Thursday, May 28, 2009
U.S. Vat Tax On The Way?
Obama Admits "We're broke."
Are we headed for a national sales tax, often referred to as a Value Added Tax? And...uh...can some Liberal Tax and Spender point out to all of us where exactly is the ADDED VALUE?
From The WaPoop:
With budget deficits soaring and President Obama pushing a trillion-dollar-plus expansion of health coverage, some Washington policymakers are taking a fresh look at a money-making idea long considered politically taboo: a national sales tax.
Common around the world, including in Europe, such a tax -- called a value-added tax, or VAT -- has not been seriously considered in the United States. But advocates say few other options can generate the kind of money the nation will need to avert fiscal calamity.
At a White House conference earlier this year on the government's budget problems, a roomful of tax experts pleaded with Treasury Secretary Timothy F. Geithner to consider a VAT. A recent flurry of books and papers on the subject is attracting genuine, if furtive, interest in Congress. And last month, after wrestling with the White House over the massive deficits projected under Obama's policies, the chairman of the Senate Budget Committee declared that a VAT should be part of the debate.
"There is a growing awareness of the need for fundamental tax reform," Sen. Kent Conrad (D-N.D.) said in an interview. "I think a VAT and a high-end income tax have got to be on the table."
A VAT is a tax on the transfer of goods and services that ultimately is borne by the consumer. Highly visible, it would increase the cost of just about everything, from a carton of eggs to a visit with a lawyer. It is also hugely regressive, falling heavily on the poor. But VAT advocates say those negatives could be offset by using the proceeds to pay for health care for every American -- a tangible benefit that would be highly valuable to low-income families.
A White House official said a VAT is "unlikely to be in the mix" as a means to pay for health-care reform. [What this means is that a VAT tax is likely to be in the mix. - Drake] "While we do not want to rule any credible idea in or out as we discuss the way forward with Congress, the VAT tax, in particular, is popular with academics but highly controversial with policymakers," said Kenneth Baer, a spokesman for White House Budget Director Peter Orszag.
Still, Orszag has hired a prominent VAT advocate to advise him on health care: Ezekiel Emanuel, brother of White House chief of staff Rahm Emanuel and author of the 2008 book "Health Care, Guaranteed." Meanwhile, former Federal Reserve chairman Paul A. Volcker, chairman of a task force Obama assigned to study the tax system, has expressed at least tentative support for a VAT.
"Everybody who understands our long-term budget problems understands we're going to need a new source of revenue, and a VAT is an obvious candidate," said Leonard Burman, co-director of the Tax Policy Center, a joint project of the Urban Institute and the Brookings Institution, who testified on Capitol Hill this month about his own VAT plan. "It's common to the rest of the world, and we don't have it."
We can pretty much guess a VAT tax will be implemented because Barack Hussein Pbama, Junior has to somehow pay for his trillions of dollars of deficit and debt.
Remember when, prior to the presidential election, Liberals and Pbama Cultists scoffed at the allegation that their Messyiah would spend trillions of dollars? They denied it, said it was "rumor-mongering." Well now...last I checked, Pbama has racked up trillions and trillions of debt and deficit.
Well...Pbama certainly has spent trillions, there's no doubt about that, he even admits "we're broke." The NY Post:
President Obama has checked the accounting ledgers and come to a disturbing conclusion: The government is broke.
"We are out of money," Obama said during a lengthy interview with C-SPAN that aired [on the morning of May 23].
He was responding to a question about the country's $11 trillion national debt, which is the money the government borrows long-term, and the potential $1.7 trillion budget deficit, which is the gap between tax revenue and current spending.
How long before we hit a quadrillion dollars of debt?
We know what Pbama and his Fascists are up to...I hope the sheeple wake up before we are all in gulags.
Perhaps in order to appease third world thug nations, the Keynian US president Hussein-Obama figured out that USA has to become as broke as third world nation.
Why don't you move to Canada David or else start a Minnesota separatist movement to get rid of this corrupted regime. Does it even exist in Minnesota?
If they were real fascists, that could be a good thing.
However, they are communists-socialists of the worst kind of thuggish countries ever. Perhaps worse than Cuba, Venezuela or North Korea.
Why don't you move to Canada David . Well, I really dislike cool/cold weather, so if I were to move somewhere, it would be a warmer climate.
I know..I know..what the fuck am I doing in Minnesota? I really should move to a state that doesn't experience winter.
they are communists-socialists of the worst kind of thuggish countries ever.
Yes, yes Tym, indeed! The Pbama Admin is composed of a bunch of thugs. And they will rule by thuggery if and when they need to.
Feeling Minnesota eh ;)?
Such a good movie loll!!!
Keanu Reeves rules ;)!!
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