Remember when U.S. president Barack Obama promised he would not raise taxes on middle class families who earned below $250,000? Well, as usual, he lied.
Get ready for the VAT tax. It’s the same tax system that Europeans are under. If you think your local state tax is bad, wait until the VAT tax takes effect.
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.
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.”
Many European countries impose a VAT, which taxes the value that is added at each stage of production of certain commodities. It could apply, for instance, to raw products delivered to a mill, the mill’s production work and so on up the line to the retailer. Read more…
What this means is, instead of assessing a tax on the final product (such as coffee beans for instance) we will now be assessed a tax on growing the beans, the manufacturing of the coffee beans, the shipping of the coffee beans, in addition to the local tax when we buy the beans in the store.
That’s more taxes than any of us have ever paid in our entire lives. It won’t do anything to revive the economy if most of us are on the unemployment line. But isn’t that what you wanted when you elected a Socialist president to the White House?
By the way, the article I linked in this post has over 6,800 comments left by angry Americans who finally get it. Welcome to Socialist America.
