Posted on 04/07/2010 4:37:00 AM PDT by Red in Blue PA
Acknowledging it would be a highly unpopular move, White House economic adviser Paul Volcker said yesterday the United States should consider imposing a "value added tax" similar to those charged in Europe to help get the deficit under control.
A VAT is a national sales tax that, like state and city sales taxes, would be collected by retailers.
Volcker, at the New-York Historical Society, told a panel on the global financial crisis that Congress might also have to consider new taxes on carbon and energy.
(Excerpt) Read more at foxnews.com ...
Good tech analogy. This means every time I add one of our “On Demand” products on to a customer system there will be a VAT tax imposed.
Yup, this is the big "working class" tax....
It’s a great idea. Plus, if you’re in a pinch, you can sell some of the items later, at a reduced price, and make a handful of money, or just save money in the Long run. Glenn Beck advised of this 2 years ago, and I thought he was a bit kooky at the time, but, to an extent, did it anyway. It’s really helping out now, and it hasn’t even hit the fan yet...
Food stamp purchases don’t pay taxes now anyway, so I’d have to concur with you, it will not be a tax to the poor, only to the middle class, until the back is broken. I honestly believe it, too. This is definitely orchestrated, IMHO.
"The problem with socialism is that eventually they run out of other peoples money."
If all these taxes were passed, why work? I'd advise my kids not to. They might as well play for awhile and live off all the taxes their parents have already paid. That way, our family breaks even. In the end, the government gets nothing from us.
But Michelle said Obama won’t let you quit.
This guy is proposing a carbon tax, cap and trade schemes, and energy taxes.
Because the percentage of Americans who recognize the need and are willing to accept the consequences has dropped well below 50%.
The situation won't change until the pain of borrowing and spending and lying about the nation's true financial condition is worse for the average American than the pain of budget cutting. Unfortunately, that looks to be a long way off yet.
LOLOLOLOLOLOLOLOLOL!!!!!!!!!!!!!!!!!!!!!!!!!!
Our employees clearly have a terrible hearing problem.....
everything free men do interferes with these people’s goals....
Get rid of the income tax, and I might be O.K. with the VAT. Then at least those 47% who pay no income taxes, yet receive many benefits from my taxes, would have to contribute to the cause. Unfortunately, the VAT will not replace anything. It will only be “in addition to”. As someone else has already mentioned, the first place to start is cutting spending. That’s what every business and individual does when faced with a shortfall in income. Pardon me; I had a momentary brain cramp. None of the dimwits in Washington knows anything about running a business.
But, a VAT will increase prices by 2x and as much as 5x to 10x as much as they are now. It is the one true American lifestyle killer.
New taxes on everything are coming
Along with old taxes: the Bush tax cuts expire at the end of this year. Folks are in for a rude awakening when the combined tax increases hit in 2011.
“We won’t even be able to afford a loaf of bread!”
You will if you have some tomatoes or chicken to trade with someone! I know quite a few people aligning themselves with other like minded individuals with some farming skills. Back to basics is all. Back to basics.
...you need to turn down that thermostat, comrade.
With the debt approaching 90% of the GNP, might as well raise a vat at 10% and take the rest, every year.
I’m thinking maybe I should replace my desktop computer NOW! (I have a 5-6 yr old one).
A world-class over-simplification.
We can (and do) tax income of all kinds (corporate, personal, wages, interest, dividends, capital gains, rental income, etc.). And we can and do tax transfers of money (sales taxes [mostly, so far, at state and local levels], various "sin" taxes [fuel, tobacco, alcohol], and estate taxes. So, our money is taxed, multiple times, coming and going.
But this likely won't be enough for the Obama regime. With spending on "entitlements" and interest spiraling out of control and unlikely to be reigned in, more tax revenue will be needed. There will likely be further increases on income tax rates for "the rich," but for the most part, the regime has boxed itself in by promising not to raise income tax rates on middle and low income people. And I doubt that a wide-ranging VAT will be implemented (maybe on selected "luxury" goods), because it will be perceived as regressive.
So, if you're limited on increasing tax revenues from income and from outflow, what's left? A tax on having. A national property tax on your houses, your cars, your other physical possessions, and most importantly, on your investment portfolio. You won't have to realize profits by selling stocks in order to be taxed; just the fact that you own them (you greedy, selfish capitalist pig, you) will earn you an annual invoice from Uncle Sam. A very quick method of income redistribution.
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