Rate:
Share
Views: 1227
Text Size:
Comments (2)

Tax Nightmare: A National Sales Tax may be Coming

As long as it stimulates growth... oh wait.

By Ian Cooper
Monday, October 5th, 2009

President Obama, who wants to stimulate consumer spending and revive the economy, may consider a consumption tax with a national sales tax...

That's absolutely brilliant...

It should do wonders for his approval ratings if he takes it seriously... not to mention how well it'll impact our wallets.

This Wednesday the Center for American Progress, led by John Podesta (an Obama adviser), will recommend that:

The Administration should consider a tax on consumption, such as a value-added tax [VAT] system similar to that in use in the European Union. Mr. Podesta suggested that its impact should be limited to protect lower-income people, who otherwise might be hit particularly hard.

With the federal budget deficit ballooning, the Obama administration and congressional leaders could look to tax-code changes to generate more revenues for the government.

But hey, as long as it stimulates the economy and consumer spending... oh wait.




Rate this article: 		 
     Current Rating:  
Article RatingArticle RatingArticle RatingArticle RatingArticle Rating (3 votes)

Comment on this Article


Comments:

Comment by Roger C Michaud on 2009-10-07
I read your article on this subject matter with your concerns about President Obama considering this option!
Simple sharing from a countryman that his country opted for a Federal Sales tax in 1991.

Equally we were all concerned and were definitively against it.

I must admit that after 18 years of its initial implimentation, if we are true to ourselves, we are (as countrymen) fortunate that it took place!

Let me share with you some of the benefits:
1- It spreads the actual cost as purchases are made.
2- there are no free ride for anyone.
3- funds many of our social programs for which are at no cost to each countrymen not matter who you are (rich or poor)

These are but a few of the benefits that highligths major individual expenses if one to another countrymen wouldn't have such a Federal Tax. In other words individual cost would be astronomical not to say unafordable in some cases leading to individual bankruptcy.

Pleaee take this comment as a constructive one for your knowledge and evaluation.
Comment by sharonsj on 2009-10-20
I already pay property taxes, school taxes, income taxes, and sales taxes. How would yet another tax, a national sales tax, stop "a free ride" or "spread the wealth"? The short answer is that it doesn't. The poor and lower classes, who have to spend all their income just to survive, end up spending more. The rich can do whatever they like and not be bothered. We already have failing state and federal governments because tax collections are generally down 25% or more as a result of so many people losing jobs and homes. So now to make up for less revenue they are going to tax the poor even more? How about just taxing the rich instead? They can afford it.