Taxed 2 Debt!

Value Added Tax

Speaker of the House Nancy Pelosi appeared on “The Charlie Rose Show” this week and told the whole world that a “Value Added Tax” is on the table. “I would say, Put everything on the table and subject it to the scrutiny that it deserves,” Pelosi said.

So what exactly is a “Value Added Tax”? In short….it is a NATIONAL SALES TAX. Now, lets get this straight. I am not totally opposed to a national sales tax AS A REPLACEMENT for the Federal Income Tax. I think there is room for debate here. But, Pelosi wants the “Value Added Tax” IN ADDITION TO the Federal Income Tax. Did you see that….IN ADDITION TO. The word on the street is that this “Value Added Tax” could be in the range of 5%. So, on top of the 8.25% sales tax I pay in my city of Cedar Park, Texas, you will add an additional 5%. Yes, 13.25% sales tax. My friends and readers in Washington D.C. and parts of California, look forward to a 15% total (you already have a 10% sales tax). This is painful and disturbing, but honestly, not unexpected. How else do you think we are going to pay for the Stimulus Bill, National Healthcare, Bailouts, etc., etc. This may be the only true way.

Now, if we were to toss out the Federal Income Tax and impose a National Sales Tax, this could work and I could see a little more fairness here. If you buy something, you pay taxes. It doesn’t matter if you are lower class, middle class, upper class. A CPA, a plumber or a government official. You pay taxes. As always, there are loop holes….buy used? black market? steal? Again, this could go up for debate and I think a healthy debate, but if it is on top of our Federal Income Tax, State Income Tax, State Sales Taxes, etc.–like my friends in NYC say “forget about it”.

The national press/media will not report on this. I guess somehow they think they will be immune. Or maybe they don’t pay enough taxes. But we need to get this out there. Tell your friends. Lets vote these people out of office. Let’s put Republicans back in power. (Not that all Republicans deserve to be called a Republican, at least not a Reagan Republican.) We have the power, believe it or not, to make a difference. We have a voice, although it is fading.

VOTE. Even in little races. Vote for your local dog catcher….it starts there believe it or not. Before it is too late.

Read more about VAT TAX Here on WSJ.

And here’s a timeline of the VAT tax so far, Here.

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Tags: National Sales Tax