The U.S. will need to eventually enact national value added tax in order to raise revenue and decrease its deficit, Paul Donovan, MD & deputy head of global economics at UBS, said Thursday.
"The United States is the only OECD without a national value-added tax. And I think they are going to have to go down that route at some point," Donovan told CNBC.
"It's a cheap way of raising money. It is a very effective way of raising money. It is not a very equitable way of raising money — it falls disproportionately on lower income groups. So you may have to make some other changes to the tax code to try and compensate for that. But that is actually going to be a good way of raising money," he said.
LINK HERE
Big US banks may be forced to raise more capital soon: Analyst
Most big US banks may be forced to make public offerings soon if the Treasury demands payback of the funds it issued under the Troubled Assets
Relief Program, veteran banking analyst Richard Bove said.
LINK HERE
Perhaps we can put the entire Federal payroll on a minimum wage scale. After all they say they are servants of the people and no servant should ever be paid more than their master.
ReplyDeleteMore tax? what a moron...........3:57pm I agree with you. We need another Boston tea party!!!!
ReplyDeleteThe value added tax is nothing more than an government weasel tax.
ReplyDeleteI would rather see The Fair Tax at a higher rate than another government hidden tax.
This is what's going to happen. People will start barter with gold and silver. After loosing this battle, the crooks in the government will outlaw the precious metals. It will lead to total collapse.
ReplyDeleteWe are taxed to the hilt now!! Since wealthy folks pay more taxes; why aren't they protesting more than average people? They're too busy with their social life, golf and other self indulgent activity..We will soon have a civil war; much worse than l860! Gold and silver will be worthless (Ez 7:19),only food and other necessities will have value. Laura
ReplyDelete