Yesterday, White House Advisor Paul Volcker admitted that taxes, such as a value-added tax (VAT), a carbon tax or other energy-related tax may be necessary to pay the bills Obama is wracking up. Well he didn't say it quite that way, but that is the reason. He's preparing us for the inevitable and we can thank President Obama for continually adding to the deficit through his BIG Government entitlements to "spread the wealth around". One other thing...a VAT is a stealth tax that affects everybody, not just people making over $250,000/year.
The Bipartisan National Commission on Fiscal Responsibility and Reform are going to make their suggestions by December 2010 on ways to fix the deficit...conveniently after the November elections. This will be the perfect time for Obama to announce his VAT.
"The bipartisan National Commission on Fiscal Responsibility and Reform will build bipartisan consensus to put forth solutions to tackle our long-ignored fiscal challenges."
I have a recommendation...FIRE OBAMA!
Volcker: Taxes likely to rise eventually to tame deficit
NEW YORK (Reuters) - The United States should consider raising taxes to help bring deficits under control and may need to consider a European-style value-added tax, White House adviser Paul Volcker said on Tuesday.
Volcker, answering a question from the audience at a New York Historical Society event, said the value-added tax "was not as toxic an idea" as it has been in the past and also said a carbon or other energy-related tax may become necessary.
Though he acknowledged that both were still unpopular ideas, he said getting entitlement costs and the U.S. budget deficit under control may require such moves. "If at the end of the day we need to raise taxes, we should raise taxes," he said.
Here are 2 posts I did on the VAT:
The Conservative Lady: Nancy's Planning Big Things For You - The VAT
The Conservative Lady: Value Added Tax (VAT)
Charles Krauthammer article: The Vat Cometh