Stuart Varney Says a "Value Added Tax" (VAT) Will Take Money "Right Out of Middle America" - Video 4/7/10
One of President Obama's top economic advisers, and a former Federal Reserve Chairman - Paul Volcker - is reportedly proposing that the President consider a "Value Added Tax" (VAT) be imposed on the United States public. This is a hidden sales tax that would be imposed on all purchases. It is a huge revenue raiser, that takes money "right out of middle America," according to Stuart Varney.
Volcker is reportedly also close to recommending an energy tax as well. The VAT is very popular across Europe. It is estimated that for every 1% of a VAT, it will bring in $1 Trillion in revenue.
Look for Obama to propose such a tax AFTER the November midterm elections. He will likely say his "non-partisan" debt commission has recommended it, and therefore he has no choice. Of course, such a tax will directly break his oft-repeated campaign promise to NOT to raise taxes on Americans making less than $250,000 a year.
But what are promises and commitments when the agenda is at stake?