Obama Proposes Euro-Style National Sales Tax

[Tommy Gun]

Here we go...so much for his promise not to raise taxes on the middle class.

Lies, damn lies and fiction.

[Chris]

Sure. I'll take it. Assuming he's disposing with the IRS.

The only problem you'd have is the rich would get richer and the poor would get poorer. Smart people would have a greatly enhanced incentive to save.

But I know that's not what he has in mind. Simply because the bottom third would now actually be paying taxes.

[Boss460]

I want this:

http://en.wikipedia.org/wiki/FairTax

[MarylandMark]

Answer: 8 months

Question: How long have I been waiting for my $8K 1st time home buyer credit after amending my 2008 taxes.

Answer: 8 months

Question: How long has it been since I was advised I was being audited for my 2007 taxes?

*&#)(@ are doing all they can to not have to pay it!

Most high earners I know don't pay nearly as high of a percentage as the lower earners I know. The more you make, the better accountant you can hire to keep more of it.

Fair/flat/consumption/whatever is better than what we have now.

[clayinaustin]

Sure. I'll take it. Assuming he's disposing with the IRS.

The only problem you'd have is the rich would get richer and the poor would get poorer. Smart people would have a greatly enhanced incentive to save.

But I know that's not what he has in mind. Simply because the bottom third would now actually be paying taxes.

I would also be in favor of a Consumption Tax to REPLACE the Income tax.

However, that will never happen.

[clayinaustin]

Acknowledging it would be a highly unpopular move, White House economic adviser Paul Volcker said yesterday the United States should consider imposing a "value added tax" similar to those charged in Europe to help get the deficit under control.

A VAT is a national sales tax that, like state and city sales taxes, would be collected by retailers.

Volcker, at the New-York Historical Society, told a panel on the global financial crisis that Congress might also have to consider new taxes on carbon and energy.

"The President has passed historic tax cuts for middle-class families and continues to push for more tax cuts. The President is not proposing to cut the deficit at the expense of middle-class families," said a White House official asked for comment.

The VAT suggestion was immediately met with outrage by Republicans.

"It shouldn't surprise anyone that the Obama White House would advocate a European-style tax to help finance their European-style government health-care plan," said Brian Walsh, a spokesman for the National Republican Senatorial Campaign Committee.

"When you hear things like this, though, it's almost as if the Democrats think the American people will forget that we're in this situation because of their reckless spending agenda."

[jayboat]

I want this:

http://en.wikipedia.org/wiki/FairTax

Me, too. But, as Clay noted- not gonna happen.

Would be too logical- collective heads would explode all over DC.

[fund razor]

A flat tax is logical.

[Tommy Gun]

Missouri is discussing a VAT scenario right now that would replace the state income tax but I don't see it happening since the two largest cities in the state are border towns.

[JupiterSunsation]

Sure. I'll take it. Assuming he's disposing with the IRS.

The only problem you'd have is the rich would get richer and the poor would get poorer. Smart people would have a greatly enhanced incentive to save.

But I know that's not what he has in mind. Simply because the bottom third would now actually be paying taxes.

See the thread I posted about 47% of Americans don't pay income taxes.....

[MacGyver]

Instead of a Value Added Tax. How about Value Entitlement Reduction I'm getting sick of endless entitlements that people "expect" to receive that aren't earned.

[clayinaustin]