Obama suggests value-added tax may be an option - Yahoo! NewsWASHINGTON – President Barack Obama suggested Wednesday that a new value-added tax on Americans is still on the table, seeming to show more openness to the idea than his aides have expressed in recent days.
Before deciding what revenue options are best for dealing with the deficit and the economy, Obama said in an interview with CNBC, "I want to get a better picture of what our options are."
After Obama adviser Paul Volcker recently raised the prospect of a value-added tax, or VAT, the Senate voted 85-13 last week for a nonbinding "sense of the Senate" resolution that calls the such a tax "a massive tax increase that will cripple families on fixed income and only further push back America's economic recovery."
Obama suggests value-added tax may be an option - Yahoo! News
So much for the "No taxes on middle class" pledge. He'll push it. Mostly because the man has ZERO grasp on how a free market economy works... or he DOES and... well let's assume he's really not like that eh?
Maybe your vast economic expertise can tell us what this will do to the economy, then. Our taxes right now are at some of their lowest levels ever.
As they should be. a VAT would effectively kill off any economic growth and expansion. But then again, as any goodie-two-shoes Liberal, you'd love to see more people on the welfare roles as businesses shutter their doors for good!
| Moderator's Warning: |
Members should focus on the benefits, drawbacks, feasibility, etc., concerning a possible VAT. In other words, substantive issues. Name-calling and other DP rules violations will be infracted. |
Moderator's Warning:
Members should focus on the benefits, drawbacks, feasibility, etc., concerning a possible VAT. In other words, substantive issues. Name-calling and other DP rules violations will be infracted.
Was this one of those test posts, cuz I didn't see anyone calling anyone a name. Or was it edited out....
:?:
But then again, as any goodie-two-shoes Liberal, you'd love to see more people on the welfare roles as businesses shutter their doors for good!
Obama suggests value-added tax may be an option
Obama suggests value-added tax may be an option - Yahoo! News
WASHINGTON – President Barack Obama suggested Wednesday that a new value-added tax on Americans is still on the table, seeming to show more openness to the idea than his aides have expressed in recent days.
Before deciding what revenue options are best for dealing with the deficit and the economy, Obama said in an interview with CNBC, "I want to get a better picture of what our options are."
After Obama adviser Paul Volcker recently raised the prospect of a value-added tax, or VAT, the Senate voted 85-13 last week for a nonbinding "sense of the Senate" resolution that calls the such a tax "a massive tax increase that will cripple families on fixed income and only further push back America's economic recovery."
He said his first priority "is to figure out how can we reduce wasteful spending so that, you know, we have a baseline of the core services that we need and the government should provide. And then we decide how do we pay for that."
Funny, I didn't see that in the article. Do you have any evidence that's what he meant?
Also, I find this statement by Obama Laughable:
:lol:
This is the first time he has discussed it at all that I know of. My point is that every time I have heard any economist discus a VAT tax, it would be a replacement for the current income tax system, not a tax on top of it.
Do you have any evidence that anyone in the administration is proposing to have a VAT tax on top of the current income tax code?
Figuring out what the cost of the responsibilities we have placed in the public sector before we decide on how best to fund them is a terrible idea huh....:roll:
The proposals for a VAT tax would be a replacement for all or part of income taxes. Not just another tax on top of the current tax code.
In the U.S., VAT proponents aren't calling for a repeal of the 16th Amendment that allowed the income tax—and, in fact, they want income tax rates to rise. The White House has promised to let the top individual rate increase in January to 39.6% from 35% as the Bush tax cuts expire, while the dividend rate will go to 39.6% from 15% and the capital gains rate to 20% next year and 23.8% in 2013 under the health bill, from 15% today. Even with these higher rates, or because of them, revenues won't come close to paying for the Obama Administration's new spending—which is why it is also eyeing a VAT.
One trait of European VATs is that while their rates often start low, they rarely stay that way. Of the 10 major OECD nations with VATs or national sales taxes, only Canada has lowered its rate. Denmark has gone to 25% from 9%, Germany to 19% from 10%, and Italy to 20% from 12%. The nonpartisan Tax Foundation recently calculated that to balance the U.S. federal budget with a VAT would require a rate of at least 18%.
Proponents also argue that a VAT would result in less federal government borrowing. But that, too, has rarely been true in Europe. From the 1980s through 2005, deficits were by and large higher in Europe than in the U.S. By 2005, debt averaged 50% of GDP in Europe, according to OECD data, compared to under 40% in the U.S.
So then you were blindly speculating. He has made no such mention of a VAT as a replacement. If that was the case, surely that's what they would say.
I think spending before "figuring out the cost of the responsibilities" is an ass backwards way of going about it.
Do you not see that you are blindly speculating here? Obama mentions a VAT tax as a possible option and says nothing more, and you jumped to the conclusion that we are about taxed to death by him.
Every business looks at reducing waste and inefficiencies prior to just blindly trying submitting a budget request. Have you never prepared a project overview?
The proposals for a VAT tax would be a replacement for all or part of income taxes. Not just another tax on top of the current tax code.
Maybe your vast economic expertise can tell us what this will do to the economy, then. Our taxes right now are at some of their lowest levels ever.
But yes, we Tea Party types are paranoid about Obama raising taxes. :ssst:
A VAT tax is the worst idea in this already overtaxed nation.
Right, because Democrats are known for repealling taxes, and not known for ADDING taxes. :roll:
furthermore look at lizzies post. Its a little less speculating than you are. :shrug:
If he was one of my project managers (I have 4) I'd fire him. :ssst:
Income Taxes were reduced for 95% of working Americans in the last year.
Oh, well an OP/Ed speculating, that carries some weight doesn't it.
Obviously they have never submitted a budget to you if that is the case. Anytime I have ever submitted a cost projection for any type of initiative, it started with showing what we would be eliminating or what efficiencies were to be gained by it.
You can't complain about a VAT tax increase until one is actually proposed.
Income Taxes were reduced for 95% of working Americans in the last year.
Tax Day Fact Check: Most Americans Got A Tax Cut This Year
Oh, well an OP/Ed speculating, that carries some weight doesn't it.
Obviously they have never submitted a budget to you if that is the case. Anytime I have ever submitted a cost projection for any type of initiative, it started with showing what we would be eliminating or what efficiencies were to be gained by it.
You can't complain about a VAT tax increase until one is actually proposed.
You can't complain about a VAT tax increase until one is actually proposed.
Really? By how much? Which law signed by Obama did this.
First, there's no law, sociological or otherwise that says one cannot complain. about anything at any time. Second, the complaints are that a VAT is being considered which is in 100% in opposition to the pledge Obama made. Which he has already broken 100% - even if VAT never comes into being.
PolitiFact | No family making less than $250,000 will see "any form of tax increase." - Obama promise No. 515:
So I'm sorry to say, you're way off.
It was part of the stimulus passed last year.
PolitiFact | Tax cut for 95 percent? The stimulus made it so
Politifact.com > Reverend_Hellh0und.
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