Wall St. Helped Greece to Mask Debt Fueling Europe’s Crisis(Goldman Sachs implicated again)

NYT ^ | 02/14/10 | LOUISE STORY, LANDON THOMAS Jr. and NELSON D. SCHWARTZ

[RayChuang88]

This is from the FairTax.org FAQ:

A VAT works very differently. It taxes every stage of production. It is much more complex and is typically hidden from the retail consumer. Second, in industrialized countries that have a VAT, it coexists with high-rate income tax, payroll, and many other taxes that, in some instances, have led to marginal tax rates as high as 70 percent. Third, all other industrialized countries, except Australia and Japan, have a much larger tax burden than the U.S., which requires higher rates and makes tax administration much more difficult. Lastly, a VAT is a lobbyist’s dream, allowing them to install their loopholes unbeknownst to the purchaser. A retail sales tax, in contrast, is a lobbyist’s nightmare, applied as it is under the bright lights of the retail counter.

In short, FairTax is vastly superior to a VAT because it is NOT a potential "hidden tax."

[April Lexington]

I actually have been to China and I wouldn't necessarily move there. But... that 10% income tax rate is looking mighty attractive. The point I was making is that money and entrepreneurs will move to low tax jurisdictions rather than keep paying high taxes. We, in the Land of the Free, are taxed globally. But in most other places, money will migrate to lower tax jurisdictions. So... I think rich Greeks will look for cheaper places to set up shop...

[April Lexington]

This language could easily be applied to California and the inevitable calls for bailout by other states that were not as irresponsible...

THAT would be unconstitutional... oh, wait... I forgot. The GOP didn't bother to challenge the Sotomayor nomination...

[April Lexington]

My great fear. Once that happens ALL states will spend like lunatics. Believing Uncle Sam will bail them out. At that point, our Federal system collapses and we are serfs of the population centers. We will exist to pay for their socialist lifestyles... Swing low sweet Chariot....

[SunkenCiv]

Thanks TigerLikesRooster.

[Pelham]

” It has become fashionable to use free economy and anti-liberal sentiment as a cover for (usually pro-liberal) financial oligarchy’s misdeed. “

Well said.