VAT Value Added Tax - A BETTER alternative tax solution.

[newsunit]

Great Channel! I'll be posting this on "The News UNIT" to increase your presence. Eventually we are just going to be forced into slavery with the new electronic money....

[h3lblad3]

Dangit guys, this is not the first time the VAT has been brought up. Besides, do you understand how much money would then go into the IRS to keep track of it? That would counteract quite a bit of it right off the bat.

The income tax is the only "fair" tax. Close the loopholes. Cut the subsidies and exoneration of companies that DO. NOT. NEED THEM. Don't give them money just because they spent some. I don't care if they work in oil or other vital industries. And cut the "Defense" budget already.

[gophomaxx]

Closeing the loopholes would reach some potions of the country which do not pay taxes. The gambling industry, religions and other parts of the society which do not pay for their use of the public facilities do not pay taxes under the 'not for profit' tax loophole. The advertisement industry is tax free and offshore corporations who have their headquarters in the Bahamas do not pay taxes.

[gophomaxx]

The VAT does not tax the retail/wholesale stores. They do not add value. The Chamber of Commerce is making too much profit and squeezing out the other parts of the econoomy; the farmers and factories. there is no tax for the retail store. They pass on all taxes to their customers.

[h3lblad3]

What can I say, I had to look up the difference between the VAT and the sales tax I pay already (didn't know there was a difference, really).

The problem with VAT, and ridding us of income taxes all together, means no set of percentage taken out. This means the rich continue to get richer. Now, really, in the old days the rich were taxed upwards of 90%. I get that those were war days, but it didn't stop the rich from getting richer. VAT, with no income taxes, is merely a drop in their bucket

[h3lblad3]

@h3lblad3

Everyone keeps more money from the lack of income taxes, but as VAT causes the prices of things to jump, cost of living increases as well. This plan counts on cost of living to not jump any further than income tax returns. For the rich, this is wonderful. They get to keep more of their money than ever before. The poor, on the other hand, receives much higher costs from every stage of production as each company would try to charge the VAT on each other, driving costs up for the poor

[h3lblad3]

@h3lblad3

Keep in mind, I believe 47 states already charge a sales tax.

Any state that doesn't repeal their current taxes and throw on the added VAT, it drives prices even higher. Breaks the poor even further. And still enlarges a lot of Swiss bank accounts.

[alcraig]

@h3lblad3 Great Video. I understand your scepticism but consider the fairness of Exxon Mobile who in 2009 and 2010 paid only $39 million on its $9.9 billion profit - an effective tax rate of only 0.4%. This is clearly unfair. They would pay VAT on total income of $700 billion, less expenses. Also you do not pay VAT on VAT, only the end purchaser pays this. I work on the theory that if the corporations are against it it must be a good thing, and they are very much anti VAT. Hope this is helpfull.

[h3lblad3]

@alcraig

A base Google search finds several people that disagree about that. Including some in the comments that say that, sure enough, they tax anyone that adds value to the product, let me go on. The corporations are against because THEY don't more taxes. And if THEY pay more taxes, those taxes WILL be passed on to the end consumer as they will charge more to one another.

Not to mention the rich won't be as affected by the tax, but the poor will because they have less to spend on the item.

[alcraig]

@h3lblad3 Businesses pay VAT only on the value they add because they are able to claim back the VAT on their costs at the end of the month. Look on Wiki. I got the Exxon Mobile tax figures from Forbes Magazine headed "ExxonMobil paid no federal income tax in 2009". Also GE received a $1.1Billion tax CREDIT!. But don't worry it will never change because in the US politicians are owned by the Corporations as they fund their election campaigns. cont...

[alcraig]

@h3lblad3 The1890 Sherman Antitrust Act, was designed to restore competition and free enterprise by breaking up monopolies but recent administrations have enabled corporations to become bigger than ever before. They are not going to allow the government to change the tax laws or close loopholes as you suggest. Obviously by not having any tax liability they are given an unfair advantage over local business. By introducing VAT at least they pay something.

[h3lblad3]

@alcraig

But if they pay something ALL of us pay something.

And that puts us in the same situation we are now.

Any increases to a company's costs will cause an increase in price to match it.

VAT will benefit the government and leave the rest of us where we already are.

Or worse, depending on how fast wages increase along with the rest of the inflation.

Given how wages are working these days, I'm thinking the worse option is more likely.

[brewmaniac26]

Ron Paul 2012

[zioband]

INTERESSANTE......greetings from italy

[NothingTypical2010]

Britt, this is some wonderful info you provide here for the public, and I am placing you on the front of our you tube page. The more we get this word out, the better!

[LowCostVideo]

Brett, stop watching FOX NEWS. They will fill your head with shit and its nothing but bullshit republican propaganda. Next, I agree with your alternative solution to income taxation, but our political masters will NEVER let that happen. Our elected officials have no real power, they are all puppets serving the Financial/Banking/Oil elites led by the Rockefeller family, who really control things and won't allow the income taxation system to die.

[chadster137]

Interesting thoughts, it sounds like they might actually work if put into action.

[NewsChat]

@chadster137 thanks. Part of the problem in our country is we are split by agenda and not really focused on what's actually most fair to everyone. It's sad.