Posted on 04/07/2010 11:06:31 AM PDT by Federalist Patriot
One of President Obama's top economic advisers, and a former Federal Reserve Chairman - Paul Volcker - is reportedly proposing that the President consider a "Value Added Tax" (VAT) be imposed on the United States public. This is a hidden sales tax that would be imposed on all purchases. It is a huge revenue raiser, that takes money "right out of middle America," according to Stuart Varney.
Volcker is reportedly also close to recommending an energy tax as well. The VAT is very popular across Europe. It is estimated that for every 1% of a VAT, it will bring in $1 Trillion in revenue.
Look for Obama to propose such a tax AFTER the November midterm elections. He will likely say his "non-partisan" debt commission has recommended it, and therefore he has no choice. Of course, such a tax will directly break his oft-repeated campaign promise to NOT to raise taxes on Americans making less than $250,000 a year.
But what are promises and commitments when the agenda is at stake?
(Excerpt) Read more at freedomslighthouse.com ...
BTTT
i wonder what the final straw on the camel’s back will be
1. government health care
2. VAT to pretend to pay for it
3. amnesty and enfranchisement of 20 million to keep it
4. fairness doctrine (and similar) to silence opposition
5. kill Toyota
6. kill health insurance companies
7. watch Israel get nuked
8. catch flies
A trillion dollars in revenue is more than $3,000 for every single person in America, and almost $10,000 for every working taxpayer. I'm pretty skeptical of this claim; I think it's more likely to sink our service-based economy as people decide to simply cut back on unnecessary expenditures.
Also, a VAT is about the most regressive kind of tax a country can possibly have, unless you either carve out a whole big list of exceptions for groceries and other critical necessities, or you give it back in the form of tax credits to people under a certain income threshold. In either case, you kill a lot of that revenue.
I don't see how any honest so-called "progressive" can ever support a straight up VAT when it impacts low-income people so hard.
I'll be buying used at tag sales from now on, and if I my fashion sense ranks right up their with Fred Sanford than so be it...
The VAT will result in the banning of sales’’ except for 1 or 2 a yr. it will destroy walmart and other discount stores, all stores will be required to charge price for an item. Chk. Germany for more details. It will subject from State revenues as States rely heavily on the sales tax for revenue. It must be a bad idea or RATS wouldn’t go so big for it.
LOL!!
Saw it. Estimated VAT at 15-20%. And no reduction in any income tax. A true nightmare.
If they try to impose a VAT, there’s your second Civil War right there.
I don't think this country has any idea how horrific a civil war would be.
Not to mention, during the thick of it, count on the mainland U.S. being invaded.
It’s an economy killer. And the line that the consumer won’t “feel it” because it’s split among manufactureres, retailers, and consumers is nothing short of naivete, or a bold faced lie...take your pick.
At the present moment the GOP couldn't find it's butt with both hands....they are leaderless, feckless, candidateless, and as screwed up as Hogan's Goat.
If there is to be leadership going into November and do sensible things like you suggest, ads against taxes, the Tea Party & Conservative movement will be the ones to do it.
Unfortunately, the Tea Party & Conservative movement is leaderless - it has no focus where money can be raised to support an agenda....and it has no formalized agenda.
We have momentum - but its being dissapated in too many directions. Without a leader, Victory in November is not a given!
BTTT!
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