When asked 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."
It is a regressive tax as well because it drives up the prices of every part of the production cycle. So people that are at a subsistence level will have to pay more for food and anything else they want to buy with cash.
That means unless they get more public assistance then more of their scarce dollar will be wasted on stupid Obama Value Destroyed Taxes. I think he just doesn't understand that if you tax a company the company does not feel it at all and will simply pass it along to the consumer. These are the same people that came up with "Windfall Profits Tax" on the oil industry that would have just been passed right to the pump and hurt consumers even more.
I think it is even more important that November switches the House and Senate so that we don't have to endure any more of his attempts to get us into a double dip recession. Mark my words if they pass a VAT we will be living with its consequences for decades.
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