Obama and the VAT: Obama Moves Closer to Breaking “No New Tax Pledge” To The Poor, The Elderly And Those Who Can Least Afford It

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!

Obama – “I’ll bankrupt coal” …. and other shocking Obama claims

For those who might have missed it Barack Obama completed an interview with the San Fransico Chronicle in January 2008. The audio portion of the interview is posted on the Chronicle’s web site, “SF GATE.COM”. The interview can be located on the site here:  http://www.sfgate.com/cgi-bin/blogs/opinionshop/detail?&entry_id=23562 You can listen for yourself.

In the interview Obama says a number things that are shocking.

On Coal

Obama says, “So if somebody wants to build a coal-powered plant, they can; it’s just that it will bankrupt them because they’re going to be charged a huge sum for all that greenhouse gas that’s being emitted.” Obama also said, “That will also generate billions of dollars that we can invest in wind, solar, biodiesel and other alternative energy approaches. The only thing that I have said with respect to coal, I haven’t been some coal booster. What I have said is that for us to take coal off the table as a ideological matter as opposed to saying if technology allows us to use coal in a clean way, we should pursue it.”

Despite comments to the contrary – Joe Biden confirmed that the Obama-Biden ticket oppose even clean coal – see the video below where Biden tells an environmental activist who questioned why coal is necessary given clean, effective alternatives like wind and solar, “we’re not supporting clean coal.” Obama/Biden supports clean coal plants in China – but “no coal” for the US. How will this effect America – 50% of American energy is generated from coal fueled energy plants.  

In the interview Obama spoke about his energy plan which includes an “aggressive” cap and trade policy  which will charge polluters in an effort to curb greenhouse gas emissions. These statements confirm or were the source of claims that Obama planned to initiate “carbon use” based tax policy in America a policy that the Europeans are trying to impose in Europe.  A “carbon use” tax policy would add taxes to heating, electricity and fuel bills, driving up prices of every product consumed in the United States. Carbon use based taxes are one of the most regressive taxes (regressive – the poor and middle class pay more than the rich) that a government can imploy – just like sales taxes. Obama notes that “our electricity rates will “skyrocket”.

Why do the Democrats continue to say “NO” to US based energy assets – “NO” to Coal and “NO” to oil drilling –

On the Democratic Primaries

Obama defends the Democratic Party Primary system (from clearly logical complaints made by President Clinton – who is obviously a right wing nut becuase he voices his criticism). Obama is dismissive of the suggested changes – PUMA has it right on this issue.  

Obama on telling the truth –

OK – so I already knew OBama was liar _ I read “Dreams of my father”. Obviously I know the history of Kenya better than Obama does – sure he lies – all the time – to hear him admit it is something else. Obama states, “well I generally I tell the truth” as if truthfulness is a small thing compared to winning the contest …..

Reminds me of the “clinging to bibles and guns” comment …………..

ALSO SEE AL GORE CALL FOR “CIVIL DISOBEDIENCE” AGAINST COAL PLANTS: https://mcauleysworld.wordpress.com/2008/09/25/al-gore-urges-civil-disobedience-toward-coal-plants/#comment-1777

FDIC Deposit Increase – Just Another Tax Increase, Says Bill Isaac – Former FDIC Chairman

The FDIC’s “Insurance Fund” Myth

By: Vernon Hill   Thursday, September 11, 2008 10:02 AM

When FDIC head Shelia Bair says her agency might have to bolster the FDIC’s insurance fund with Treasury borrowings to pay for the new spate of bank failures, a lot of us, this 40-year banking veteran included, assumed there’s an actual FDIC fund in need of bolstering.We were wrong. As a former FDIC chairman, Bill Isaac, points out here, the FDIC Insurance Fund is an accounting fiction. It takes in premiums from banks, then turns those premiums over to the Treasury, which adds the money to the government’s general coffers for “spending . . . on missiles, school lunches, water projects, and the like.”

The insurance premiums aren’t really premiums at all, therefore. They’re a tax by another name.

Actually, it’s worse than that. The FDIC, persisting in the myth that its fund really is an insurance pool, now proposes to raise the “premiums” it charges banks to make up for the “fund’s” coming shortfall. The financially weakest banks will be hit with the biggest tax hikes.

Which makes absolutely no sense. You don’t need me to tell you the banking industry is on the ropes. The last thing it needs (or the economy needs, for that matter) is an expense hike that will inhibit banks’ ability to rebuild capital, extend new loans, or both. If the FDIC wants to raise its bank tax once the industry has recovered, I suppose that’s fine. But to raise taxes on the industry now is perhaps the dumbest thing the agency can possibly do. At the margin, the FDIC will be helping bring about more of the failures it says it wants to prevent.

But this is the government we’re talking about, so logic goes out the window. First, the FDIC insists its mythical bank insurance fund exists, when it really doesn’t. Then the agency does what it can to run the imaginary fund’s finances straight into the ground. Your tax dollars (sorry, “premiums”) at work. . . .


%d bloggers like this: