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Archive for Thursday, April 22, 2010

Obama: Value-added tax a possible option

April 22, 2010

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— 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 such a tax “a massive tax increase that will cripple families on fixed income and only further push back America’s economic recovery.”

Comments

windchimes 3 years, 12 months ago

see WIKI

Value added tax (VAT) is similar to a sales tax. Maurice Lauré, Joint Director of the French Tax Authority, the Direction générale des impôts, was first to introduce VAT on April 10, 1954, although German industrialist Dr. Wilhelm von Siemens proposed the concept in 1918. Initially directed at large businesses, it was extended over time to include all business sectors. In France, it is the most important source of state finance, accounting for nearly 50% of state revenues.[1] Personal end-consumers of products and services cannot recover VAT on purchases, but businesses are able to recover VAT (input tax) on the products and services that they buy in order to produce further goods or services that will be sold to yet another business in the supply chain or directly to a final consumer. In this way, the total tax levied at each stage in the economic chain of supply is a constant fraction of the value added by a business to its products, and most of the cost of collecting the tax is borne by business, rather than by the state. VAT was invented because very high sales taxes and tariffs encourage cheating and smuggling. Critics point out that it disproportionately raises taxes on middle- and low-income homes.

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whats_going_on 3 years, 12 months ago

Hey, LJWorld, lets play a game. No politics for a whole day. Especially, no politics that you think can be summed up in 3 paragraphs.

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barrypenders 3 years, 12 months ago

A Looming Crash Could Obliterate Your Wealth

"In-the-know" investors are fleeing the stock market in droves: $11 billion was withdrawn in one month alone . . .

Privy Wall Street insiders are jumping ship even as they tell YOU to keep buying . . .

And Select CEOs and top executives have sold 40 times more of their shares than they have bought!

Apr. 22 To avoid potentially DEVASTATING new losses and to discover how you can take advantage of a market-timing system that GAINED 37% while the S&P 500 LOST -22%.

Unless you take action now — and I do mean RIGHT NOW — your stocks, mutual funds, bonds, and even your retirement accounts could get CREAMED again in the next few weeks. Many of the gains you made in 2009 could be obliterated. How do I know this? The same MARKET TIMING SYSTEM that flashed emergency red in mid-2008 — accurately predicting the 2008 stock market wipeout — is sounding the alarm once again. And this MARKET TIMING SYSTEM is accurate — it also flashed emergency green in early 2009 to capture profits in the mega-rally. Let's look at the evidence for a looming crash: FACT 1: The recent trend of insider transactions and mutual fund flows clearly indicates that the demand for stocks fell sharply during the past few months ($11 billion withdrawn from the market in one month alone)... FACT 2: The investment research firm TrimTabs reports that CEOs and other top executives have sold 40 times more of their shares than they have bought.

FACT 3: The recent U.S. GDP report indicates that this economic "recovery" has been weaker than any other one since the 1930s.

Stimulus, AAAArgh Katy Bar The Door, and Posercare live unprecedented

Darwin bless us all

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oneeye_wilbur 3 years, 12 months ago

Just take some more money in the form of taxes and sectors of the economy will continue to decline. It's on the way.

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d_prowess 3 years, 12 months ago

How does a report that something is "on the table" automatically indicate that it will happen? I appreciate those here that discuss the merits for an against such an idea, but those that are blasting Obama as if he has signed this into law are just silly!

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jobohe 3 years, 12 months ago

He's developing the European socialist welfare state and level of taxation. Continued growth in spending will lead the United States to Greek levels of debt.

Vertigo--a new tax, a tax where there was none before, is a tax increase. Or does it depend upon what the meaning of the word is is?

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ivalueamerica 3 years, 12 months ago

I wonder why you folks feel you can not make a point without stretching the truth or flat out telling lies.

Other than you are ignorant traitors to America.

Obama has only said he has not studied a VAT and will not make a decision until he reads the reports and recommendations from the budget commission.

However, the truth does not fit what you want to say, so you lie.

Ignorant traitors and repeat liars fits you pretty well.

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barrypenders 3 years, 12 months ago

PADs will do anything to 'Take' money from the 'Free Market'. Don't worry or concern yourselves about those poor, poor, peeps that do not pay Big Government Income Tax. Poser will 'Manifest Destiny' a 'Credit' for those lost souls with a 'Participation Residence' deduction.

Maybe a 'Tatoo' on the forehead of Participant Residers will be sufficient for them at the life necessity stores.

Stimulus, PAD VAT Tax Tatoo, And Posercare live unprecedented

Darwin bless us

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Liberty_One 3 years, 12 months ago

But he promised that no one making less than $200K (or was it $250K?) would have any tax increases? Well, Obama just lost my vote!

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Richard Payton 3 years, 12 months ago

Barry we know you want it but needs VAT czar before telling media of future tax plans.

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