Here it comes. The spend and tax party must come up with a way to pile on taxes – since they have already spent the entire treasury and the total potential accumulated wealth of many future generations. Here comes a national sales tax:
White House advisor Paul Volcker made news this week by calling a value-added tax (VAT) “not as toxic an idea” as it’s been in the past for tackling the nation’s deficit problem. Today, Congressional Budget Office Director Douglas Elmendorf confirmed he’s been getting “a lot of questions” about the VAT tax from Congress.
“Many people in Congress are interested in it,” he said of the VAT, a national sales tax that adds between 10 and 20 percent to purchases in European countries where it’s been implemented. “We’ve had conversations with a number of members and their staffs.”
Elmendorf declined to specify which members and said he has yet to field an official request to study a VAT tax. The CBO is in the process of figuring out how best to study a VAT tax’s impact, sorting through various structures employed by other countries. Elmendorf also declined to estimate what a VAT tax level would need to be to cover the 2020 debt, which the CBO predicted will be 90 percent of GDP.
Of course a VAT is not really a national sales tax. It is much worse than that since the VAT is applied at each transaction in a supply chain. So it is actually more like an endless tax, collected again and again and again.
Health care “reform” is going to cost a lot more than the rosy predictions and outright falsified numbers the Democrats touted when they rammed the bill down America’s throat. They know full well that they lied their collective butts off to pass their schemes. So they are already off on their next brutal taxation plot.