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Huge New Tax is Coming, It’s an Economy Killer

Spend It Now! A Huge New Tax Is Coming…

Daily Wealth
April 9, 2010


Everything you buy is about to become 20% more expensive…

I’m not kidding. The latest idea out of Washington is to pay for its insatiable appetite for spending with what’s called a “Value-Added Tax.”

It’s like a huge new national sales tax, on everything. In simple terms, the difference is that with a sales tax, the consumer pays it. With a “VAT,” the manufacturer pays it. The consumer won’t see it in the price on the shelf or on their receipt.

Politicians love this tax because it’s a stealth tax… You can’t see it when you buy something, but they still get their money. And unless you make your voice known, chances are excellent we’ll eventually have a Value-Added Tax here.

The thing is, making things 20% more expensive here and giving that money to politicians won’t save America. It’ll make us less competitive. For Exhibit A, consider the state of European governments right now…

Greece, for example, has a VAT of 21%. Its government is bankrupt. The Value-Added Tax didn’t save Greece.

Italy and Portugal have a VAT of 20%, and they’re only a little less bankrupt than Greece.

Astoundingly to me, the Value-Added Tax in France has now crept up to a full 50% of France’s government revenues. So how are things going in France with a Value-Added Tax?

France is unable to compete in the world. Unemployment is terminally high. The unemployment rate is now 10% in France. In 2005, the unemployment rate was 10%. And back in 2000, unemployment stood at 11%. Like I said, it’s terminal…

Clearly, the system is not working. So why is the U.S. government in such a hurry to adopt it?

The Wall Street Journal explained it yesterday: “Taxes on the rich can’t begin to finance the levels of new spending that the current government has unleashed… ”

And foreign governments have been less willing to buy our government bonds lately. So the government needs a new source of a lot of money.

At first, a Value-Added Tax will be offered up by politicians as a small tax – just a temporary fix to get us over the hump on our current budget woes. But we know how it will go… Like all taxes (and parasites), it will become permanent in our lives and it will steadily grow. Remember, the VAT in France is now 50% of government revenue.

All we can do right now is let our politicians know we’re against more taxes… because we know down in our toes that governments spend every dollar that comes in… and then some.

Think about it this way: When your child has overspent on the credit card, you don’t hand over a new card to spend on.

We don’t want to give our politicians a new credit card to ring up charges. Reject their request for another massive credit card, in the form of a Value-Added Tax.

Oh, the other thing you can do is make all your big purchases soon, before a Value-Added Tax comes along and adds 10%-20% to the price of everything you buy…

 

VAT attack: Beware: ‘Value-added tax’ is an economy-killer

New York Post
April 12, 2010


Paul Volcker

One of President Obama’s top economic advisers, former Fed chief Paul Volcker, suggested this week that it’s time for America to adopt a VAT, or value-added tax. The White House yesterday downplayed the idea — but it’s sure to resurface: It’s an inevitable consequence of a government that’s too big now and likely to grow even bigger thanks to Washington’s reckless spending spree.

Don’t get me wrong: The VAT — on top of all the other taxes Washington imposes — is a terrible idea. Imposing it would pretty well finish the transformation of our country into a European-style slow-growth nation. The right way to close Uncle Sam’s gaping deficits is to reverse the continued explosion of federal spending.

The VAT is a type of national sales tax, levied on the value-added at each stage of production. Consider a piece of furniture: The VAT would be imposed when the raw timber is sold, when the sawmill produces lumber, when the manufacturer builds a chair, a tax at the wholesaler level and then when a retailer sells the chair to a consumer.

To avoid double taxation, each seller along the way gets a credit for taxes paid at earlier stages of the production process. So the final tax to the consumer, at least in theory, is the same as a retail sales tax of the same amount.

The VAT has its virtues: As a single-rate, consumption-based system, much like the flat tax or national sales tax, it would introduce far fewer economic distortions than today’s income tax — and a heckuva lot less paperwork.

That would be a persuasive argument — if proponents wanted a VAT to replace the Internal Revenue code. But that’s not what’s intended by Volcker — or Senate Budget Committee Chairman Kent Conrad and House Speaker Nancy Pelosi, who’ve also been chatting up the VAT.

The politicians want a VAT, and they want to keep the income tax. (To be more accurate, they want a VAT and to raise other taxes as well.)

They want the cash, of course, so they can continue buying votes by spending other people’s money.

This decade already has seen a huge expansion of government. In the Bush years, federal spending rose from $1.8 trillion in 2001 to $3.5 trillion in the last Bush budget. Now President Obama is well on the way to doubling outlays yet again.

He has already saddled the economy with $800 billion of “stimulus” and a giant new health-care entitlement, and his proposals for next year will push the federal budget even higher.

Meanwhile, our aging population and the built-in growth in federal programs like Medicare, Medicaid and Social Security has a dramatic expansion in the size of government set to occur automatically in coming decades.

Simply stated, there’s no way to finance all this new spending without an added broad-based tax. But this is exactly why we should vigorously resist a VAT.

Blocking a VAT may not be sufficient to control the size of government, but it’s necessary. Handing Washington a whole new source of revenue would be akin to giving keys to a liquor store to a bunch of alcoholics.

Read Full Article Here

Will America Get a Value Added Tax (VAT)?

Chuck Norris: More Tyranny Plus More Taxes Equals More Protests

Great American Tax Strike April 15-18th

 



Dingell: ObamaCare will “control the people”

John Dingell: It will take some time for ObamaCare to “control the people”

http://www.youtube.com/watch?v=bK62MQ_OIEI

Alcee Hastings: “All This Talk About Rules… We Make ‘Em Up As We Go Along…”

http://www.youtube.com/watch?v=9prQt3SLYCQ

Biden: “We’re Going To Control The Insurance Companies”

http://www.youtube.com/watch?v=MVz-DCUyxtE

Pelosi: We must control every aspect of American life and subject it to an inventory

Democrats Admit Obama Care is a Scam

 



IRS to Force Americans to Buy Health Insurance

IRS to Force Americans to Buy Health Insurance

NoWorldSystem.com
March 23, 2010

$10 Billion dollars will be used to create 16,500 new IRS agent jobs to force all Americans to buy health insurance according to the bill that has been recently signed into law by Barack H. Obama. That’s right, expect IRS thugs armed with shotguns knocking at your door and being fined $740 per month ($2,250 per household) for not buying government approved health insurance. Failure to pay fines could mean the maximum penalty of $250,000 and imprisonment of up to five years according to a Joint Committee on Taxation letter released by Ranking Member of the House Ways and Means Committee Dave Camp (R-MI).

http://www.youtube.com/watch?v=ykj-41b0IKk

http://www.youtube.com/watch?v=4HFBwLScOOI

http://www.youtube.com/watch?v=gEvEJbk8UUE

The Cost Of Defying Obamacare: $2,250 a Month And IRS Goons Pointing Guns At Your Family

Paul Joseph Watson
Prison Planet.com
March 23, 2010

The cost of defying Obamacare by withholding compliance on your income tax return will not be for the faint hearted – families will be forced to cough up $2,250 a month while being closely scrutinized by an army of new IRS agents with fresh “combat training,” armed to the teeth with 12 gauge pump action shotguns.

“The Internal Revenue Service will function as the government’s chief enforcer for health care reform, should President Obama sign the bill into law as expected, monitoring both businesses and individuals to certify whether they have the insurance coverage the government requires,” writes Matt Cover of CNS News.

The penalties associated with defying mandatory health care are staggering. From 2014 onwards, for every month that individuals or businesses with over 50 employees fail to carry a minimum level of health insurance, they will be hit with fines of up to $750 a month for individuals and $750 per uncovered employee for businesses. For a family of four, this could amount to a whopping $27,000 a year ($2250 a month for each household).

“Because these new mandates and taxes are under the purview of the IRS, taxpayers and businesses could incur additional penalties normally reserved for normal income tax cheats, paying fees over and above those for not complying with Congress’ new mandates,” writes Cover.

The health care bill requires the IRS to monitor individuals and businesses via mandatory reporting on income tax returns. If you don’t pay up, the IRS will let loose one of their estimated 16,500 new agents, armed with shotguns and fresh “combat training,” to convince you otherwise.

The increasing transformation of tax collectors into heavily armed SWAT-like goons coincides with the passage of Obamacare, legislation which will rest entirely on its aggressive enforcement by thousands of new IRS agents sent out to harass individuals and small businesses.

Many people raised an eyebrow or two last month when the Drudge Report posted a request for quotes from suppliers for 12 gauge pump action shotguns to be submitted to the IRS. The request also mentioned the fact that IRS agents now receive “combat training”.

It seems that the increasing militarization of IRS agents isn’t simply to prepare for fleecing the many Americans who would undoubtedly stop paying their taxes should draconian austerity measures be imposed to deal with a deepening economic decline, but also to physically enforce the reality behind Obamacare – the fact that if you don’t comply with it then you’ll be treated as a tax cheat and a criminal.

When Obama’s own policy czars, people like Ron Bloom, say things like, “We kinda agree with Mao (Tse Tung) that political power comes largely from a gun,” as the federal government – even the Department of Education – arms itself to the teeth in order to enforce blatantly unconstitutional policies – is it any wonder that American citizens are purchasing firearms at record levels to defend their families from a government gone wild?

Not only will the IRS be tasked with enforcing penalties against Obamacare resistors, but they’ll also be kept busy monitoring over a dozen new taxes that will be created by the bill.

“The bill is littered with tax increases in order to fund the expansion of health coverage for Americans,” points out Business Insider, who identified 15 such increases, things like an excise tax on high cost employer-sponsored health coverage, tax surcharges on people making over $350,000 a year, as well as control freak measures like a 10% tax on payments for indoor tanning treatments.

Obamacare: Taxing The American People Into Oblivion

Ron Paul: If Obamacare Was A Good Program It Wouldn’t Need To Be Enforced By Armed Thugs

IRS demands 4 cents from carwash owner

USA Today: IRS to Make Sure Americans Buy Health Insurance

ObamaCare: Buy Health Insurance Or Go To Jail

 



Democrats Admit Obama Care is a Scam

Democrats Admit Obama Care is a Scam

http://www.youtube.com/watch?v=1J1FePMgxcI

 



Pelosi: Pass Obama-Care To Find Out What’s In It

Pelosi on health care: ‘We have to pass the bill so you can find out what is in it…’

Dprogram.net
March 10, 2010

This comes from Speaker Pelosi’s speech today before the Legislative Conference for National Association of Counties. The boldface is mine:

“You’ve heard about the controversies within the bill, the process about the bill, one or the other. But I don’t know if you have heard that it is legislation for the future, not just about health care for America, but about a healthier America, where preventive care is not something that you have to pay a deductible for or out of pocket. Prevention, prevention, prevention—it’s about diet, not diabetes. It’s going to be very, very exciting.

“But we have to pass the bill so that you can find out what is in it, away from the fog of the controversy.”

Americans are precisely worried they will find out, the hard way, “what is in it,” after it’s been passed. Whence “the controversy.”

Kucinich Will Vote To Kill Government Run Health Care

 



Pelosi spent $1 million taxpayer money on Copenhagen trip

Pelosi spent $1 million taxpayer money on Copenhagen trip

Jack Cafferty
CNN
January 26, 2010

http://www.youtube.com/watch?v=A6_xgKWzhRw

Hundreds of thousands of dollars.

That’s how much it cost for a delegation of 59 people – led by House Speaker Nancy Pelosi along with members of Congress, staff and in some cases spouses and kids – to go to Copenhagen, site of the Climate Summit, just before Christmas.

House Speaker Pelosi attends a press conference at the Copenhagen Climate Summit.

CBS News reports that for 21 Congressmen, food and rooms for two nights cost $4,400; and the Total hotel bill – including meeting rooms – was more than $400,000.

Pelosi used two military jets for herself and her party at a cost of more than $100,000 dollars in flight time.

Hundreds of thousands of dollars of taxpayer money. This has nothing to do with the Obama administration officials who went to Denmark to actually attend the summit.

Pelosi filed the required expense report – but so far has failed to explain why it was necessary for her and her colleagues to make the trip to Copenhagen in the first place. Her arrogance is absolutely breathtaking. As for the high hotel charges, Pelosi’s office says those who stayed two nights were charged a six-night minimum at the five-star Marriott. Information that was probably available before Pelosi and the freeloaders made their vacation plans.

Note to the House Speaker: We have skyrocketing deficits and national debt in this country. The President is talking about reigning in discretionary spending. I wonder if that would have included this junket by Pelosi and her colleagues. I would be curious to know where Nancy Pelosi gets her sense of entitlement to simply blow hundreds of thousands of dollars of our money at Christmas time so she and her colleagues can take a little trip to Copenhagen.

 



Senate to Pass Obama Care by Christmas Eve

Senate to Pass Obama Care by Christmas Eve

NoWorldSystem
December 21, 2009

Guess what’s under Big Government and Insurance Companies’ Christmas tree this year. . . that’s right, mandatory health insurance for Americans!

Senate Democrats secured their 60th vote after Sen. Ben Nelson (D-Neb.) declared his support for the draconian health insurance plan; “Change is never easy, but change is what’s necessary in America”.

The Senate voted to ‘kill the debate’ this morning at 1:15 a.m. while you were sleeping. 58 Democrats and 2 Independents favored the cloture while 40 Republicans voted against it. Unfortunately this is a Democrat-dominated Congress so obama-care is likely to pass the Senate by Christmas eve when the final vote will take place.

Obama and Senate Democrats are confident that this menacing legislation will pass, forcing millions of Americans to buy health insurance plans and will significantly cut medicare bringing pain to the elderly; “Let’s bring this long and vigorous debate to an end. Let’s deliver on the promise of health insurance reforms that will make our people healthier, our economy stronger and our future more secure” said Obama. “After a nearly century-long struggle, we are on the cusp of making health-care reform a reality”.

The lame-stream media constantly tries to propose that the Republicans are the only ones dissenting against health care ‘reform’, many on the left including Ralph Nader, Howard Dean and Michael Moore see through the this disastrous piece of legislation for what it truly is; nothing more than government takeover, shutting down the freedom of choice to have health care or not, increasing insurance prices and cutting medicaid and medicare coverage for the elderly.

Ralph Nader “This is what I meant a year ago when I said the next year will determine whether Barack Obama will be an Uncle Tom groveling before the demands of the corporations.”

Howard Dean “You know what this is, is a giant bailout. This is a bailout that makes AIG look cheap. 60 billion dollars a year goes to the insurance companies under this bill now if we can get a public option I think that’s ok but if you don’t have a public option why would you want to stick the taxpayers with yet another bailout. They bailed out the banks they bailed out AIG, this is a trillion dollar bailout.”

Michael Moore “The health insurance companies are going to make an extra $70 billion dollars as a result of Americans being forced to buy their health insurance,” “What company wouldn’t love this bill?”

 

Government Health Care: The Next Step On the Road to Tyranny and Slavery

http://www.youtube.com/watch?v=wHOdiTtupkA

Obama Fear Mongering to Pass Health Care Reform

Coburn: The Elderly Need to Fear Health Care Reform

ObamaCare: Buy Health Insurance Or Go To Jail

ObamaCare: Just Another Tax On The Middle-Class

Buy ObamaCare or Face Jail or $25,000 Fine

Health Insurance Mandate Includes ‘Tax’ Despite Obama Denial

Government Places Gag-Order On Medicare Companies Concerning Cuts

45% Of Doctors Might Quit If ObamaCare Passes Senate

ObamaCare Gives Dictatorial Powers to ‘Health Choices Commissioner’

Americans Will Be Forced To Buy Health Insurance