BARTER
STARVE THE BASTARDS!
Posted on 04/07/2010 3:11:00 PM PDT by 2ndDivisionVet
A taxing development surfaced on Wednesday.
White House economic advisor Paul Volcker is calling for a new national sales tax -- a value added tax or "vat" -- to help close the deficit.
But as CBS 2 HD found out area residents are saying "vat chance."
Talk about starting a tax revolt. Volcker's call for a new national sales tax -- on top of the state and local sales taxes we pay now -- got a loud Bronx cheer from just about everyone.
"That's crazy. That really is crazy. Why would need any more taxes than we already have?" said Kathy Merritt of Watchung, N.J.
"It's a bad idea. New Yorkers are struggling as it is already. We don't need that. We need incentives, breaks, jobs," East New York's Lee Santiago said.
"They're trying to make those of us who have a few bucks poor so everyone will be poor and everyone will be the same," added Charlotte Wein of Midtown.
Here's what the former mayor of Yonkers said when CBS 2 HD into him on the street:
"The Obama administration continues to be extremely out of touch with mainstream America. We're over-taxed so it's just a continuation of his far left, extreme left, agenda and I think it's a disaster for New York and actually the rest of the country, too," John Spencer said.
The new so-called value added tax would come on top of state and local taxes. Economists say the tax would also be imposed on manufacturers and producers.
"You don't need a PhD in economics to figure out that what the producer is going to do is pass this along to the customer," said Ken Goldstein of The Conference Board.
So if the vat is 10 percent, that sweater you pay $31.50 for today would have and additional:
*50 cents in taxes added on by the yarn supplier
*$1 in taxes added on by the manufacturer
*50 cents added on by the wholesaler
*$1.50 added on by the retailer
Now the sweater costs $35 plus state and local sales taxes, which is 8.75 percent in New York City.
One thing that may keep the Obama administration from imposing the tax this year is that every member of Congress is up for election come November. But next year, all bets are off.
Jose Barro, an economist for the Manhattan Institute, told CBS 2 HD that the vat might work if the government agreed to reduce personal income and corporate taxes at the same time.
Did any of you guys see a turnip truck? I was riding in the back, minding my own business, when we hit a bump, and bam! I was throwed clean off.
Your post - excellent!
Having TWO SYSTEMS of NATIONAL TAXATION allows the skilled politician to whipsaw the public and electorate by lowering one while increasing the other and vice-versa. My personal vote - - - H E Double Hockey Sticks NO!
The “news” casts are tabloid gossip because that’s what sells. People watch that crap so that’s what they get.
As for “journalists”, they come from the bottom of the barrel of academia. A degree in journalism is about as difficult to achieve as a degree in education.
And what's to stop the government from increasing personal income and corporate taxes once the VAT is in effect? NOTHING! Invariably those tax rates would increase later, so promising to reduce them in return for instituting a VAT is ridiculous on its face.
Perhaps. I think he simply doesn't care anymore what anyone thinks. He has a socialist agenda he wants to implement and will do whatever he wants. Until someone stops him.
I am totally against any VAT especially the so-called ‘Fair Tax’ (liberals love it!)
When you tax everything and then give a ‘rebate’ to people who make less than X, all democraps have to do is promise a bigger and bigger cut to people who make less than X or adjust X until they get 51% of the vote.
The ‘rebate’ would be your yearly government paycheck and primary reason for voting yourself a bigger one each year
God expects 10% the government should expect no more
10 across the board- for everyone AND a balanced budget amendment.
VAT PLUS federal income tax PLUS state income tax PLUS sewer tax PLUS road tax PLUS car tax PLUS television tax PLUS dog tax PLUS packaging tax PLUS flying tax PLUS estate tax PLUS environmental tax PLUS gas tax PLUS .....
Get the idea? This is how it happens in Europe.
50% of the people absolutely no income tax. The dems have a natural lock on them unless they come over for social reasons.
I like the way your mind works.
< Which is why the so-called Fair Tax is such a ridiculous utopic idea devoid of reality.
A good Bronx cheer, it deserves.
The Bummer crowd thinks it can get away with murdering our money. It has another think coming.
cat tax, too?
That’s going to change with Bummercare
We need to make a whole college course on conservative economics based on stories like this
I have a great example of two men in a closed system that goes like this:
There are two men on an island
One works and gets paid 100 dollars, the other one is unemployed.
The magic government fairies that watch over these two men decide to tax the rich man $20 so that they can give the money to the poor man in ‘unemployment’
So there is still only 100 dolars in this system. The rich man has 80 and the unemployed man has 20.
After a while the poor man says how unfair that he canot live on $20 so they tax the rich man $50 and ‘spread the wealth around’ so now they both have $50.
But the rich man decides not to work anymore, since being unemployed earns him just as much as being employed.
Now there is ZERO in this system because no one is working at all.
Then a smart Sarah Palin Fairy comes along and says “look, we cannot take your money to give to someone for doing nothing” But we will allow a tax deduction for the expense of hiring someone.
So the rich man goes back to work and makes $100. He then HIRES the poor man to build him a boat, and pays him $50.
Now... the Rich man has $50 cash, and he ALSO has a $50 boat, and the poor man has $50 cash. So now there is $150 in this closed system.
An increase of $50 because WORK CREATES WEALTH. Taxation DESTROYS WEALTH
next... the government fairy discovers capital gains taxes (To Be Continued)
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