Taxes likely to rise eventually to tame deficit

[tsptalk]

Get ready for it....

Taxes likely to rise eventually to tame deficit

"(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 [VAT], White House adviser Paul Volcker said on Tuesday."
-----------------------------

Don't forget, England has the VAT tax and a 50% income tax bracket. It's just a matter of time for us at the current pace.

I wonder why taxes aren't going down instead of up, since the health care reform is going to reduce the deficit, right? What a shocker.

It didn't take them wrong to let us know their math was wrong.

 

[FAB1]

Get ready for it....

Taxes likely to rise eventually to tame deficit

"(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 [VAT], White House adviser Paul Volcker said on Tuesday."
-----------------------------

Don't forget, England has the VAT tax and a 50% income tax bracket. It's just a matter of time for us at the current pace.

I wonder why taxes aren't going down instead of up, since the health care reform is going to reduce the deficit, right? What a shocker.

It didn't take them wrong to let us know their math was wrong.

Yay. Now we can be so like the rest of the World. :notrust:

Isnt that what we want? No?

 

[CountryBoy]

Get ready for it....

Taxes likely to rise eventually to tame deficit

"(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 [VAT], White House adviser Paul Volcker said on Tuesday."
-----------------------------

Don't forget, England has the VAT tax and a 50% income tax bracket. It's just a matter of time for us at the current pace.

I wonder why taxes aren't going down instead of up, since the health care reform is going to reduce the deficit, right? What a shocker.

It didn't take them wrong to let us know their math was wrong.

I've been preparing for it since they started talking Socialized medicine. Regardless of what the other side says, our taxes are going to go up and the economy will go down, along with our standard of living or at least our childrens standard of living. Thank you socialist.

Much more of the productive folks income will be taken to pay for the "Free HC", which by simple math will reduce our disposable income.

 

[nnuut]

READ MY LIPS "NO NEW TAXES", "IF YOU MAKE UNDER $200,000 NO HIGHER TAXES"!!! FAT CHANCE!!!!
Suckers

 

[Scout333]

Get ready for it....

-----------------------------

Don't forget, England has the VAT tax and a 50% income tax bracket. It's just a matter of time for us at the current pace.

The VAT is an evil little bugger. Mainly because of the way it functions. It generally applies at every level of production and sales which increases the tax cost of virtually everything you buy. Before you realize it more than 50% of the cost of an item is Tax. A hidden tax at that. No one should be in favor of this method. Too easy to raise enormous amounts of revenue with a small increase in the rate. i.e. a 1-2% rate increase could generate $ 100s of billions of revenue. It is also regressive with a disproportionate effect on lower to middle income folks. :notrust: i.e. those of us who spend a big part of our disposable income on necessities.

 

[PessOptimist]

Of course this VAT will force all states, counties and municipalities to rescind their sales taxes, right?

Not likely so I can add it to the 9-10% I all ready pay.

 

[tsptalk]

Not likely so I can add it to the 9-10% I all ready pay.

That should do wonders for consumer spending.

 

[Frixxxx]

That should do wonders for consumer spending.

They'll have to add it to my grocery bill, it will be the only thing I can afford out here in Hippy Central! The marijuana revenue should keep the munchies in full swing out here!:suspicious:

 

[Scout333]

Don't mind a progressive system. i.e. The more you make the higher % you pay but everyone should pay something. It is especially abhorrent to get refunds when you've paid nothing into the pot.


Half of U.S. pays no federal income tax
Credits for low- and middle-income families exempt many
By Stephen Ohlemacher

updated 4:36 p.m. CT, Wed., April 7, 2010


The result is a tax system that exempts almost half the country from paying for programs that benefit everyone, including national defense, public safety, infrastructure and education. It is a system in which the top 10 percent of earners — households making an average of $366,400 in 2006 — paid about 73 percent of the income taxes collected by the federal government
http://www.msnbc.msn.com/id/36226444/ns/business-personal_finance

 

[FAB1]

On another forum it was discussed that we can beat some of the effects of this by bartering more for goods and services in the locality. Might work well in the rural areas.

But no doubt were going to see an expolsion in black markets to escape a VAT.

November folks, we gotta nip this in the bud.

 

[Christopher]

ABSOLUTELY, FAB1...

Any of us hoping to show "INcumbents" the "OUTcumbents" door in November will first need the lowdown on their replacements. For the sake of America and our children, please carefully research your home state's candidates...we can't afford to make a bad thing worse.

November folks, we gotta nip this in the bud.