Skip to comments.Taxes likely to rise eventually to tame deficit
Posted on 04/06/2010 5:36:44 PM PDT by BigtigermikeEdited 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 ...
Had enough yet?
These people are making me angry.
But..But....But...He promised that no one under 200,000 will..? Vat! Carbon tax! Energy tax!
Well, I’m just shocked, just shocked!(sarcasm)
There is a reason why I hated him..
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.
Here it comes folks. We must fund entitlements and pensions. A vivid demarcation line will become more and more apparent.
The TEA (taxed enough already) party needs to be joined by a SEA (spent enough already) party.
The socialism freight train hitting us will take a 100 years to undo. Castro and Chavez are pleased.
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 :-)
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!
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.
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.
“People for the most part refuse to believe that the coming NWO is real.....
America is the frog in the pot and wont know whats 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.
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.
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.
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.
FU Heir Volker!
Yep, that’ll fix it!
Lady! That should read:
“As long as they can pay for their beer and BRATWURST, they dont care.”
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. ;)
“not one dime”
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.
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.
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.
Entitlements will be cut and taxes will be raised. If somethings not sustainable it’s not sustainable.
Wow, I never saw that coming. ;’)
Great - I was just thinking taxes are way too low. :)
Can we quickly secede???
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.
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.
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.
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.
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.
And BTW, we’ve already seen globalization. We’re about to see the house of cards fall: deglobalization, if we can keep it.
Thanks, Volker. How about another entitlement while youre at it ?
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.
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.