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Colts fan & Stoker owner
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Heard it on the radio today- calling it an "added value tax"....

AM radio reported that Obama has hired an advisor that is an expert in the tax that applies to just about everything.

Anyone know more?
 

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Desert Racing Widow
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I'm sure it will happen eventually, and in the not too distant future.
 

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Google "Value Added Tax" or 'VAT' The Europeans have done this for years, don't make it right but they are doing it. How it works is every time a product changes hands a tax is added....from raw material to retail sales each time the product changes hands the tax is added....guess who pays all this value added tax?....One guess and it ain't Obama....:)st
 

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Red Blooded American
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Actually I'm all for it! Do away with income tax completely then only tax us reasonably on what we voluntarily purchase thereby allowing a citizen to save without penalty which will bolster our economy like it has never seen since income tax was first implemented.

Anyone with a reasonable sense of history can turn the pages back to our nation prior to income tax and find the greatest industrial nation on the planet. Our exports so far outnumbered our imports that the world depended upon the good 'ol USA for most everything including technology.

Fast forward to income tax and you'll find the decline of all productivity, savings, investment and personal holdings across the US demographic. Now our administration wants to tax more in an effort to create greater prosperity????? That's like spending more than you have to be called rich. Oh wait, the Kenyon has already done that one.
 

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doc, I agree with you, only if it worked the way it is intended. But who can trust our government to not just add it to existing taxes? I've read for years that this kind of tax would be far more benefitial than our current system...
 

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Senior Lurker
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Fair tax bill h.r. 25

I agree with you Doctor. I'm all for it!! Check out a book called The Fair Tax Book written by Neal Boortz. If only we could get this passed, it'd be the best thing to happen to this economy since they started withholding income taxes.
 

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Anyone with a reasonable sense of history can turn the pages back to our nation prior to income tax and find the greatest industrial nation on the planet. Our exports so far outnumbered our imports that the world depended upon the good 'ol USA for most everything including technology.

I agree with all you said except the part about trade. On this you, the media, and many politicians etc, have it exactly backwards. The name for nations whose exports outnumber their imports is "Poor A$$ Trade Dependant Nations" (euphimistically called "Developing Nations). The name for nations who's imports outnumber their exports is "Wealthy Nations" The last time the U.S. had a "trade surplus" was a period of time known as "The Great Depression". The day that we have a "trade surplus" will be the day that we are no longer the worlds richest nation and we are forced to sell more to the rest of the world than we do to ourselves. In short, the reason we have a "trade deficit" is because we are the worlds richest nation and the worlds best market.
Don't get me wrong I would love to see U.S. industry make and export more than they do now. It's just that the whole "trade deficit" concept is nothing but a bogus notion, that serves no purpose other than as a straw man argument to be abused by demogogues...

Here is a little cut and paste from something Thomas Sowell (most likely America's best economic historian) wrote in 1999.

"Misconceptions of international trade are the norm in the media. When our trade deficit increases, that is said to be a "worsening" and when it is reduced, that is called an "improvement." Adam Smith knew better than that two centuries ago. But apparently this knowledge has not yet "trickled down" to the media --- or to politicians.

If a growing trade deficit is a "worsening," then why did we achieve our highest level of prosperity last year at the very same time when we had our largest trade deficit in history? Rather than attempt to answer such straightforward questions as these, those who are spreading alarm about the trade deficit say that it "can't go on forever."

If it can't go on forever, then why do we need government policies to end it, since we know that it will end anyway?

To listen to those who panic over international trade, you would think that the whole purpose of it was to get rid of as much of what we have produced as possible and to get as little as possible of what other countries have produced in return."
 

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Guys, from what I heard you have it all wrong. This is not the fair tax or flat tax he is for. This is on top of everything we already pay. He's not thinking of getting rid of the irs.

Ken
 

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Guys, from what I heard you have it all wrong. This is not the fair tax or flat tax he is for. This is on top of everything we already pay. He's not thinking of getting rid of the irs.

Ken
Of course he isn't. President Obama just wants to add another huge new tax to what we already have. He is a leftist and that is his nature.

The point some of the guys here are making is that we would love a federal sales tax ONLY IF it would completely REPLACE the income tax.
 

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Tax laws control every facet of our lives. Tax on coffee, we drink less coffee, tax cigarettes we smoke less, tax fuel we drive less. Control is what the Chimp and all his liberal friends are all about. To stay elite, you have to limit opportunity and keep the masses down by taking their money. Keep them clawing up the mountain. When they get close to the top, burden them with more weight so they slide backward.
 
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Well lets see. I'm no math professor but it seems we're already in a deficit situation. If I'm not mistaken that means we don't collect enough revenue as it is to support this governmental/assistance beast that is starving for more food.

So no matter how they paint it, or what they call it, we will not see a tax decrease no matter how you slice it. It ain't gonna happen.

They won't do away with one tax simply to impose another, unless the total of the other is greater than the two.

This regime will not make the cuts necessary to balance the budget, their only option is to increase revenue (taxes). And they will not increase taxes across the board...that just wouldn't be fair :)sphss
 

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Well lets see. I'm no math professor but it seems we're already in a deficit situation. If I'm not mistaken that means we don't collect enough revenue as it is to support this governmental/assistance beast that is starving for more food.

So no matter how they paint it, or what they call it, we will not see a tax decrease no matter how you slice it. It ain't gonna happen.

They won't do away with one tax simply to impose another, unless the total of the other is greater than the two.

This regime will not make the cuts necessary to balance the budget, their only option is to increase revenue (taxes). And they will not increase taxes across the board...that just wouldn't be fair :)sphss
So, anybody want to make a guess how much the underground economy will grow?
 

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Are you guys saying that Obama has lied AGAIN with regards to one of his campaign promises?????? 95% will receive a tax break.....my ass!.....Did we not call it back in September? Liberals, where are you to defend this lying POS?
Obama lied and we all went BROKE!
 

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Well lets see. I'm no math professor but it seems we're already in a deficit situation. If I'm not mistaken that means we don't collect enough revenue as it is to support this governmental/assistance beast that is starving for more food.

So no matter how they paint it, or what they call it, we will not see a tax decrease no matter how you slice it. It ain't gonna happen.

They won't do away with one tax simply to impose another, unless the total of the other is greater than the two.

This regime will not make the cuts necessary to balance the budget, their only option is to increase revenue (taxes). And they will not increase taxes across the board...that just wouldn't be fair :)sphss
Could not agree more! This tax, and any other new taxes Hussein lays on us, will be in addition to all the Federal taxes we now pay. The libs have got to pay for all the crap bailouts, socialist entitlement programs, national health care, cap and trade, interest to China and others for borrowed money, and etc. Hussein and Co. are really going to screw us!
 

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Bottom line is....Liberals think we do not pay enough in taxes and are doing everything in their power to correct that.
 

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Bottom line is....Liberals think we do not pay enough in taxes and are doing everything in their power to correct that.
Yes but the only reason they think we should pay more taxes is because they think we have far too much freedom..
 

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E-7 Sheepdog (ret)
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Of course he isn't. President Obama just wants to add another huge new tax to what we already have. He is a leftist and that is his nature.

The point some of the guys here are making is that we would love a federal sales tax ONLY IF it would completely REPLACE the income tax.
The FAIR TAX replaces not just the IRS and the income tax, but EVERY federal tax there is, Unemployment, Inventory, Witholding, Social Security, Medicare/Medicaid, CORPORATE Income tax, ALL of them.
It also repeals the Amendment that allows the income tax (16th???)
You get a FULL paycheck (minus state income taxes).

Replaced completely with a one-time, 23% RETAIL ONLY sales tax, not at the wholesaler level, but ONLY at the end user level.

Foreigners buying anything here, pay it (Like arab sheiks buying cars and airplanes).

There is ALSO a provision for a "return" of sorts, in advance, for low income levels, to basically offset what they WILL PAY in the coming year.

If I remember correctly, there are a few items exempt from it, like food.

Want to pay less in tax, buy something less expensive. $10 sunglasses cost $12.30.
$200 sunglasses cost $246.


There is over 20 million dollars of research in the Fair Tax.


The above is NOT what Obama wants, he wants to ADD a sales tax to the overload you already pay.
 
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