Thread: Norquist: Obama Preparing VAT Tax

Obama Calculates VAT Tax

Monday, 19 Apr 2010 07:56 AM
By: Grover Norquist

President Barack Obama’s economic team is already calculating government revenues from a possible value added tax (VAT), according toThe New York Times on April 18. http://thecaucus.blogs.nytimes.com/2010 ... -next-act/

Article excerpt:

But since any Social Security plan would probably preserve benefits for those nearing retirement, it would not help the administration achieve its goal of reducing the deficit to 3 percent of gross domestic product, from 10 percent, within a decade.

One way to reach that 3 percent goal, by the calculations of Mr. Obama’s economic team: a 5 percent value-added tax, which would generate enough revenue to simultaneously permit the reduction in corporate tax rates Republicans favor.

The reported VAT calculations may explain President Obama’s recent attempts to alter the terms of his central campaign promise — a promise that no family making less than $250,000 per year would see “any form of tax increase.â€

Wake Up, Amigos. Time to pass the FairTax which repeals the income tax.

www.fairtax.org