Reuters
Obama and Volcker are plotting to raise taxes
The United States should consider raising taxes to help bring deficits under control and may need to consider a European-style value-added tax,White House 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.
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I am sure he has never considered abolishing tax free foundations where the super-super rich shield their obscene wealth from "re-distribution".
Socialism was created by bankers to unjustly enrich bankers. It is working exactly like it was designed to work. Everyone with their eyes open and intelligent enough to distinguish between up and down should be able to figure this out.