We all remember candidate Obama’s pledge, “If you a make under $250,000, your taxes won’t go up. Your taxes won’t go up as much as one thin dime”.
Looks like Obama the politician is about to break that pledge. Just another political huckster about to betray those who elected him.
Obama is now calling for a VAT Tax, or Value Added Tax, to be placed on nearly all items purchased in the United States. The VAT is a National Sales Tax. The amount of the tax being discussed by the Administration is 20% or 20¢ (cents) on every dollar.
A $100 purchase would become $120, a $1000.00 (1 thousand dollar) purchase will become a $1200.00 (one thousand two hundred dollar) purchase.
For those of you hoping that car sales will pick up, a $20,000 (twenty thousand dollar) auto, will cost $24,000 (twenty four thousand dollars) after a 20% VAT.
The young, students, the poor, the working poor, the elderly and those on fixed incomes will suffer the most. VAT taxes, like any sales tax, effect these people the most because they spend more of their income just to survive, more than the rich ever spend on necessities.
Another broken promise by another Politician that should not have been trusted!
Obama suggests value-added tax may be an option
WASHINGTON – President Barack Obama suggested Wednesday that a new value-added tax on Americans is still on the table.
Obama adviser Paul Volcker recently raised the prospect of a value-added tax, or VAT.
The Senate passed a non-binding resolution last week, 85-13, that calls such a tax “a massive tax increase that will cripple families on fixed income and only further push back America’s economic recovery.”
Obama was asked in a CNBC inetrview if he could see a potential VAT in this nation, the president said: “I know that there’s been a lot of talk around town lately about the value-added tax. That is something that has worked for some countries. It’s something that would be novel for the United States.”
Eventually, every politician who believes in “spreading the money around”, “gets around” to your wallet too!