http://www.prisonplanet.com/bankers-prepare-to-assault-americans-with-vat-transaction-taxes.htmlBankers Prepare To Assault Americans With VAT, Transaction TaxesObama: Value-added tax still on the table despite White House assurances otherwise, campaign promise not to raise taxes for families earning under $250,000 a yearPaul Joseph Watson
Prison Planet.com
Thursday, April 22, 2010
The global banking elite are preparing to assault Americans with two huge new tax increases as President Obama contradicts the assurances of White House aides and his own campaign trail promise by asserting that a VAT tax is still on the table, as the IMF outlines a new tax on financial transactions that is being hailed as a blow to the banks yet represents another stealth tax on the people.
“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,”
reports the Associated Press.
Obama’s signal that he may embrace a European-style VAT tax follows former
Fed chairman Paul Volcker’s call for a value-added tax. In response, the U.S. Senate passed a nonbinding “sense of the Senate” resolution labeling any such move, “a massive tax increase that will cripple families on fixed income and only further push back America’s economic recovery.”
Not happy with hitting Americans with a roughly 20% increase in living costs that a VAT tax would impose, Volcker also called for a carbon tax in the name of solving the widely discredited scam of man-made global warming, a new levy that is
already being introduced at the state level.
Despite the fact that White House aides
dismissed the prospect of a national sales tax only on Monday, Obama’s u-turn once again contradicts his pre-election promise that he would not raise taxes for American families earning under a quarter of a million dollars a year.
During a speech on the campaign trail, Obama promised, “No family making under $250,000 dollars a year will see any form of tax increase.”
However, the VAT tax is a flat rate levy that applies to everyone, and it will dramatically increase the cost of living for Americans already laboring under the greatest financial meltdown since 1929.
As CNS News highlights, VAT is also labeled “consumption tax, because it applies to items at every stage of production. Such a tax would affect purchasers at all income levels.”
Obama’s failure to keep his promise that families would not “see any form of tax increase” has force him to lie in public addresses and claim that he only ever promised not to increase
income tax on families earning under $250,000.
“And one thing we have not done is raise income taxes on families making less than $250,000,” Obama said on April 10. “That’s another promise we’ve kept.”
As CNS News’ Fred Lucas points out, in addition to any future VAT tax, “The $1-trillion health care overhaul bill contains at least 12 taxes and fees that will affect households earning less than $250,000.”
In our special report on tax increases contained in the Obamacare bill, we identified dozens of tax increases, most of which would apply to families making under $250,000 a year.
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http://www.infowars.com/obama-debt-czar-says-tax-hikes-on-the-table/Obama Debt Czar Says Tax Hikes “On The Table” Paul Joseph Watson
Prison Planet.com
Monday, April 26, 2010
The Democratic co-chairman of President Obama’s debt commission, Erskine Bowles, told Fox News Sunday that tax hikes for Americans are “on the table,” despite Obama’s election campaign promise that no individual earning under $200,000 dollars a year would be hit with any tax increases.
Asked if he felt bound by the President’s pledge, Bowles responded, “Everything is on the table, we’re going to look at every single way to right this fiscal ship….raising revenue, we have to have everything on the table.”
Bowles also said that a European-style VAT tax, which would increase living costs by as much as 25 per cent, was also under consideration.
“I think that there are many good arguments that you could make for a value-added tax or a consumption tax as oppose to a tax on wages but I think it’s just one of the things that ought to be on the table that we ought to discuss.”
Bowles’ suggestion that a VAT tax would supplant or be offset by a reduction in income tax is likely a ruse. People in Europe pay the highest levels of income tax in the world but they are also forced to pay VAT on most goods at a level between 15-25 per cent
in addition to costly income tax rates.
VAT taxes are typically introduced at low rates in order to dampen opposition, but then gradually raised over the course of decades.
For example, Denmark’s VAT tax started at 9 per cent in 1962, but today has bloated to a whopping 25 per cent.
The 18 members of the debt commission will unveil their plan by December 1.
The prospect of income tax hikes contradicts Obama’s pre-election promise that he would not raise taxes for American families earning under a quarter of a million dollars a year.
During a speech on the campaign trail, Obama guaranteed, “No family making under $250,000 dollars a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.”
“You will not see any of your taxes increase one single dime,” Obama repeatedly vowed.
As we have highlighted, even aside from any income tax hikes, Americans already face a myriad of tax increases under Obamacare, a potential VAT tax, not to mention a future consumption tax based on CO2 emissions.
As the Associated Press reported On April 1, the largest ever increase in tobacco tax, and one that would disproportionately affect the poor, was passed by Obama despite his pledge to protect lower earners.
Last week, Obama himself said that a value-added tax, which would hit Americans across the income bracket but particularly the poor and struggling middle class, was “still on the table” just days after White House aides had assured otherwise.
