I wrote a longer and better post = but I bumped my "Back" key!
Posted on 04/07/2010 3:11:00 PM PDT by 2ndDivisionVet
A taxing development surfaced on Wednesday.
White House economic advisor Paul Volcker is calling for a new national sales tax -- a value added tax or "vat" -- to help close the deficit.
But as CBS 2 HD found out area residents are saying "vat chance."
Talk about starting a tax revolt. Volcker's call for a new national sales tax -- on top of the state and local sales taxes we pay now -- got a loud Bronx cheer from just about everyone.
"That's crazy. That really is crazy. Why would need any more taxes than we already have?" said Kathy Merritt of Watchung, N.J.
"It's a bad idea. New Yorkers are struggling as it is already. We don't need that. We need incentives, breaks, jobs," East New York's Lee Santiago said.
"They're trying to make those of us who have a few bucks poor so everyone will be poor and everyone will be the same," added Charlotte Wein of Midtown.
Here's what the former mayor of Yonkers said when CBS 2 HD into him on the street:
"The Obama administration continues to be extremely out of touch with mainstream America. We're over-taxed so it's just a continuation of his far left, extreme left, agenda and I think it's a disaster for New York and actually the rest of the country, too," John Spencer said.
The new so-called value added tax would come on top of state and local taxes. Economists say the tax would also be imposed on manufacturers and producers.
"You don't need a PhD in economics to figure out that what the producer is going to do is pass this along to the customer," said Ken Goldstein of The Conference Board.
So if the vat is 10 percent, that sweater you pay $31.50 for today would have and additional:
*50 cents in taxes added on by the yarn supplier
*$1 in taxes added on by the manufacturer
*50 cents added on by the wholesaler
*$1.50 added on by the retailer
Now the sweater costs $35 plus state and local sales taxes, which is 8.75 percent in New York City.
One thing that may keep the Obama administration from imposing the tax this year is that every member of Congress is up for election come November. But next year, all bets are off.
Jose Barro, an economist for the Manhattan Institute, told CBS 2 HD that the vat might work if the government agreed to reduce personal income and corporate taxes at the same time.
His agenda is not socialism, but ultimately Marxism. To get there, he has to take us to Fascism first.
He’s got a good head start right now.
I dunno, I had a dog and two TV’s so that is what I got billed for every quarter.
The VAT is a sales tax, paid by everyone who buys goods and services.
NO NO NO NO I will NOT pay a national sales tax on top of income taxes. One or the other but not fraking both you fraking crooks.
yep. bad idea just like the so-called Fair Tax nonsense.
We refuse to be Fasced!
Obama is moving so very fast on all of this that his own supporters HAVE to be getting hot and bothered too. Unless they are too dumb to understand.
I already wrote you about ‘employer matching funds’ for employee insurance being considered ‘income’. It made me think of something else. Recall that I told you years ago that Union Carbide had an employees Savings Plan that paid off every two years?
They matched what ever you put into savings and it was fantastic all the years it lasted. Now it would be considered ‘income’ too.
The friggin nobama regime (to use Rush’s terminology) don’t know what they are talking about. A National Sales Tax IS NOT the same as a VAT tax.
The Fair Tax, which is a pretty well thought out plan, is close to being a NST.
VAT, as explained in the article, is something completely different.
Refusal or slavery, that’s the choice.
F R E E D O M ! ! ! !
The power to tax is the power to destroy and we should use it.
It won’t. In Iceland, where I have been several times, the tax is 24.5%, Thing is unless you are in a shop that is duty free where the forms are filled out you have no idea what the tax rate is. The sales sheet is for the item and the total not like we see with the sales tax added. And then when you claim your tax upon departure from the country you only get 15% back. Oh and if you have a receipt in which you would get 5000isk back you have to go though customs going out of the country. That would only be, today, less than 40 bucks usd.
Icelanders pay high taxes. And yes they have socialized medicine of which most are very proud. However the standard of living there compared to what he presently have is quite different..Americans would be shocked to find a washing machine in the bathroom of some of the nicest houses there..and many do not have a tumble dry ( dryer)...machines are small..it is a different life from what we are used to for sure. Makes one appreciate the US as it is or was until 0bmaunism.
Go underground economy,black market and barter.Does second hand get the VAT tax?
-Barack Hussein Obama
Yeah, let them defend themselves against the Russians and Cubans.
Oh, wait...
“”50 cents in taxes added on by the yarn supplier “”
In case the sweater is wool, don’t forget the rancher who raised the sheep - tax the food they eat. Who produced the food - whoops! another tax. Or how about a silk shirt - tax the silk worm.......
Many, many more “hits” before a product reaches the store.
It wasn’t important
Every day, EVERY DAM DAY I TELL YA, it’s some new stupid idea coming out of Washington/White House. What, are they all high on No-Doz, staying up all night dreaming up this crap? Didn’t the Anointed One say he would not raise taxes?
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