VAT is on the table..proposal of 6.5% National Sales Tax along with income tax (Reagan, Clinton)

[HappyTexan]

One of the items coming from the Deficit Reduction Commission is a National Sales Tax of 6.5% on top of your state and local tax and IN ADDITION to a revamped income tax.

Here in Texas we have about 8% sales tax so that would put us at 14.5-15% sales tax on goods

That on top of increasing prices for food/energy doesn't make for a happy consumer

Rivlin Proposes 6.5% National Sales Tax as Part of Deficit-Reduction Plan - Bloomberg

[InformedConsent]

In Chicago, the sales tax is already 10.25%. Add another 6.5% to that, and we're at a whopping 16.75% sales tax.

[HappyTexan]

Even if there were really a recovery going on..this would kill it.

[sanrene]

VAT might be on their table, but it's a likely no-go in reality. We don't have a revenue problem, we have a spending problem, which needs to be cut by at least 25%, then we don't need a VAT.

[juppiter]

Originally Posted by sanrene

VAT might be on their table, but it's a likely no-go in reality. We don't have a revenue problem, we have a spending problem, which needs to be cut by at least 25%, then we don't need a VAT.

You don't think cutting spending that drastically would cripple the economy just as much as a VAT was? Like it or not, there are private firms who do most of their work on government projects. You cut public spending, it DOES still hurt the private sector.

We have both a spending and a revenue problem. Anyone who says different is an idealogue.

[ergohead]

That wo . . I say, that woman is as ugly as her idea and the "person" she represents.

Might as well call it the ugly tax.

[AONE]

ummm by definition shouldn't a value be added? ...I'm waiting for the value then lets talk about tax...

[JazzyTallGuy]

Originally Posted by juppiter

You don't think cutting spending that drastically would cripple the economy just as much as a VAT was? Like it or not, there are private firms who do most of their work on government projects. You cut public spending, it DOES still hurt the private sector.

We have both a spending and a revenue problem. Anyone who says different is an idealogue.

What most people don't realize is that tax revenue increased during the Administration of George W. Bush Jr. at the LOWEST RATE of any post World War II presidential administration that served two terms:

Historical Tax Revenue
George W. Bush Jr.
All figures are trillions of dollars
2001 - $1.9911
2002 - $1.8531
2003 - $1.7823
2004 - $1.8801
2005 - $2.1536
2006 - $2.4069
2007 - $2.5680
2008 - $2.5240
Increase from beginning to end of term: 26.56%
Highest Marginal Tax Rate 2003 -39.6%
Lowest Marginal Tax Rate 2004 -35%

Increases in tax revenue
Harry Truman
1945 - $45.2 billion
1952 - $66.2 billion
Increase - 46.46%
Highest Marginal Tax Rate 1945 - 94.0%
Lowest Marginal Tax Rate 1946 - 91%

Dwight D. Eisenhower
1953 - $69.6 billion
1960 - $92.5 billion
Increase - 32.90%
Higest Marginal Tax Rate 1953 - 92.0%
Lowest Marginal Tax Rate 1954 - 91%


John F. Kennedy - Lyndon B. Johnson
1961 - $94.4 billion
1968 - $153 bilion
Increase - 62.76%
Higest Marginal Tax Rate 1961 - 91.0%
Lowest Marginal Tax Rate 1965 - 70.0%

Richard M. Nixon - Gerald R. Ford
1969 - $186.9 billion
1976 - $298.1 billion
Increase - 59.50%
Highest Marginal Tax Rate - 70%

Ronald Reagan
1981 - $599.3 billion
1988 - $909.2 billion
Increase - 51.2%
Highest Marginal Tax Rate 1981 - 70.0%
Lowest Marginal Tax Rate 1988 - 28.0%

Bill Clinton
1993 - $1.1543
2000 - $2.0252
Increase - 75.43%
Highest Marginal Tax Rate - 39.6%

[workingclasshero]

sure let's tax more people into the poor house

[ergohead]

Originally Posted by AONE

ummm by definition shouldn't a value be added? ...I'm waiting for the value then lets talk about tax...

Good one!

That name has bothered me for a long time.

I guess it has some sort of logical meaning when used in a totally socialist system.