Volcker: Taxes likely to rise eventually to tame deficit

Reuters ^ | 4/6/2010 | Steven Johnson

[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.

[Jolla]

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

[Desron13]

"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.

[Hoodat]

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.

[gogogodzilla]

One can raise taxes to meet government expenditures...

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

I prefer to cut government.

[Hoodat]

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.

[Mariner]

The commie b@stard.

Any new taxes will tip the scale to revolution.

[RayChuang88]

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:

[bergmeid]

We will decide THAT.

[sport]

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.

[bergmeid]

To the point. I love it.

[bergmeid]

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

[plain talk]

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

[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.

[Thunder90]

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.

[Political Junkie Too]

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

[FlingWingFlyer]

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.

[rlmorel]

“...wait for it...wait for it...”

[Desron13]

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

[jerry557]

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

[Desron13]

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