Obama was asked today about the Value Added Tax (VAT) and he did not categorically deny it.
Associated Press: ... In the CNBC interview, Obama said he was waiting for recommendations from a bipartisan fiscal advisory commission on ways to tackle the deficit and other problems.
When asked if he could see a potential VAT in this nation, the president said: "I know that there's been a lot of talk around town lately about the value-added tax. That is something that has worked for some countries. It's something that would be novel for the United States."
"And before, you know, I start saying 'this makes sense or that makes sense,' I want to get a better picture of what our options are," Obama said.
He said his first priority "is to figure out how can we reduce wasteful spending so that, you know, we have a baseline of the core services that we need and the government should provide. And then we decide how do we pay for that."
Anyone with half a brain can tell by now that VAT is going to be the only solution for paying down the debt. If the Democrats are unwilling to cut entitlements, then there is no other way to generate the kinds of revenue needed to pay for all the spending that has been done. Even if you were to tax the living hell out of America’s top earners, you still would not generate enough revenue to payoff or service our debt.
The VAT will mean higher prices for everything, for everone …forever. So for all those numbskulls that actually thanked Obama for their “tax cuts”, get ready VAT will steal it all away and then some.
Via: Associated Press