Watch out! Obama administration is looking to implement a Value Added Tax (VAT tax)

[label1877]

The VAT tax is God awful. This tax hurts the poor because they pay a higher percentage of their income for goods and services. The Democrats will propose a 5 or 6 % VAT tax to fool the masses into supporting it's implementation. Then as soon as it's law, it will be 20%... exactly like Europe's.

[iooo007]

@label1877 5-6 percent maybe at first man you don't get it US is going to a national debt of 100% of the GDP ,Greece was good until 110% then desaster austeryty measures of at least 10% of the gdp to get 10% of the gdp to the budget you need a 18% vat tax remember sompanies don't pay more only consumers and then consumers will get things from the black market with no tax so 6% you say maybe 18% introduced of course gradualy over 4-5 years ,the guverment maybe will lower income and profit tax

[label1877]

@iooo007 Maybe you don't understand. The USA does not have a revenue problem... we take in 2 TRILLION dollars a year. We have a SPENDING problem... we spend 3 TRILLION a year. Any new and/or higher taxes will simply be wasted on new spending and force a delay in spending cuts. But rest assured... spending cuts ARE coming. Either voluntary or involuntary when China cuts us off from new borrowing.

[iooo007]

@label1877 man when you have 2 tril revenues and 1,4 trilion deficit you can't posibly reduce that much spending it's more than a third ,you can't reduce pensions healthcare education with a third ,yes you can cut military spending in half by ending the war and decomision of military bases around the world but in healthcare education infrastructure etc you can't cut more than 10% ,you think european people wanted higher taxes? as it was imposed to us it will be imposed to you also.

[label1877]

@iooo007 Current spending levels were given to us by Obama... our most incompetent leader...ever. If we can do as Senator McCain proposed and return spending to 2008 levels... we are nearly balanced. All our most pressing problems (spending, jobs, lack of consumer confidence) are all brought on by Obama. If we can get rid of this idiot in 2012... the economy will bounce back nicely like Germany's economy is today. We love Europe... but your high, intrusive taxes scare us.

[iooo007]

@label1877 well my country joined EU in 2007 and we already hate EU ,because our leaders overcrossed us they never told us what socialist system EU was now the darned thing if we want to take EU funds we have to have a 43% GDP budget over the normal 30% budget ,gas is twice the price in america and at 600 dollars medium wage, VAT is now 24%,i get the EU ideea but for those who have to live the transition it's hell i hope proposals to reduce gas taxes pass we are getting killed economicaly here

[cjellwood]

well thats one way to increase income tax and inflate the currency to get out of debt lol

[moneyjr1122]

@cjellwood ummm V.A.T has nothing to do with income residential tax?? and inflation is due to debt not because of a tax

[Artfryne]

sonofabitch wants to TAX US at this time???

c'mon now surely even the staunchest NOBAMA supporter must disagree with this??

goes hand in hand with the lie that the economy has recovered

[SWEP2AOTC2002]

@Artfryne "staunchest NOBAMA supporter "

The stronger your support for obama the more stupid so are that being said the staunchest supporter will simply come up with more stupid reasons why its ok ie the republicans did it, its Bush's fault etc etc

[Artfryne]

@SWEP2AOTC2002

and to all the people who keep stating that bush started it.... it doesn't matter who started it, only that NOBAMA continued it MASSIVE fashion... quadrupling the national debt etc etc