A Fat VAT

It is time to think about the next round of taxes that the savior of the Socialist States of America will force on us for our "good".

Paul Volcker is a financial advisor to Chairman Oboma is in favor of a value added tax. A VAT taxes goods and service as they move from raw materials to final consummation. An example would be pizza cheese. The value add taxes taxes the farmer that produces the milk than the trucker who takes the milk to the cheese maker the wholesale who buys the cheese and the vendor who sells the cheese to your local pizza restaurant. Your cheese pizza price pays all these add taxes.

Volcher believes a VAT will pay the Federal debt off. The biggest falsie is that a value added tax will be used to pay off the debt. The more money government receives the more it spends.

VATs already are in existence in Europe. The value added tax starts out small and grows. The tax will be sold to us as a small tax. England's VAT started at 10% now it is at 17.5%. The VAT in Iceland is 25.5%. The tax is in the price of the goods and services you buy in Europeans countries. Unlike a sales tax which is add on at the point of purchase the VAT is a hind tax.

BHO and the Socialist Democrates should move to Europe if they want European taxes.