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"White House economic adviser Paul Volcker said yesterday the United States should consider imposing a "value added tax".
1) So what if he says so? Does it automatically mean that the white house will present a bill to congress?
2) If the white house proposes such law, does it mean congress will approve it? (I can see a MAJORITY in congress against new taxes, including democrats who worry more about their reelection).
3) Replacing income tax with a federal sales tax is an old idea, but I can't see that happening anytime soon.
"White House economic adviser Paul Volcker said yesterday the United States should consider imposing a "value added tax".
1) So what if he says so? Does it automatically mean that the white house will present a bill to congress?
2) If the white house proposes such law, does it mean congress will approve it? (I can see a MAJORITY in congress against new taxes, including democrats who worry more about their reelection).
3) Replacing income tax with a federal sales tax is an old idea, but I can't see that happening anytime soon.
Answer to your point number 2.....All Obama has to do is make some more backdoor deals and force the law through like he did healthcare ....simple, but none of the liberals can believe Obama is out to do anything like that
Well, we knew this was coming. How else will we pay for obama's massive spending?
What we need to be mindful of is the interim between the election and when a new congress takes over in January. If the dems lose the House/Senate, they just might try to push this through.
Answer to your point number 2.....All Obama has to do is make some more backdoor deals and force the law through like he did healthcare ....simple, but none of the liberals can believe Obama is out to do anything like that "AGAIN"
Health care reform is a different beast. It had many advocates and it was an ideologic issue. I can't see any member of congress (democrat as well) in favor of a tax rise. They have to be reelected. It is possible though, that such bill will arrive AFTER the November elections.
You do realize, don't you, that the proposal aims to replace the income tax with VAT?
Everyone seems to hate the IRS and April 15th, so here's a way to actually get rid of it all and suddenly it's a terrible idea?
There is no way in Hades that the Feds will give up income tax. If they do anything, they'll slide the VAT in alongside a "reduction" in income taxes, which will quickly be erased by increases in income taxes on everyone. People don't realize that these parasites take so much money from income tax, that a VAT alone would require a tax rate of around 90% on EVERYTHING to produce the same cash for the insatiable Federal appetite.
Replace anything for VAT....FORGET ABOUT IT!...Obama will add it and make the USA like Europe...next is Cap and Trade and another tax....
BTW FORGET ABOUT JOBS!....UNEMPLOYMENT will be the new word...and Obama will give them longer unemployment benefits paid by the wealthy so the unemployed can stay in bed and be happy...just like it is in Europe...unemployment is minimum wages..so why go to work while you get the same for staying in bed....
You do realize, don't you, that the proposal aims to replace the income tax with VAT?
Everyone seems to hate the IRS and April 15th, so here's a way to actually get rid of it all and suddenly it's a terrible idea?
Sorry, but I heard Volcker and he didn't mention replacing the income tax. Only fools would believe that since Volcker was pointing out that it would bring in about $1 trillion with just 1%. Not one word about doing away with the income tax.
If they replace the income tax with VAT, it would be tolerable.
If they supplement the income tax with VAT, which is much, much more likely, it's a whole other ball game.
The income tax will remain and the consumption tax will be added. Of course, we will have to wait until after the election to see the VAT added since Obama promised not to raise the taxes of anybody making less that $250k. Yes it will happen but not before the election.
What the Fair Tax people propose to do is to take away all taxes and insert their VAT as the only tax and they propose all kinds of "tax breaks" for all.
Now let me ask who here knows of one tax that once levied has been taken away from us in their lifetimes? I can't think of one but then maybe I have just become calloused to paying taxes. Politicians just don't take away a method of making money since they have to spend so much of it.
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NO WAY will VAT replace Income Tax
