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Volcker: Taxes likely to rise eventually to tame deficit
Reuters ^ | 4/6/2010 | Steven Johnson

Posted on 04/06/2010 6:27:17 PM PDT by GreaterSwiss

Volcker: Taxes likely to rise eventually to tame deficit

NEW YORK (Reuters) - The United States should consider raising taxes to help bring deficits under control and may need to consider a European-style value-added tax, White House adviser Paul Volcker said on Tuesday.

(Excerpt) Read more at reuters.com ...


TOPICS: Breaking News; Business/Economy; Front Page News; Government
KEYWORDS: 111th; 2010; agenda; bhosocialism; bhotaxincrease; capandtax; defensecuts; deficit; democrats; elections; globalwarming; liberalfascism; lping; obama; socialism; spreadthewealth; stealthewealth; tax; taxcheatparty; taxes; volcker
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To: GreaterSwiss

Paul, fat drunk and stupid is no way to spend your senior years.


61 posted on 04/06/2010 8:05:13 PM PDT by Jolla
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To: GreaterSwiss
"Volcker: Taxes likely to rise eventually to tame deficit"

Hey Volcker you moron how about this head line... "Spending likely to fall DRAMATICALLY AND IMMEDIATELY to tame deficit" Any person having the slightest claim to rationality would prefer the later.

62 posted on 04/06/2010 8:21:49 PM PDT by Desron13
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To: GreaterSwiss
Volcker: Taxes likely to rise eventually to tame deficit

A far better way to tame the deficit would be to cut spending. Volcker has got to know that government will be hard pressed to collect more than 20% of GDP, and raising taxes will do nothing to increase that percentage.

63 posted on 04/06/2010 8:25:00 PM PDT by Hoodat (For the weapons of our warfare are mighty in God for pulling down strongholds.)
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To: GreaterSwiss

One can raise taxes to meet government expenditures...

...or one can cut government expenditures to meet revenue.

I prefer to cut government.


64 posted on 04/06/2010 8:26:51 PM PDT by gogogodzilla (Live free or die!)
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To: FlingWingFlyer

I just finished up with my tax accountant. I was shocked to discover that I am in the top 5% since my taxes did indeed go up.


65 posted on 04/06/2010 8:27:18 PM PDT by Hoodat (For the weapons of our warfare are mighty in God for pulling down strongholds.)
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To: GreaterSwiss
The commie b@stard.

Any new taxes will tip the scale to revolution.

66 posted on 04/06/2010 8:30:41 PM PDT by Mariner
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To: GreaterSwiss
I do not approve of Volcker's suggestion, mostly because historically everyone knows higher taxes on income end up hampering economic growth.

I prefer this solution:


67 posted on 04/06/2010 8:31:33 PM PDT by RayChuang88 (FairTax: America's economic cure)
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To: GreaterSwiss

We will decide THAT.


68 posted on 04/06/2010 8:32:31 PM PDT by bergmeid (Fumigate Washington NOW!!)
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To: Mariner

There won’t be any revolution. But as sure as tomorrow follows today, taxes will skyrocket. How they will be paid by people with no jobs and no money? I don’t know. the sobs that voted for obama can figure it out.


69 posted on 04/06/2010 8:34:09 PM PDT by sport
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To: hinckley buzzard

To the point. I love it.


70 posted on 04/06/2010 8:34:09 PM PDT by bergmeid (Fumigate Washington NOW!!)
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To: dhs12345

Count on a VAT level of 19% to start off with.


71 posted on 04/06/2010 8:35:27 PM PDT by bergmeid (Fumigate Washington NOW!!)
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To: GreaterSwiss

This will be Obama’s version of the Fair Tax - a sales tax in addition to everything else.


72 posted on 04/06/2010 8:39:53 PM PDT by plain talk
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To: Desron13
Does anyone else here feel like they're living in the last chapters of freakin Atlas Shrugged? Seriously people, this is getting completely insane! I have come to the increasingly inescapable conclusion that the idiots in Washington are intentionally destroying this country so they can remake it into the delusional paradise, Through the Looking Glass world, that their fevered little minds have been contemplating since their parents failed to provide them with a perfect world from birth.
73 posted on 04/06/2010 8:40:41 PM PDT by Desron13
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To: steelyourfaith; xcamel

Volker is also hinting at a carbon tax, which goes further than cap and trade. There would be a cap and trade system, and the permits are SOLD by the govt at an ever increasing rate and scarcity evenly to each company within a field. Furthermore, each transaction of a carbon credit is taxed, so the govt makes money there as well. This means much higher energy rates.


74 posted on 04/06/2010 8:42:03 PM PDT by Thunder90 (Fighting for truth and the American way... http://citizensfortruthandtheamericanway.blogspot.com/)
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To: GreaterSwiss
Another person opining after the fact, but was silent while all this was happening.

Can we have a law against ex post facto pronouncements?

-PJ

75 posted on 04/06/2010 8:42:30 PM PDT by Political Junkie Too ("Comprehensive" reform bills only end up as incomprehensible messes.)
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To: Hoodat
Don't get me started. LOL!

My wife and I failed to increase our witholding after the Kenyan guy gave us that fabulous "tax cut". Didn't think is was that big of a deal since we also got a hopey/changey pay cut. Big mistake. oy.

76 posted on 04/06/2010 8:44:13 PM PDT by FlingWingFlyer (Dude! Where's my Constitution!)
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To: rdl6989

“...wait for it...wait for it...”


77 posted on 04/06/2010 8:52:49 PM PDT by rlmorel (We are traveling "The Road to Serfdom".)
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To: sport
Atlas Shrugged in a nut shell...
Looter to Producer: You have to produce more so I can transfer your productivity to the Moochers and stay in power.
Producer to Looter: No
Looter to Producer: Produce or I will take your life.
Producer to Looter: That may be true but then the Moochers will rise up and kill you to before they perish in their own incompetence and ignorance.
Looter to producer: But don't you care about the Moochers?
Producer to Looter: Nope
78 posted on 04/06/2010 9:05:15 PM PDT by Desron13
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To: rogertarp

Oh no.. you can’t do that. Someone’s entitlements might get cut!


79 posted on 04/06/2010 9:24:29 PM PDT by jerry557
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To: Desron13

Did I for get to add... GAME OVER MAN, GAME OVER!


80 posted on 04/06/2010 9:36:08 PM PDT by Desron13
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