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Keyword: vat

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  • Wise Words on Fiscal Sovereignty (sort of) from an Unlikely Source

    10/16/2013 9:11:44 AM PDT · by Kaslin ^ | October 16, 2013 | Daniel J. Mitchell
    I’ve always had a soft spot in my heart for Bill Clinton. In part, that’s because economic freedom increased and the burden of government spending was reduced during his time in office. Partisans can argue whether Clinton actually deserves the credit for these good results, but I’m just happy we got better policy. Heck, Clinton was a lot more akin to Reagan that Obama, as this Michael Ramirez cartoon suggests. Moreover, Clinton also has been the source of some very good political humor, some of which you can enjoy here, here, here, here, and here. Most recently, he even made...
  • Germany Recognizes Bitcoin As “Private Money”; Sales Tax Coming Soon

    08/19/2013 3:54:12 PM PDT · by Olog-hai · 10 replies
    TechCrunch ^ | August 19, 2013 | Romain Dillet
    After a parliamentary inquiry, Germany has clarified its position on Bitcoin. The federal ministry of finance recognized Bitcoins as “units of account”—the cryptocurrency is therefore be considered as “private money”. That’s why, according to Die Welt, the government stated that there wouldn’t be a tax exemption on commercial activities that use Bitcoins. In addition to paying capital gains tax, Bitcoin users should now pay sales tax (VAT) as well. Member of Parliament Frank Schaeffler considers Bitcoin mining as private money creation, and says that the same fiscal and legal rules should apply to Euros and Bitcoins. Yet, it is still...
  • Flat tax? Sales tax? Value-added tax? (What's your preferred tax fix?)

    07/17/2013 6:56:04 AM PDT · by SeekAndFind · 124 replies
    Washington Times ^ | 07/17/2013 | Richard Rahn
    What type of tax reform do you want? Simplification of the existing progressive income tax system? A flat tax? A sales tax? A value-added tax? Tax professionals, economists, elected officials and others heatedly debate the pros and cons of each. However, it is unlikely that real tax reform will occur until the financial crisis gets so bad that most people will agree to radical change. Most tax reform discussions and debates lead with the premise that any new tax system has to raise roughly as much revenue as the present system. Why should that be? Currently, the federal government spends...
  • Dumb and Dumber Tax Hikes

    06/16/2013 3:44:16 AM PDT · by Kaslin · 3 replies ^ | June 16, 2013 | Mike Shedlock
    One of the dumbest things a country can do in a recession is raise taxes. Yet, after pronouncing the end of austerity, Italy's "grand coalition" government, led by Enrico Letta, is going to hike the VAT. Why? It seems they need to hike the VAT to pay for a decrease in property taxes. Recall that Silvio Berlusconi was only willing to take part in Letta's grand coalition on condition property tax hikes were rolled back. Letta agreed to do that, but now Letta says Italy needs revenue hikes to make up for it. Grand Coalition Splintering Curiously, the International Business...
  • VATs used to Accomplish Same Goals as Currency Devaluation

    05/09/2013 1:33:35 PM PDT · by DannyTN · 102 replies ^ | 04/29/2013 | Michael Stumo
    <p>The VAT is used as a trade strategy to accomplish the same benefits as currency devaluation. The VAT strategy is called “fiscal devaluation” and I’ll explain it at the bottom. It took me three years to understand the power of the VAT in trade strategy, so I understand why it takes others a while to think through it. But the price differential result (as between domestic and imported products) is substantial. And we need it to neutralize what other countries have done.</p>
  • EU Calls Displays Economic Stupidity at its Finest

    03/06/2013 3:14:17 PM PST · by Kaslin · 2 replies ^ | March 6, 2013 | Mike Shedlock
    i>The Minister of Finance and Public Administration, CriThe sheer stupidity out of nannycrats in Brussels is staggering. Smack in the midst of a depression, Brussels once again calls on Spain to hike taxes. Via Google translate from El Economista ... The European Commission today called on Spain to restrict the application of the reduced VAT rate and raise fuel taxes to reduce the deficit, and continue reforms in the labor and pensions, delaying the effective retirement age. These requests collide with the ideas defended by the Spanish Government no further adjustment and lower taxes in 2014. Brussels also calls on...
  • The VAT

    01/23/2013 5:22:11 PM PST · by Jacquerie · 62 replies
    My favorite radio talk show host, Mark Levin, has repeatedly warned us that among the possible new taxes, on retirement accounts and carbon, we can expect first off, a Value Added Tax. The lead-in will be ever wilder annual deficits; the spark may be a another threatened credit downgrade. A new “do something” solution will magically appear from another long weekend séance hosted by Plugs Biden, and voila, the masterminds will determine our once republic must have a VAT . . . NOW! Its European pedigree is well known to the Obot regime and rat masterminds in Congress, and it...
  • Another Leftist Admits the Real Goal Is Taxing the Middle Class (The Truth is coming out)

    11/16/2012 8:54:09 AM PST · by Kaslin · 17 replies ^ | November 16, 2012 | Daniel J. Mitchell
    Obama has staked out a very dogmatic and inflexible position on class-warfare tax hikes and he obviously wants all of us to think only the “rich” will be impacted. I think it’s foolish to penalize investors, entrepreneurs, small business owners and other upper-income taxpayers. What nation, after all, has ever prospered by placing obstacles in front of those who create jobs? France? Don’t make me laugh.But I’m also amazed that anyone believes Obama isn’t going to screw the middle class as well. The simple reality is that there aren’t enough rich people to finance big government.There are some honest folks...
  • Britain may need to cut VAT or National Insurance, says the International Monetary Fund

    05/22/2012 9:52:27 AM PDT · by Perdogg · 5 replies
    Christine Lagarde, the managing director of the IMF, said Britain had done well with its programme to cut its budget deficit so far but "unfortunately economic recovery has not taken hold". The global financial watchdog concluded that measures to boost economic growth by raising spending on infrastructure have only been "modest" so far. In its report on the health of the UK economy, the IMF said the Bank of England could consider cutting interest rates even further, helping small businesses get loans and doing more "monetary easing" - effectively money printing.
  • The European Evidence Shows Why the Left’s Real Goal Is Higher Taxes on the Middle Class

    04/14/2012 8:40:51 AM PDT · by Kaslin · 21 replies ^ | April 14, 2012 | Daniel J. Mitchell
    Why are taxes so much higher in Europe, consuming 46 percent of economic output compared to 32 percent of GDP in America? Is it because nations such as France, Greece, and Sweden have adopted the kind of class-warfare policies that Obama wants for the United States? Surprisingly, the answer is no.As explained by Veronique de Rugy, the United States actually has a more “progressive” tax code than European nations. The corporate tax rate is higher in the United States than in any European country, and the double taxation of dividends and capital gains also is far above the European average....
  • Mitt Romney....VAT Tax?

    12/24/2011 4:01:22 PM PST · by ak267 · 15 replies
    Big Government ^ | 12-23-2011 | Dan Mitchell
    There’s been a lot of discussion about Mitt Romney’s appeal – or lack thereof – among supporters of limited government. To put it mildly, many libertarians and conservatives are underwhelmed by his less-than-stellar record on healthcare, his weakness on Social Security reform, his anemic list of proposed budget savings, and his reprehensible support for ethanol subsidies. Notwithstanding this dismal track record, some advocates of free markets argue that anybody would be better than Obama.But that’s not necessarily the case. Economic history shows that the burden of government often expands the most under Republicans, with Nixon and Bush (either one) being...
  • Tax Simplification, Part I

    11/12/2011 1:31:53 PM PST · by NaturalBornConservative · 1 replies
    Natural Born Conservative ^ | November 10, 2011 | Larry Walker, Jr.
    9-9-9 Plan | Prejudiced and Convoluted?- By: Larry Walker, Jr. -"A tax loophole is something that benefits the other guy. If it benefits you, it is tax reform." ~Russell B. Long -Herman Cain’s 9-9-9 Plan, which involves eliminating the 15.3% payroll tax, of which every dime is presently committed to current Social Security and Medicare payments (and then some), fails to address the main problem with modern day governing – the budget. Since it was just barely 3 months ago when our nation faced its first ever credit downgrade, any tax reform proposal which doesn’t lead to a balanced...
  • Rick Perry may skip some debates

    10/27/2011 2:40:58 PM PDT · by Mozilla · 44 replies
    LA Times ^ | 10-27-11 | Kim Geiger
    After a series of poor debate performances in the early months of his presidential campaign, Texas Gov. Rick Perry is backing off the upcoming GOP debate schedule, committing to just one of the next three events between now and Nov. 15. Perry has struggled in the five debates he has attended since he joined the race in mid-August. At one, he fumbled an attempt to cast rival Mitt Romney as a flip-flopper. At another, bickering between Romney and Perry drew criticism that the candidates were acting juvenile. Perry hinted at his frustration with the debates earlier this week when he...
  • Herman Cain Hit by Tax Lien in 2008

    10/26/2011 5:07:51 PM PDT · by South40 · 53 replies
    ABCNews ^ | 10/26/2011 | CINDY GALLI
    Republican frontrunner Herman Cain, who has built his support among party activists with his anti-tax message and controversial 9-9-9 tax plan, has called the IRS an "overseer" and compared taxation to slavery. "Our tax code is the 21st century version of slavery," says Cain in a recent campaign video. "In a Herman Cain administration, April 15 will no longer be a day to be dreaded." Perhaps some of Cain's anti-tax fervor can be traced to his own past encounters with the taxman. According to documents obtained by ABC News, in February 2008, the Georgia Department of Revenue hit Cain and...
  • Rick Perry’s new economic plan won’t revive his campaign

    10/25/2011 4:12:36 PM PDT · by South40 · 159 replies
    WaPo ^ | 10/25/2011 | Ed Rogers
    The best thing that can be said about Texas Gov. Rick Perry’s economic plan and its Tuesday rollout speech is that before now, he didn’t have a plan, and now he does. He can check that box. There wasn’t anything wrong with it, and, as a good Republican, I support everything he said. The problem is, we have supported it all before. Our voters want and appreciate creativity. This didn’t offer much in the way of anything new. This program is Steve Forbes-lite. But it is what it is. Now he has to stick with it. “Cut, Balance, and Grow”...
  • Perry falls to fifth in new poll, ahead of only Bachmann, Huntsman and Santorum

    10/25/2011 4:38:21 PM PDT · by South40 · 24 replies
    Houston Chronicle ^ | 10/25/2011 | Alexandra Jaffe
    Here comes the Cain train, barreling past Romney in yet another poll, released today. Rick Perry is left in the lurch, falling from second to fifth in just over two weeks. ((snip)) Perry comes in at fifth with 6 percent of the vote. He’s ahead of only Minnesota Rep. Michele Bachmann, Rick Santorum and Jon Huntsman.
  • Bringing A Flat Tax To The Table

    10/20/2011 6:02:27 PM PDT · by Kaslin · 14 replies ^ | October 20, 2011 | Editor
    Tax Reform: His campaign flagging, GOP presidential candidate Rick Perry is about to unveil what he hopes will be a game-changer: a flat tax. Whether it works for him or not, we're glad to see this bold idea part of the mix. We like Herman Cain a lot. But his 9-9-9 tax plan, not so much. Perry, no doubt trying to recoup some of his lost support, will unveil a flat tax proposal on Tuesday as a counter-salvo to Cain's popular idea. Count us among the intrigued. Sure, as the cliche goes, the devil is in the details. We don't...
  • VAT: The cowardly tax(April 2010 Cain opposed VAT and was for a National sales tax)

    10/19/2011 9:19:20 AM PDT · by sickoflibs · 61 replies
    THE New Voice, Inc ^ | April 12, 2010 | Herman Cain
    Now that President Obama and the Democrats have generated a projected record $10 trillion in new debt over the next 10 years, they are now singing their favorite song: We must raise taxes! Sen. Dick Durbin, D-Ill., sent the first signal a few weeks ago when he said paying taxes is the price we pay for living in this great country. Never mind that we are paying too much and that too much of our money is being wasted. One of the president's senior economic advisers, Paul Volcker, said recently in a speech that "we must raise taxes" to deal...
  • Bold, Brash, and Wrong [9-9-9]

    10/17/2011 3:25:58 PM PDT · by La Enchiladita · 33 replies
    National Review Online ^ | 10-17-11 | The Editors
    Herman Cain deserves credit for proposing a tax-reform plan that is specific, promotes economic growth, and has captured the imagination of conservatives nationwide. His 9-9-9 plan builds on the insight that one of the chief defects of the current tax code is its bias toward consumption over savings. But his plan’s peculiarities of design, substantive weaknesses, and political naïveté render it unworthy of conservative support. Cain’s ultimate objective is a 30 percent national sales tax, but his interim plan is to replace the current income, payroll, and corporate tax codes with three new taxes. A 9 percent income tax would...
  • Herman Cain Was Against a VAT Before He Was For It

    10/17/2011 10:11:59 AM PDT · by 92nina · 71 replies
    ATR ^ | 2011-10-17 | Ryan Ellis
    Herman Cain's "9-9-9" plan is coming under increased scrutiny. At issue is the fact that two of the "nines" are sales taxes. One is a national retail sales tax. The other is a value-added tax (VAT.) ATR has long been opposed to a VAT, since the European experience with them has been so negative. VATs started out in Western Europe at about a 5 percent rate, but now average about 20 percent. There is a 15 percent minimum VAT requirement just to join the European Union. The growth of government spending in Europe since 1970 is directly-correlated to the growth...
  • Does Everyone Understand the Difference Between a VAT and a Retail Sales Tax?

    10/15/2011 9:12:14 AM PDT · by Brookhaven · 77 replies
    Nerds 4 Cain ^ | 10-14-11 | OnTheOppositeShore
    It seems that the 999 plan is receiving a lot of unfair criticism, because many people don't understand the difference between a value added tax (VAT) and a retail sales tax. I'm going to try and describe the difference here, using the milk supply chain as an example. A retail sales tax (this is what is in the 999 plan) A dairy farmer sells their milk to a processor. No taxes are levied or added to the price of the milk.The processor sells the milk to a wholesaler. No taxes are levied or added to the price of the milk.The...
  • Herman Cain lashes out at 9-9-9 critics

    10/14/2011 4:33:24 PM PDT · by mandaladon · 129 replies · 1+ views
    Washington Post ^ | 14 Oct 2011 | Sandhya Somashekhar
    Bartlett, Tenn. - Herman Cain lashed out at his critics Friday, accusing detractors of his 9-9-9 tax reform plan of trying to slow his newfound momentum with baseless attacks. During his first campaign swing since surging in the polls, Cain told a tea party crowd near his birthplace of Memphis that the plan would grow the economy by five percent at minimum, and pledged to pass it in his first 90 days in office. “Can y’all see the bull’s eye on my back?” he joked to the crowd of several hundred supporters who had gathered in a city park here...
  • Reagan Economist Breaks Down Cain's 999 Plan (Art Laffer)

    10/13/2011 7:21:17 PM PDT · by justsaynomore · 50 replies
    FOX NEWS ^ | 10/13/11 | Brett Baier/Art Laffer
    Reagan Economist Breaks Down Cain's 999 Plan (Art Laffer)
  • NBC/WSJ poll: Cain now leads GOP pack (Cain 27% Romney 23% Perry 16%)

    10/12/2011 4:14:52 PM PDT · by Meet the New Boss · 357 replies
    NBC News ^ | 12 Oct 2011 | Mark Murray
    Fueled by Tea Party supporters, conservatives and high-interest GOP primary voters, former Godfather’s Pizza CEO Herman Cain now leads the race for the Republican presidential nomination, according to the latest NBC News/Wall Street Journal poll. snip Cain checks in as the first choice of 27 percent of Republican voters in the poll, followed by former Massachusetts Gov. Mitt Romney at 23 percent and Perry at 16 percent. After those three, it’s Texas Rep. Ron Paul at 11 percent, former House Speaker Newt Gingrich at 8 percent, Bachmann at 5 percent and former Utah Gov. Jon Huntsman at 3 percent.
  • The revolutionary 9-9-9 tax plan

    10/08/2011 8:16:12 PM PDT · by federal__reserve · 155 replies
    10/08/2011 | Poster
    I am seeing many posts regarding Herman Cain's 9-9-9 tax plan, many with omissions and errors.
  • Perry in uphill battle before key presidential debate

    10/08/2011 1:36:36 PM PDT · by Clairity · 76 replies
    Google News/AFP ^ | Oct 8, 2011 | Deb Price
    Texas Governor Rick Perry can expect his most conservative rivals to try to knock him out of the saddle Tuesday in a high-stakes presidential debate in the key state of New Hampshire. The debate, hosted by Dartmouth College and broadcast live by Bloomberg Television, will be the first to focus solely on the economy as US unemployment remains at a stubbornly high 9.1 percent with 14 million Americans looking for work. "The goal of conservatives in the debate is to take Perry out first, and go after Romney later," said Allan Louden, a presidential debate expert at Wake Forest University.
  • Herman Cain's 9-9-9 tax plan raises math questions (How will it affect government revenues?)

    10/07/2011 9:08:24 AM PDT · by SeekAndFind · 130 replies
    Daily Herald ^ | 10/06/2011
    WASHINGTON -- Herman Cain's bid for the Republican presidential nomination is fueled in part by his proposed tax code overhaul that tax policy veterans say doesn't add up. Cain's proposal is gaining attention after a Washington Post-ABC News poll released Tuesday found his campaign is tied for second place with Texas Gov. Rick Perry among Republicans and Republican-leaning independents. In campaign stops, Cain touts his 9-9-9 plan as a concept that will lead to a fairer tax system. The proposal would tax sales transactions and gross income for individuals and businesses at 9 percent while eliminating levies on capital gains....
  • White House Signals New Push for Value-Added Tax?

    08/30/2011 9:32:36 AM PDT · by 92nina · 38 replies
    ATR ^ | 2011-08-30 | John Kartch
    ...President Obama, who in April 2010 deemed a VAT “something that would be novel for the United States”, announced on Monday his intention to nominate Princeton University’s Alan B. Krueger to head the Council of Economic Advisors. In a 2009 blog post for the New York Times, Krueger wrote: “Why not pass a 5 percent consumption tax to take effect two years from now?” Even when pressed, the Obama White House has never ruled out a VAT. As the timeline below illustrates, those in and around the White House have been flirting with a VAT from the earliest days:December 18,...
  • A Value-Added Tax Fuels Big Government

    08/24/2011 5:36:35 AM PDT · by WOBBLY BOB · 14 replies
    WSJ ^ | 8-21-11 | ERNEST CHRISTIAN /Gary Robbins
    Among the tax reforms getting attention is a value-added tax, or VAT. Similar to a sales tax (more about this below), the value-added tax has become a significant part of the revenue systems of Europe and also has been adopted by over 100 other nations. The VAT is believed to be a magical device that can stuff government coffers with money without untoward economic political consequences. It is no such thing. In the first place, increasing taxes will reduce economic growth. This is irrational and self-defeating policy. If the point of the current debt-ceiling exercise is to make the American...
  • VAT rise is wrong tax at wrong time, says Ed Miliband

    01/03/2011 1:09:29 AM PST · by Cincinatus' Wife · 4 replies
    The Daily Telegraph ^ | January 3, 2011 | Christopher Hope, Whitehall Editor
    Speaking in Oldham ahead of the by-election there this month, Mr Miliband will criticise the Coalition for "going too far and too fast" by cutting public spending and increasing taxes. He will say that a prime example is VAT, which will increase from 17.5 per cent to 20 per cent, from midnight tonight. The increase will be felt most keenly on Tuesday tomorrow morning by motorists, who will see the price of fuel rise by 3p a litre in just a few days from a combination of the VAT rise and a rise in fuel duty. Mr Miliband will say:...
  • Fuel price rises by 0.76p per litre (UK gets slammed with 2.5% VAT increase)

    01/02/2011 9:49:48 AM PST · by Libloather · 18 replies
    Press TV ^ | 1/01/11
    Fuel price rises by 0.76p per litreSat Jan 1, 2011 3:26PM On 1 January, the British government announced an increase in the price of petrol, a condition which led to another 0.76p rise in the price of both petrol and diesel. This is while VAT will rise by 2.5 percent on 4 January. It is also said that another £1,200 is to be added to annual fuel bills due to the rises announced on 1 January, according to the state-run BBC. The AA suggested that these increases would push the cost of a litre of both diesel and petrol up...
  • Krugman: Death Panels, VAT Will Fix Debt Crisis

    11/14/2010 7:42:02 PM PST · by nmh
    Newsmax ^ | 11/14/10 | Staff
    Krugman made his comments on ABC's “This Week with Christiane Amanpour” ... ... "Some years down the pike, we're going to get the real solution, which is going to be a combination of death panels and sales taxes. It's going to be that we're actually going to take Medicare under control, and we're going to have to get some additional revenue, probably from a VAT. But it's not going to happen now." ... "If they [the Debt Commission] were going to do reality therapy, they should have said, ‘OK, look, Medicare is going to have to decide what it's going...
  • EU proposes new Europe-wide VAT

    10/19/2010 10:56:15 PM PDT · by iowamark · 5 replies
    BBC ^ | 19 October 2010
    The European Commission has put forward proposals for direct EU taxes on member states, including a possible EU-wide value-added tax (VAT). The proposals are part of a package of options for finding new sources of revenue for the European Union budget. EU Budget Commissioner Janusz Lewandowski first said in August that he wanted member states to consider allowing the EU to levy direct taxes... The 27 EU member states pay a fixed contribution to the EU budget, based on their gross domestic product and a percentage of their VAT.
  • Grover Norquist Is Living in Candyland or Daniels is Right About the Need for a VAT

    10/18/2010 2:27:21 PM PDT · by curiosity · 63 replies
    National Review ^ | 10/18/2010 | Kevin D. Williamson.
    So it turns out that the cure for “epistemic closure” is great quantities of crystal meth. The things you learn from Grover Norquist. In case you missed it, Norquist came down like a runaway gravel truck on Indiana governor Mitch Daniels, a favorite around these parts. Governor Daniels’s offense was declaring himself open to the possibility that a value-added tax might be an acceptable part of a wide-ranging reform of the federal tax system. Norquist replied, in a Politico interview: “This is outside the bounds of acceptable modern Republican thought, and it is only the zone of extremely left-wing Democrats...
  • Value-Added Tax Could Cost 850,000 Jobs: Retail Group

    10/14/2010 5:58:26 AM PDT · by iowamark · 19 replies · 1+ views
    CNBC ^ | 14 Oct 2010 | Christina Cheddar Berk
    The National Retail Federation is trying to put some numbers behind its argument against a value-added tax, which is one option being considered by a presidential commission looking into ways of reducing the ballooning federal deficit. The retail industry's trade group said a study it commissioned estimates a European-style VAT would result in the loss of 850,000 jobs in its first year, reduce the US gross domestic product for three years, and cut retail spending by $2.5 billion over its first decade. The study, which was conducted by Ernst and Young and economic research firm Tax Policy Advisers, concluded that...
  • Senator: Obama, Congress 'Intentionally' Spending to Force Value-Added Tax Implementation

    09/11/2010 9:15:31 AM PDT · by opentalk · 35 replies
    Business and Media Institute ^ | 9/10/2010 | Jeff Poor
    N.H. Sen. Judd Gregg tells CNBC's Larry Kudlow leaders are 'trying to run the government into the ditch' to institute European social welfare model. We’ve heard from various elements that President Barack Obama was a socialist trying to “fundamentally change” the United States of America in a covert manner, but maybe it isn’t as covert as it seems. A recent CNS News analysis of government data shows that in the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion - more than the cumulative total of the national debt held by...
  • Senator Judd Gregg tells Larry Kudlow, "This spending is being done intentionally."

    09/10/2010 12:33:06 PM PDT · by rosettasister · 43 replies
    CNBC ^ | September 9, 2010 | Larry Kudlow
    Link is to video of Kudlow interviewing Gregg. Gregg says Obama and Dems spending is intentional, so that we'll have no choice but to institute a value-added tax (VAT) so our tax policy mimics the European model. A few examples: “This spending is being done intentionally.” “VAT is the plan.” “Down the European road.”
  • Government will spend whatever the tax system will raise

    09/02/2010 10:34:16 AM PDT · by Steve495 · 31 replies
    Radio Vice Online ^ | Sept. 2, 2010 | Steve McGough
    I’ve been reading a bit about Milton Friedman, a Hoover Institution economist -- not a politician -- who past away in 2006. Conservatives can learn quite a bit from this great man. We need another conservative economic mentor for present-day, and maybe Dan Mitchell is that person? The headline from this article is a Friedman quote from a March 2000 interview billed as an effort to provide economic advice to the next president. Do read the full interview, I can almost hear Friedman’s voice discussing the topic with his unique inflection, almost guiding you to answer questions yourself with an...
  • A VAT Made In America

    08/05/2010 12:12:06 PM PDT · by TwoOverhill · 26 replies
    The United Kingdom has one. Canada has one. So do Australia, France, Germany, Japan, Russia and Spain. But the United States does not. The value-added tax, or VAT, is a kind of national sales tax that has become a key source of government revenue in developed nations around the world.[...] I don’t think a VAT is in our immediate future, but it is not out of the question. The stark reality is that Uncle Sam is going to need vast piles of money to try to keep many of his promises. He can’t get it all from the wealthy, and...
  • VAT or Crock

    07/20/2010 7:21:52 AM PDT · by AccuracyAcademia · 69 replies · 2+ views
    Accuracy in Academia ^ | July 20, 2010 | Malcolm A. Kline
    VAT or Crock This particular levy is a European craze long looked upon with envy by American elites. For example, President Clinton recently gave an interview in which he waxed rhapsodic about the Value Added Tax (VAT), long a staple in most of the nations of Western Europe. “I think they ought to look at a progressive value-added tax, just because—and I think it’s important the American people understand this—most of our competitors have tax systems like this,” the former president told CNBC recently. “If you have a value-added tax … you lower the income taxes, corporate and personal, and...
  • The incredible illegal distillery which made 1.3m litres of bootleg alcohol

    07/12/2010 11:12:31 AM PDT · by Niuhuru · 61 replies
    Daily Mail ^ | Last updated at 6:58 PM on 12th July 2010 | By Daily Mail Reporter
    The ringleader of a bootleg alcohol gang which produced more than a million litres of illegal vodka costing the taxman £10 million in lost revenue was jailed for 12 years today. Harvey Conroy ran a 'determined and professional' outfit which produced fake vodka and tobacco without paying excise duty or VAT, defrauding the state of millions of pounds. Richard Christie QC, for the prosecution, said Conroy orchestrated the fraud in a bid to make massive profits, with the factories working 24 hours-a-day
  • How The Expiring Bush Tax Cuts Affect You

    07/08/2010 5:07:15 AM PDT · by Wpin · 60 replies · 2+ views ^ | July 7, 2010 | Bill Bischoff
    The so-called Bush tax cuts are scheduled to expire at the end of the year. Although some of the cuts retain bipartisan support in Congress and may yet be extended, as of now, Washington has some severe changes in store for you and your family. Higher Tax Rates for All You may have been led to believe that only individuals in the top two brackets will face higher federal income taxes when the Bush cuts go bye-bye. Not true! Unless Congress takes action and President Obama goes along, rates will go up for everyone -- not just a sliver of...
  • A debt-free America? Yes – it’s possible (MORON)

    07/08/2010 8:11:30 AM PDT · by mikelets456 · 21 replies · 1+ views
    The DC ^ | 7/7/2010 | Lanny Davis
    .....One idea for raising taxes to pay down the debt is the bill introduced this February by Rep. Chaka Fattah (D-Pa.). His “Debt Free America Act” (H.R. 4646) would impose a 1 percent “transaction tax” on every financial transaction — whether paid by cash, credit card or any form of financial transfer, the only exception being transactions involving the purchase or sale of stock. Theoretically, everyone would pay one cent on the dollar for every such transaction in America every day — whether $3 million on a $300 million business acquisition, $300 on the purchase of a $30,000 car, or...
  • The Obama Tax Trap

    07/02/2010 11:45:12 PM PDT · by SmartInsight · 13 replies
    WSJ ^ | July 2, 2010 | WSJ Editorial
    You don't need a Mensa IQ to figure this one out. Mr. Obama's plan has been to increase spending to new, and what he hopes will be permanent, heights. Then as the public and financial markets begin to fret about deficits and debt, he'll claim that the debt is "unsustainable" and that the only "responsible" policy is to raise taxes. White House officials even talk privately about the galvanizing political benefit of a bond market crisis, which would force panicked Members of Congress to accept a big new value-added tax. The President's two looming tax reports—one from his deficit commission...
  • Leviathan's Loot (Bad news for the Brits, and it's coming our way)

    06/30/2010 7:05:29 AM PDT · by SeekAndFind · 25 replies
    American Thinker ^ | 06/30/2010 | Vasko Kohlmayer
    Last week the British government announced that the VAT -- a form of a sales tax -- will go  up from 17.5 percent to 20 percent. This is bad news for the Brits. It comes only two months after it was announced that the top income tax bracket would be 50 percent. That bracket includes everyone who makes more than £150,000 ($220,000) per year. This means that every British citizen who earns more than £150,000 will see a half of his income confiscated by the government straight off. From what remains, he will have to pay an additional 20...
  • Romania to raise VAT to 24 pct to curb deficit (court blocked attempt to cut pensions by 15%)

    06/26/2010 9:51:04 AM PDT · by NormsRevenge · 29 replies
    AFP on Yahoo ^ | 6/26/10 | AFP
    BUCHAREST (AFP) – Romania will raise the VAT tax levied on goods and services to 24 percent from 19 percent to curb the public deficit and obtain a crucial IMF loan disbursement, Prime Minister Emil Boc said on Saturday. The move comes after a court on Friday blocked the government's plan to cut pensions by 15 percent in 2010, leading the International Monetary Fund to postpone the unlocking of a new tranche that was due on Monday. "The government has decided to raise the VAT tax by five points", Boc told a press conference. "Under these conditions, the agreement with...
  • Hillsdale College Professor Burt Folsom: "Is the VAT an SOB?"

    05/19/2010 8:41:28 AM PDT · by hillsdale1 · 19 replies · 536+ views ^ | 5/19/10 | Prof. Burt Folsom
    The problems with the bankrupt Greeks and the faltering euro are sad to watch. But the key here is to learn from it. Yes, the Greeks had debts that exceeded their revenue. Does that mean they needed higher taxes to cover their spending? No, it means they needed to cut spending and probably cut taxes as well to encourage entrepreneurship and growth. The lesson hit home again yesterday when Bill Clinton suggested that the U. S. might want to adopt a VAT (Value Added Tax). The VAT is a series of taxes levied at different stages in the making of...
  • VAT is neither fair nor responsible

    05/15/2010 6:03:09 AM PDT · by Patriot1259 · 21 replies · 310+ views ^ | 05/15/2010 | Kevin Price
    It is interesting how the left will take a politically popular idea and pervert it into something that will only further destroy a country that is already well down the road to serfdom. The latest example is the Obama administration's repeated statements that it is looking into the possibility of a Value Added Tax (VAT). This comes after almost two decades of millions of Americans advocating a "Fair Tax" instead of the current income tax system. Obama's apologists will state that they both are, after all, taxes on consumption. The similarities after that, however, largely evaporate. The Fair Tax is...
  • Bill Clinton: More immigrants and value-added tax will reduce deficit

    05/14/2010 9:20:40 AM PDT · by Sub-Driver · 56 replies · 1,288+ views
    Bill Clinton: More immigrants and value-added tax will reduce deficit By Eric Zimmermann - 05/14/10 11:53 AM ET The U.S. needs more immigrants and a value-added tax to help reduce the deficit, former President Bill Clinton said Friday. Clinton said the country was "mortgaging out a lot of our sovereignty" by using foreign creditors to pay for an "exploding" debt. His recipe? More growth and revenue, fueled by immigrant workers and a controversial value-added tax. "I think we're going to have to have more taxpayers, which is why I favor, in a disciplined way, immigration reform and letting more immigrants...
  • VAT Stinks

    05/13/2010 10:32:50 AM PDT · by ChrisBoundsTX · 39 replies · 636+ views
    Liberty Juice ^ | 04/23/2010 | Chris Bounds
    A value added tax, or VAT for short, is something that has been floating around Washington for some time now as a solution to help the trillion dollar deficit woes. Most Americans probably do not know what a VAT is, considering it is a fairly recent European idea, but they are probably wondering how it will personally affect them and their families. Well, you better open your eyes and smell the taxes because a VAT is coming to a store near you. Started by the French in 1954, a VAT has now been implemented throughout the European Union and many...