Skip to comments.Obama Economic Adviser Says U.S. Should Consider 'Value Added Tax' (Here it comes!)
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 ...
New taxes on everything are coming
and still the budget won’t balance, when for every two dollars spent one is borrowed!!!!!!!!!!!!!!!!!!!!
If I remember my economics courses correctly, a tax on retail purchases will tend to depress retail sales, further depressing the economy and killing jobs.
In Brazil, a 16 GB USB stick is about $100. Here, it’s about $10.
We will be seeing the same kind of prices here, soon.
“Congress might also have to consider taxes on carbon and energy...”
What a bunch of arrogant scu&bags.
Everyone needs to read this post:
Better yet, America should slash Federal spending.
Where? The best price I've seen on a 16G stick is about $35.
It would be like giving an out-of-control drunk the keys to a liquor store.
“Read my purple lips, no taxes on the middle class...”
We have got to get this communist jerk out of power !
Ain’t it just great living in an upside down universe where every suggestion, every move, every single desire of the ruling class, is in a direction exactly opposite to every known law of economics, progress, and growth.
They predicted this crap!
My response to this headline:
“U.S. citizens should consider tar and feathering Obama Economic Advisor for suggesting a VAT.”
Yup. When Krauthammer said it, I cringed, yet knew in my heart that he was right. They are already floating trial balloons for this nonsense.
WHy is cutting the deficit never an option?
No, absolutely wrong! Taxes hurt the economy and adding or increasing taxes is a sure job-killer. What they should, no, must do is cut spending. DC must cut spending because their current spending spree is bankrupting the Country. They cannot raise taxes enough to cover their spending without totally destroying the economy and sending us into a depression. The Federal Government needs to quit spending, well, wasting our money on activities it has no business doing, and no Constitutional leg to stand on.
This is a GREAT danger that has been part of a trial baloon for the past year.
People as varied as O’Reilly, Pelosi, and now Volker have spoken in favor of it.
In brief, it is giving more of our money to the ignoramuses who have proved completely INCOMPETENT with what they have.
It is beyond the pale. There’s no way all of government, to include state and local, should exceed 20% for any American. The VAT will push them near 70%.
Another day another outrage from this pofs marxist communist radical admn.
How about a tax on Barky’s mouth ?
U.S. should consider repealing the interstate commerce clause.
And say Goodbye to the “Consumer economy”.
Without consumers spending, theis country is doomed. We are now at that point.
These people in DC have no clue and they are our so-called leaders. How did we get here?
As I said earlier I saw on Fox that the Dems and Obama are now pushing for the Treasury Secretary to have “extraordinary powers”
Meaning.. if he “deems” a company struggling or “too big to fail”
He can take it over or shut it down.
They said who would want to be a Republican owning a business if a Democrat President can simply shut your company down?
Do you really believe for one moment that “they” don't know that? Have you seen one single action the DemonRATs have taken in the last 20 years that was aimed at anything other than giving “them” more control? Socialists, Marxists, Communists, Environmentalists, whatever you choose to call them, they are bent on destruction of Capitalism and Free Enterprise. Don't fall for the trap that “they” are misguided. This is a purposeful, sustained attack from within, and should be dealt with as severely and forcefully as one would deal with any traitorous entity or person.
This guy way have been right on the money.
What we need is a law that makes introducing new taxes as a treasonable offense on the part of the legislator foolish enough to sponsor the bill.
VAT is not just another “sales tax”. It is more of a multi-level marketing, pyramid scheme of a sales tax, where each and every manufacturing step along the way garners its own taxation.
Obama and administratio stink.
“If you try to sit, I'll tax your seat,
If you get too cold, I'll tax the heat,
If you take a walk, I'll tax the street.
Cause I'm the TAXMAN!”
And does anyone think the VAT will be the last of the taxes to be imposed?
The line must be drawn here.
Paul Volcker is still alive? I thought that communist ahole was dead and buried, just like Karl Marx.
Value Added Tax and taxes on carbon and energy my a$$!
I think we should consider some sort of constitutional amendment limiting government spending to some percentage of the GDP from the previous year.
If we had something like this in place, I’d even go for a tax increase as long as every dollar in tax increase was accompanied by an equal amount of decrease in government spending. We have to have strong incentives for these douche-bags to stop spending, or they are just going to keep right on going until we have a total economic collapse. I feel we’re already getting very close to that point as it is.
A VAT AND an income tax? That would push the marginal rate for the average person way, way over 50% (when you include state, local, and other sales tax.)
That is unsustainable.
Obama and company are doing EVERYTHING possible to crash the economy.
They have two built in excuses already warmed up in the bullpen:
1) Bush’s Fault
2) Greedy capitalism.
Not a day goes by where Obama has stated aloud that he either ‘inherited this economic mess’ or blames wall street.
The truth is that many of the sheeple by this BS.
Some say the tax can be a good way to raise money because -- depending on how it's imposed -- the burden does not have to fall on the consumer alone
Talk about naivete!
This would be an economy killer, IMO. I'm not much of a "consumer" to begin with, but I'd become less of a "consumer" than I already am, as would millions of others.
Until people wake the hell up on the debt obligations this country faces this is all just noise making. We cannot meet our current obligations because tax revenues are insufficient relative to outlays.
Raise revenue, cut spending or do both.....
Because if not it is going to be forced upon us soon.
Oh, how come I didn’t know this, the world’s financial crisis is due to a lack of taxation by the Federal Government. I’m glad I’m not a super financial wizard like Paul Volker, or I’d believe nonsense like this too.
They are tanking the economy on purpose, you know. For the same reason they are desperately trying to instigate violence from the right.
This is THE fastest way to create an underground BLACK MARKET.
They told us global warming was a fact. That it was settled science. It turns out it was a deliberate lie cooked up by liberals seeking free government grant money abetted by liberal politicians looking to control the masses.
They told us ObamaCare was free health care for everyone. Turns out this too is another liberal lie. VAT taxes, “carbon taxes it was all a ruse fully supported by the willing accomplices in the corrupt MSM. Who knew that the house of liberals is completely built on lies and deception, huh?
No place do they mention restricting government spending.
You might want to read this: http://www.freerepublic.com/focus/f-chat/2487307/posts
The “social cost of carbon” and by default ...energy. I can’t make this stuff up.
That, and they will also start spending and creating countless new Socialist Programs to suck up all the "revenue" they have taken from the Publik. There will be no end to it, or reasonable restraint.
$30 with free ship at www.newegg.com
ENOUGH WITH THE F——— TAXES ALREADY!!!
They think govt spending is the only way out of this mess...
I am quickly approaching the limit at which I can no longer afford to live in the United States.