Never Fear The VAT is Here
Not quite yet, but I’m sure if Obama get’s his way, it will be.
White House adviser Paul Volcker said the United States may need to consider raising taxes to control deficits.
He also said a European-style value-added tax could gain support.
The former chairman of the Federal Reserve who is an outside adviser to President Barack Obama, said the value-added tax “was not as toxic an idea” as it has been in the past, according to a Reuters report.
Volcker made the remarks at a New York Historical Society event Tuesday night. Volcker also suggested that a carbon or energy-related tax may become necessary to bring the budget back into check.
No talk about actually cutting Government spending of course. Just raising taxes, during a recession!
Expect more unexpectedly high unemployment numbers.