British Chancellor of the Exchequer George Osborne increased the value-added tax rate to 20 percent from 17.5 percent in the first permanent change to the levy on sales of goods and services in almost two decades.
“The years of debt and spending make this unavoidable,” Osborne told Parliament in London in his emergency budget today as he announced a package of spending cuts and tax increases to cut the U.K.’s record deficit.
The rate will increase from January and produce more than 13 billion pounds ($19 billion) a year of extra revenue by the end of this Parliament in 2015, Osborne said. “That is 13 billion pounds we don’t have to find from extra spending cuts or income-tax rises,” he said.
This could be coming our way if we do not get informed and involve in the election this year. I realize there is a lot of cynisism on this board. But the reality is higher taxes are likely unavoidable but as a tax hater I could stomach them short term with a plan the cuts the cost of government drastically and explains when the increases end. We need a credible leader to implement the changes. Chris Christie is doing it in NJ and Newt has all kinds of ideas at his Americansolutions web site that should be embraced
ReplyDeleteThe last credible leader was JFK who took a bullet in the head for trying among other things to end the Federal Reserve; the message was do as you’re told. Republicans, Democrats. It really makes no difference. Both sides are corrupt.
ReplyDeleteTRY sweden, 60% INC.TAX AND 25% VAT. Has been this way for decades, I am surprised it works somehow, http://www.taxrates.cc/html/sweden-tax-rates.html
ReplyDelete20%. Good. It couldn't happen to a nicer people.
ReplyDeleteI'm French descent. Figure it out.
Incidentally, the United States of America is French payback to the English for meddling with Canada, a French invention. The deciding battle was a naval engagement between the English and French. Guess who won?
The first nation to recognise America? France. You're welcome America. The nation who built the Statue of Liberty? France. You're welcome America. The first nation to provide America with a foreign loan? France. You're welcome America.
Still can't figure out why Americans don't gravitate toward France instead of England. England is your arch enemy! Wake up!!!
“The years of debt and spending make this unavoidable,” Osborne told Parliament in London in his emergency budget today as he announced a package of spending cuts and tax increases to cut the U.K.’s record deficit.”
ReplyDeleteThe UK was not taxed to death to pay for social security benifits it is being taxed to death to pay for bailouts socialisng the losses of the bankster capitalists.
The U.K ., where 1 in 4 of its workers worked for the finance /usury /insurance sector ,was doing O.K with its deficits until the US Dollar Hegenomy Ponzi system crashed and world credit markets shut down.
Thereby Bankrupting an insolvent U.K. and U.S .standing at the center of the global financial system. The banks and banksters in The U.K. and TBTF derivitive bets losses were bailed out by the government, as they were in the US after the Bush /Paulson financial coup supported by Obama , Mc Cain ,and congress in a non partisan agreement.
The Obama puppet now often gets the political blame for implementing the bailouts and spending agreed in the non-partisan Coup.
The "profitability" of both insolvent economies has only continued because of governments cash injections and money printing. Creating even higher deficits incresing the insolvency .
In the UK the bailout and ‘Stimulus” has run out of steam and the economy can now only be held together by increased taxing of the people as the cost of the bailout must now be paid for by increased taxation.
The UK sheeple have elected a new Conservative coalition government that promised to heavily cut the deficit, but continue the bailouts that started under the labour party to save the system too.
“Whip me !Whip me! Give us Barrabas and ‘austerity”to save our masters ,” cried the UK sheeple.
The shearing of th US middle class sheeple is still on track and the "whip me austerity" stage of the crisis will soon follow the path paved by the Elite in the U.K.
Anonymous said...
ReplyDelete"It's too late for us. 49% of Americans think the Democrats deserve to remain in power.
You can't fix stupid."
"We are doomed."
Does this mean that 51% would prefer to see a re-run of the republican idiots of the Bush ,Mc Cain Palin types?
The "right" version of alternative puppetry, in the two party same -same "change we can believe in" but do nothing to fix the bankrupt ,militarist empire, American system.
We are doomed indeed!
51% !!!!
As you say:
"You can't fix stupid."