for the new entitlement of insuring the uninsured.
This is fiscally disastrous because, as President Obama himself explained last year
(Excerpt) Read more at investors.com ...
At this point, VAT may be politically in vogue, but the real problem is the debt. As Mr. Krauthammer noted, the debt needs to be fed, regardless of where the food comes from. No matter the source, our overall standard of living is headed in the toiled if the debt is not resolved.
F U B O!
bookmark.
The funny thing about the VAT tax is what VAT stands for — Value Added Tax — some value.
But Obama promised the Middle Class would not be taxed.
Lying sack of crap.
we are all going to pay more for everything because it is a tax on levels of production, so people will not actually see the tax - but they will feel it.
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