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Chairman Of Obama’s Economic Advisory Board: Raise Taxes, Create New “Value-Added Tax” And New “Carbon Or Energy Tax”



Apr 6, 2010 14 Comments ›› Pat Dollard

Bernanke
Paul Volcker

Volcker was also appointed Fed Chairman by Jimmy Carter…

(Reuters) – The United States should consider raising taxes to help bring deficits under control and may need to consider a European-style value-added tax, chief White House economic adviser Paul Volcker said on Tuesday.

Volcker, answering a question from the audience at a New York Historical Society event, said the value-added tax “was not as toxic an idea” as it has been in the past and also said a carbon or other energy-related tax may become necessary.

Though he acknowledged that both were still unpopular ideas, he said getting entitlement costs and the U.S. budget deficit under control may require such moves. “If at the end of the day we need to raise taxes, we should raise taxes,” he said.


  • Jim D

    Well here it is, we knew it was coming. The ZERO is just putting it out there to see how the nation responds. Also to make us more receptive to a miniscule 3-5%

    • Jim D

      Man I got that number wrong.Found out today it’s 20-25% without any reductions on income tax. Gonna need some vaseline for this one.

    • Xavier

      You’re gona need alot more then vaseline, try a tournakit.

      :shock:

  • lastconservativeblackmanonearth

    indeed, here it comes … the bum’s rush … armies of embedded enemy (socialist) agents ready to kill any resistance, and destroy property. the ememy must move swiftly …

    the next 6 months will probably be the most traumatic in our Nation’s history.

    As we think of Country … let us not forget God.

    Sober-up
    Stand-up
    Suit-up
    Soldier-up

  • WWTD

    volker..same old shit. Another jew hating jew.

    After leaving the Federal Reserve in 1987, he became chairman of the prominent New York investment banking firm, J. Rothschild, Wolfensohn & Co., a corporate advisory and investment firm in New York, run by James D. Wolfensohn, who was later to become president of the World Bank.

    In April 2004, the United Nations assigned Volcker to research possible corruption in the Iraqi Oil for Food program. In the report summarising its research, Volcker criticized Kojo Annan, son of then-UN Secretary-General Kofi Annan, and the Swiss company Cotecna Inspection SA, Kojo’s employer, for trying to conceal their relationship. He concluded in his March 2005 report that “there is no evidence that the selection of Cotecna in 1998 was subject to improper influence of the Secretary General in the bidding or selection process”.[10] However, while Volcker did not implicate the Secretary General in the selection process, he did cast serious doubt on Kofi Annan, whose “management performance…fell short of the standards that the United Nations Organization should strive to maintain.”[11] Volcker was a director of the United Nations Association of the United States of America between 2000 and 2004, prior to his being appointed to the Independent Inquiry by Kofi Annan.

    As of October 2006, he is the current Chairman of the Board of Trustees of the influential Washington-based financial advisory body, the Group of Thirty, and is a member of the Trilateral Commission. He has had a long association with the Rockefeller family, not only with his positions at Chase Bank and the Trilateral Commission, but also through membership of the Trust Committee of Rockefeller Group, Inc. (RGI), which he joined in 1987. That entity managed, at one time, the Rockefeller Center on behalf of the numerous members of the Rockefeller clan. He currently serves as Chairman of the Board of Trustees of the International House in Manhattan, NY. He was a founding member of the Trilateral Commission and is a long time member of the Bilderberg Group

  • ScratchNSniff

    Hey Paul Volcker, why don’t you just STFU! Stupid commie lib POS!

    I’ll type this slow so any libs here can read it.

    We Don’t want anymore taxes. Lower taxes is want we need to restart the engine of our economy.

    Gol’darn friggin libs will be the end of us. Sheesh!

  • RetAF

    I can just hear Obama as Claude Rains…”I’m shocked, SHOCKED – at the size of this deficit!”

    Uhhh, the answer is getting entitlement costs under control as he is purported to have said. But as long as these clowns can find new sources of revenue to loot, that ain’t gonna happen. Its not rocket science.

  • http://eartlink@net nomee1

    how much tax, is too much tax, 80% 90% at what point do they STOP SPENDING OUR FUCKING MONEY ?

    • http://none gzero

      In the past 60% has been the magic number.

  • The Sentinel at the Gate

    Add Volcker’s name to the list of America’s enemies.

  • Pull

    I am still thinking 3-4 million people in d.c. will shut this socialism down. Gallows at the Lincoln Memorial.

  • http://www.propeller.com/member/rthtgakaroland/submissions/ Roland

    The opaque and cumulative nature of the VAT makes it a Socialist’s dream, and every other one’s nightmare.

    • Tom Beebe

      Roland.. you sure hit the “opaque” bit on the head. Obama promises no new taxes? Here’s how he’ll hide it. Thanks, Volker. Here’s my plan; I’d appreciate any comments to tbeebe6535(at)yahoo(dot)com….1. All persons residing in the U.S. shall come together in units known as “households” for the purpose of reporting all income from any source, each item to be identified by payer’s and payee’s tax number. Members of a “household” need not be related, need not reside together, and a household may consist of as few as one person.
      2. Each year congress shall set by legislation a “minimum wage” and a “tax rate”.
      3. The following income shall not be subject to taxation:
      • An amount equal to a year’s earnings (arbitrarily set at 2000 hours) at the minimum wage rate, for each adult (age 20-60) member of the household, decreasing 10% per year to 50% at age 15 and increasing 10% per year to 150% at age 70.
      • All payments for what is classified as necessary health care for all members of the household including medical care, pharmaceuticals prescribed by a recognized health care professional, vision and hearing aids, and membership fees for health-enhancing entities such as gyms or other exercise facilities. Health care insurance premiums may be deducted but not health care expense paid for by such insurance.
      • All educational expenses including day care for young children or legally incompetent persons, that portion of state and local taxes identified as spent on education, that portion of parochial school tuition, fees and other expenses identified as going for non-sectarian education, tuition, fees and educational materials for private school education at any level, and a per-diem allowance for students traveling more than 50 miles from primary residence for education.
      • All income saved into an identified account from which investments may be made.
      4. The “tax rate” shall be applied to any income over and above the deductions listed above, regardless of amount.
      5. There shall be no federal tax on corporations or other business entities.
      6. The Office of Management and Budget shall compute revenues to be expected using the newly set tax rate and minimum wage, applied to the previous year’s reported incomes. No expenses in excess of that amount may be authorized or made by the federal government without approval by 75% of each house of Congress.
      7. At the request, by legislation duly enacted by a municipality having greater than 100,000 inhabitants or a state, a surtax may be imposed on citizens of that municipality or state which shall be applied in a manner exactly as applied for the Federal tax.
      8. For households whose deductions exceed total income, the Federal Government shall make payment equal to the tax rate multiplied by the shortfall in income, as shall municipalities and states.

      With equality as the primary goal, this act established “households” as the taxed unit, so that all persons, whether related or not, are taxed equally. It seeks the elusive concept of fairness by taxing at the same rate all “disposable” income. It sets the Federal budget to produce a surplus in times of economic expansion and a deficit in times of contraction to promote economic stability. It encourages growth of the tax base, thus growth of the government’s ability to pay for its responsibilities, by fostering health care, education and investment, all of which contribute to growth of income. It encourages savings to aid the elderly. It recognizes disparity in cost of living among various locations. It facilitates sufficient sources of revenue for states and municipalities. The extent of the tax burden on each household is clearly visible.

  • Odin2012

    Let’s just make the American citizen bleed a little more…. Soon, we won’t have anymore blood to bleed.
    These vampires in Congress will kill us all.