276. VAT - Value Added Tax

If your are familiar with this the Value Added Tax then you read up about its use in some European countries, usually as a substitute for complicated income taxes. Whereas I support a fair tax to REPLACE our current income tax (tax on the sale of everything -- businesses would pay the tax on the products they need to make their product, we would pay a tax on products OR services we choose. This is very similar to a Value Added Tax, but the Fair Tax REPLACES everything -- yeah, no more April 15th! Wouldn't it be nice to actually take home ALL your pay instead of your gross pay MINUS income taxes? I encourage everyone to read up about Fair Tax -- select the BOOKS category and find my book recommendation.

However, the subject here is a Value Added Tax. A tax imposed on every step of a products creation that then gets passed on to you via increased price(more here). The clever Paul Volker (Obama administration) once again shows his dumb side by asking Obama to consider this to get us out of the deficit crisis. Once again, HIDE the actual tax (meaning We the People don't see the actual TAX) in the price (which we will see and react differently to because its just a price increase -- yeah, right -- with sales tax on top of yet a higher price). And, meanwhile, we continue to fret over the Tax code and continue the misery we all endure during tax time. Let me repeat the key word above: HIDE. It's about time people look into the price of things and realize that those taxes businesses have to pay are and will continue to come right out of YOUR pocket instead.

You have probably seen O's propaganda on how he lowered taxes, WITH CREDITS. Well, 50% of the people in America already don't pay taxes, so who benefits from the credits? The poor? Ha-ha. In a few years probably 60% won't be paying taxes and 50% of the remaining 40% who do pay all the taxes will have their bags packed to move away from America. Already there has been a substantial increase in the number of rich denouncing their citizenship. Guess what folks? That means those lost tax revenues get to be paid by YOU!