Did we or DID WE NOT discuss this some months ago?
December 11, 2009: Here Comes The VAT Tax
March 21, 2010: Charles Krauthammer On Passage Of Obamacare; National Sales Tax
March 23, 2010: Charles Krauthammer, 3.23.2010: Obamacare And The VAT
Paul Volker is expecting a European VAT and a Carbon Tax to be put in place on top of the current income tax structure to pay for all the government’s spending for decades past. No BIG FREAKIN’ surprise there. I and many other Tea Party Patriots are going to be screaming “DON’T YOU DARE!” after months of telling these bozos to ‘STOP SPENDING MONEY!” The only question now is do we have enough time to stop this congress and neuter this pResident?
(Reuters) – The United States should consider raising taxes to help bring deficits under control and may need to consider a European-style value-added tax, White House adviser Paul Volcker said on Tuesday.
Volcker, answering a question from the audience at a New York Historical Society event, said the value-added tax “was not as toxic an idea” as it has been in the past and also said a carbon or other energy-related tax may become necessary.
Though he acknowledged that both were still unpopular ideas, he said getting entitlement costs and the U.S. budget deficit under control may require such moves. “If at the end of the day we need to raise taxes, we should raise taxes,” he said.
If you have not yet read this piece from Stewart Dougherty; better get on that right NOW! What follows is just the smallest tidbit to get you motivated to understand the math behind what is occurring with the siphoning of trillions of dollars in wealth away from Americans.
Thanks to the endless barrage of feel-good propaganda that daily assaults the American mind, best epitomized a few months ago by the “green shoots,” everything’s-coming-up-roses propaganda touted by Federal Reserve Chairman Bernanke, the citizens have no idea how disastrous the country’s fiscal, monetary and economic problems truly are. Nor do they perceive the rapidly increasing risk of a totalitarian nightmare descending upon the American Republic.
One stark and sobering way to frame the crisis is this: if the United States government were to nationalize (in other words, steal) every penny of private wealth accumulated by America’s citizens since the nation’s founding 235 years ago, the government would remain totally bankrupt.
According to the Federal Reserve’s most recent report on wealth, America’s private net worth was $53.4 trillion as of September, 2009. But at the same time, America’s debt and unfunded liabilities totaled at least $120,000,000,000,000.00 ($120 trillion), or 225% of the citizens’ net worth. Even if the government expropriated every dollar of private wealth in the nation, it would still have a deficit of $66,600,000,000,000.00 ($66.6 trillion), equal to $214,286.00 for every man, woman and child in America and roughly 500% of GDP. If the government does not directly seize the nation’s private wealth, then it will require $389,610 from each and every citizen to balance the country’s books. State, county and municipal debts and deficits are additional, already elephantine in many states (e.g., California, Illinois, New Jersey and New York) and growing at an alarming rate nationwide. In addition to the federal government, dozens of states are already bankrupt and sinking deeper into the morass every day.