Remember that campaign promise that "95% of Americans will get a tax cut under my plan..."? Remember that focus on "jobs, jobs, jobs..."? Fuggedaboutit!
Here's the administration's solution to any recovery, any improvement in employment, any growth in America, and any possibility of financial success for the next generation:
Value Added Then Stolen From You
Spend any time in Europe and it won't take long for you to notice that everything costs more than here in the US. I'm not talking about minor differences, either. I'm talking about roughly 30% more. Clothing, home appliances, cars, furniture, groceries, whatever, will cost you a bundle more because of VAT.
The concept is simple, sort of like garotting or a coup de grace. Each step in the process of bringing a product to an end consumer gets tasked on the "value added". You might view it metaphorically like giving a pint of blood for the good of mankind. The blood-drawing is relatively painless and life goes on. It is done at each step, and the result is cumulative. If you then view the end-consumer as the body from which the blood was drawn, you will quickly realize that taking fifteen pints of blood out will be fatal. The consumer is the one who pays it all in the long run.
The VAT is common in many nations, but the distinction between those nations and the United States is important to keep in mind. The distinction is the Sixteenth Amendment.
We have a progressive income tax. It is significant for those who still work in this country. The more successful you are, the more severely you are penalized. The European nations which have a VAT do not have an income tax. The VAT, for them, is in lieu of whereas the VAT for us will be on top of.
Keep that little matter in mind as this develops.
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