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Taxes likely to rise eventually to tame deficit
Guardian.UK ^ | Tuesday April 6, 2010

Posted on 04/06/2010 5:36:44 PM PDT by Bigtigermike

Edited on 04/06/2010 5:41:04 PM PDT by Admin Moderator. [history]

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 guardian.co.uk ...


TOPICS: Front Page News; News/Current Events; Politics/Elections
KEYWORDS: bho44; bohica; buckdich; democrats; economy; elections; obama; politics; tax; taxes; teaparty; valueaddedtax; vat
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1 posted on 04/06/2010 5:36:44 PM PDT by Bigtigermike
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To: Bigtigermike

Had enough yet?


2 posted on 04/06/2010 5:39:15 PM PDT by FightThePower! (Fight the powers that be!)
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To: Bigtigermike

These people are making me angry.


3 posted on 04/06/2010 5:39:47 PM PDT by donhunt (Obama care should begin with doctors putting Nancy Pelosi's tongue in a splint.)
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To: FightThePower!

But..But....But...He promised that no one under 200,000 will..? Vat! Carbon tax! Energy tax!


4 posted on 04/06/2010 5:40:36 PM PDT by Bigtigermike (Loose lips sink ships, stay away RINO's)
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To: Bigtigermike

Well, I’m just shocked, just shocked!(sarcasm)


5 posted on 04/06/2010 5:41:01 PM PDT by Halls (Jesus is my Lord and Savior)
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To: Bigtigermike; All

There is a reason why I hated him..


6 posted on 04/06/2010 5:41:36 PM PDT by KevinDavis (No money for the moon, but money for High Speed Choo Choo's....)
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To: Bigtigermike

People for the most part refuse to believe that the coming NWO is real.....

America is the frog in the pot and won’t know what’s hit it until we are boiled.


7 posted on 04/06/2010 5:42:11 PM PDT by Halgr (Once a Marine, always a Marine - Semper Fi)
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To: Bigtigermike

Here it comes folks. We must fund entitlements and pensions. A vivid demarcation line will become more and more apparent.


8 posted on 04/06/2010 5:42:15 PM PDT by rsobin
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To: Bigtigermike

The TEA (taxed enough already) party needs to be joined by a SEA (spent enough already) party.


9 posted on 04/06/2010 5:43:11 PM PDT by HiTech RedNeck (I am in America but not of America (per bible: am in the world but not of it))
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To: Bigtigermike

The socialism freight train hitting us will take a 100 years to undo. Castro and Chavez are pleased.


10 posted on 04/06/2010 5:43:16 PM PDT by catfish1957 (Hey algore...You'll have to pry the steering wheel of my 317 HP V8 truck from my cold dead hands)
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To: Bigtigermike
Some remedial reading for Mr. Volker....

The End of Prosperity: How Higher Taxes Will Doom the Economy--If We Let It Happen

The Laffer Curve: Past, Present, and Future

11 posted on 04/06/2010 5:43:36 PM PDT by mewzilla (Still voteless in NY-29)
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To: Bigtigermike

When I first saw the headline, I misread it as: “Texas likely to rise eventually to tame deficit”. I liked my headline a whole lot better :-)


12 posted on 04/06/2010 5:45:43 PM PDT by lonevoice (If Fox News is the only outlet reporting it, did it really happen?)
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To: Bigtigermike

Paul Volcker is slime in my book!
Anyone who promotes fiat money as if was real and honest currency, is a liar to the core!


13 posted on 04/06/2010 5:45:47 PM PDT by J Edgar
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To: mewzilla
The Way the World Works, 20th Anniversary Edition
14 posted on 04/06/2010 5:46:03 PM PDT by mewzilla (Still voteless in NY-29)
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To: Bigtigermike

Oh yeah, the US will raise taxes further. There is no doubt about it. A VAT is probably coming, the left/media have been floating that balloon for quite awhile now.

I see no evidence yet that the American public will seriously resist still further taxation. There is some grumbling now, but it isn’t enough to dissuade the Democrats from doing whatever they want.

I just hope we haven’t reached that point where the leechers outnumber the productive people consistently at the ballot box. We are dangerously close already.


15 posted on 04/06/2010 5:47:11 PM PDT by Longbow1969
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To: Bigtigermike
No amount of money will sate the hunger of government. The only way to stop it is to muzzle it and start chopping it apart.
16 posted on 04/06/2010 5:47:23 PM PDT by KarlInOhio (Obamacare: The 2010 version of the Intolerable Acts.)
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To: Halgr

17 posted on 04/06/2010 5:48:01 PM PDT by thouworm
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To: Bigtigermike
The United States should consider raising taxes to help bring deficits under control

The United States should consider raising taxes to help justify yet higher spending. Every dollar of new taxes will justify 2 dollars of new spending, not to mention that higher taxes will depress business and probably lower revenues.To generate large amounts of real revenue the government needs to impose a 10% wealth tax on everyone's net worth. It would raise tons of new revenue in one year. Of course, everyone with enough assets for a plane ticket will be trying to emigrate and the second year will be a little less.

18 posted on 04/06/2010 5:48:44 PM PDT by arthurus ("If you don't believe in shooting abortionists, don't shoot an abortionist." -Ann C.)
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To: Halgr

“People for the most part refuse to believe that the coming NWO is real.....

America is the frog in the pot and won’t know what’s hit it until we are boiled.”

I agree! What is it gling to take before the general public wakes up? As long as they can pay for their beer and cigarettes, they don’t care.


19 posted on 04/06/2010 5:50:48 PM PDT by Wisconsinlady (.)
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To: Bigtigermike

The real reasons for a VAT in the future in the U.S.:

1) Less income for the average taxpayer means less income tax paid, we can’t have that.
2) To get their share of the underground economy. Go ahead and earn your money off the books, but we’ll get you when you spend it.
3) It’s easier to keep the relatively small number of businesses in line than to be chasing down individual taxpayers.
4) To get more money out of honest rich people who don’t have income but are living off their accumulated wealth.


20 posted on 04/06/2010 5:50:56 PM PDT by jiggyboy (Ten per cent of poll respondents are either lying or insane)
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To: Bigtigermike

We have a choice, and a clear one: remain free citizens of a limited Constitutional Republic whose laws we may not always agree with but must obey as along as they are consistent with their charter, or live as servants of a government exercising powers with which it is not endowed by its people, which is to say, powers that are illegitimate and to be opposed not merely as a matter of right, but of duty.


21 posted on 04/06/2010 5:51:37 PM PDT by andy58-in-nh (America does not need to be organized: it needs to be liberated.)
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To: Bigtigermike

I just got back from Italy yesterday. Prices are eye wateringly high. Largely thanks to the VAT. Lord help us if they add a VAT to our other massive taxes.

Oh yeah and EVERYONE in Italy cheats on their taxes. EVERYONE.


22 posted on 04/06/2010 5:51:58 PM PDT by Kozak (USA 7/4/1776 to 1/20/2009 Reqiescat in Pace)
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To: Bigtigermike
Published by that rat's nest, Reuters - figures. And I want that word 'entitlement' to be as toxic in the American lexicon as much as that boot-licker Volcker thinks that 'VAT' isn't. It should have the same visceral effect on the national soul as 'treason' or 'genocide'.


23 posted on 04/06/2010 5:52:01 PM PDT by Viking2002 (Where the hell can I get a court injunction to keep my own government out of my life?!?)
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To: Bigtigermike

FU Heir Volker!


24 posted on 04/06/2010 5:52:31 PM PDT by broken_arrow1 (I regret that I have but one life to give for my country - Nathan Hale "Patriot")
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To: Bigtigermike

Yep, that’ll fix it!


25 posted on 04/06/2010 5:52:41 PM PDT by MileHi ( "It's coming down to patriots vs the politicians." - ovrtaxt)
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To: Bigtigermike
You could Tax all income 100% above $50,000 and it would not be enough. There is only so much money, they can't keep
putting taxes here and there. A VAT tax will be even worse. Do any of these DAMN idiots think of cutting spending?
The day is coming very soon when these decisions will have to be made and then lookout Entitlements will be cut.
26 posted on 04/06/2010 5:57:40 PM PDT by Captain Peter Blood
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To: Wisconsinlady

Lady! That should read:

“As long as they can pay for their beer and BRATWURST, they don’t care.”

*SMILE*

I agree. We’re going to have to fall a LOT further before the average schmuck gets even a HINT of a clue as to what’s going on.

I’m thinking the first time a few million people don’t get their welfare checks, and a few million Grandmas & Grandpas don’t get their SS checks on the first of the month will do the trick. ;)


27 posted on 04/06/2010 5:58:21 PM PDT by Diana in Wisconsin (Save the Earth. It's the only planet with Chocolate.)
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To: Bigtigermike
I've said it many times in previous posts & others at FR have said the same thing ... a VAT is only a matter of time. After Obama health care passed it's just a matter of when ... it's inevitable.
28 posted on 04/06/2010 5:58:48 PM PDT by BluH2o
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To: Bigtigermike

http://www.youtube.com/watch?v=k_7WUugsWng

“not one dime”


29 posted on 04/06/2010 6:00:03 PM PDT by tobyhill
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To: Bigtigermike
The news of our immanent takeover continues. At this rate, we're going to fall faster than the USSR....
30 posted on 04/06/2010 6:01:37 PM PDT by Sleeping Freeper
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To: Bigtigermike

Higher taxes will solve the deficit. Right.

Imagine a compulsive, degenerate gambler who’s $50,000 in debt to loansharks who are threatening his life. Imagine “solving” the problem by handing him $50,000 in cash on Super Bowl weekend.

That’s about how well tax increases would work to solve the deficit. The problem is not the deficit. It’s the degenerate, compulsive spending.


31 posted on 04/06/2010 6:02:50 PM PDT by denydenydeny ("I'm sure this goes against everything you've been taught, but right and wrong do exist"-Dr House)
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To: Captain Peter Blood
The day is coming very soon when these decisions will have to be made and then lookout Entitlements will be cut.

That day will never come.

It will never come because it has already passed. Well, except for the fact that entitlements didn't get cut.

Surprised?

Neither was I.

Don't worry, it's not as if you slept through CWII, or anything; THAT is still coming, at least, it is if God still makes Americans the same way He used to.

Anyway, you remember that old radio show, "The Shadow"?

"Who knows what evil lurks in the hearts of men? The Shadow knows."

the day is soon coming when, if The Shadow were a Leftist politician he'd be angling for a way to relocate -- to Mars.

32 posted on 04/06/2010 6:05:31 PM PDT by HKMk23 (The Democrat Legacy: Hoax and Chains)
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To: Bigtigermike
No tax hikes (neither in rates nor in the base) until spending has been cut to the bone, and beyond, first.

Flushing Congress

33 posted on 04/06/2010 6:08:44 PM PDT by Oceander (The Price of Freedom is Eternal Vigilance -- Thos. Jefferson)
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To: HKMk23

Entitlements will be cut and taxes will be raised. If somethings not sustainable it’s not sustainable.


34 posted on 04/06/2010 6:09:24 PM PDT by BiggieLittle
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To: AdmSmith; Berosus; bigheadfred; Convert from ECUSA; dervish; Ernest_at_the_Beach; Fred Nerks; ...

Wow, I never saw that coming. ;’)


35 posted on 04/06/2010 6:13:25 PM PDT by SunkenCiv ("Fools learn from experience. I prefer to learn from the experience of others." -- Otto von Bismarck)
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To: Bigtigermike
The U.S. should take a cleaver to entitlement programs and hack them into near oblivion. They are unconstitutional uses of money confiscated from the taxpayers. They are also bottomless pits. More taxation is not a solution. The politicians will spend everything they collect in taxes and more. The politicians have no self control. They need some harsh limits imposed to keep them in check.
36 posted on 04/06/2010 6:23:37 PM PDT by Myrddin
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To: Bigtigermike

Great - I was just thinking taxes are way too low. :)


37 posted on 04/06/2010 6:27:39 PM PDT by Tzimisce (No thanks. We have enough government already. - The Tick)
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To: lonevoice

Can we quickly secede???


38 posted on 04/06/2010 6:29:48 PM PDT by Jane Long (America, while you were sleeping the Socialists took over.)
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To: Bigtigermike; All
Didn't Thomas Sowell just warn us in a great article that they were going to do this?
39 posted on 04/06/2010 6:32:36 PM PDT by LuvFreeRepublic (Support our military or leave. I will help you pack BO!)
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To: Bigtigermike

What “Mother” Volcker and his comrades never will grasp is that jacking up taxes will result in less revenue collected as it suffocates economic growth.

Maybe these economically-challenged leftists will finally learn some basics.


40 posted on 04/06/2010 6:44:00 PM PDT by Zman516 (muslims, marxists, communists ---> satan's useful idiot corps)
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To: jiggyboy

I like #2 but it will have the effect of killing local commercial outlets in rural communities. We’ll just switch back to a trade and barter system, and the fed will be none the wiser that we even exist.

-Oz


41 posted on 04/06/2010 6:59:41 PM PDT by Ozlanthos
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To: jiggyboy

If the general public had 50% of my knowledge of psychology, sociology, and economics (and how they effect one another)the White House would be burning right now! As soon as these new taxexs are implemented Volker’s office will probably have to be checked for suit-case nukes on a daily basis. I can’t imagine what Obamanauts will do when they see and experience the fallout of his policies! I feel sorry for you city folk. You’ll suffer the worst because you don’t have room for cattle, or farming. This will mean that your ability to participate in barter will be very limited and costly.

-Oz


42 posted on 04/06/2010 6:59:41 PM PDT by Ozlanthos
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To: KarlInOhio
The only way to stop it is to muzzle it and start chopping it apart.

That doesn't happen at the ballot box, not when the majority of the electorate is dependent on government for its livelihood.

Its good to be King and live inside the Beltway where everyday is Christmas and there is never a recession or a hard days work going on.

43 posted on 04/06/2010 7:04:20 PM PDT by Rome2000 (OBAMA IS A COMMUNIST CRYPTO-MUSLIM)
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To: Bigtigermike

Oh, yeah, they’ll continue to raise taxes frantically and in bizarre ways. But that won’t stop the default from happening. Government employees and special interest recipients often consider themselves to somehow be the great taxpayers. But such tax paying is rather circular, and they are the most hoggish of welfare consumers. Prepare for the sovereign debt crisis. The so-called recoveries are only good for buying time and making the inevitable more severe.

On the bright side, a default will be an opportunity to rebuild with much smaller government and leaders who aren’t affirmative action figureheads for anti-American constituents. It will be an opportunity to get some men back in leadership.

So avoid unnecessary personal purchases. Become more self-sufficient every month, and start a hobby at making something useful—a necessity.


44 posted on 04/06/2010 7:11:36 PM PDT by familyop (cbt. engr. (cbt), NG, '89-' 96)
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To: Bigtigermike
Screw you Paul.
45 posted on 04/06/2010 7:13:07 PM PDT by jwalsh07
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To: Bigtigermike

And BTW, we’ve already seen globalization. We’re about to see the house of cards fall: deglobalization, if we can keep it.


46 posted on 04/06/2010 7:13:14 PM PDT by familyop (cbt. engr. (cbt), NG, '89-' 96)
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To: Bigtigermike

Thanks, Volker. How about another entitlement while youre at it ?


47 posted on 04/06/2010 7:21:16 PM PDT by Nonstatist
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To: Bigtigermike
and America takes another one in the........

48 posted on 04/06/2010 7:23:29 PM PDT by Chode (American Hedonist *DTOM* -ww- NO Pity for the LAZY)
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To: Bigtigermike
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.

Yes, absolutely ... and we should never ever for one second consider that Government is too GD big and bloated and expensive and needs to be whittled down to size ... Only that it should grow and grow and grow and get bigger and bigger and bigger ...

FU Volcker and FUBO.

49 posted on 04/06/2010 7:31:04 PM PDT by spodefly (This is my tag line. There are many like it, but this one is mine.)
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To: Bigtigermike

The elites are all talking as if the VAT is a done deal. I see little resistance to it in the press, although there is some.

They won’t be able to get this through Congress before November. But if the pubbies capitulate, it’s done. The TPers should make this an issue loud and clear.


50 posted on 04/06/2010 8:01:17 PM PDT by nicollo (you're freakin' out!)
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