Volcker has lost his mind with this idea of a VAT tax. The VAT tax is really an evil tax that hits everyone including the poorest people, it taxes labor as well, hence it is also an income tax. The VAT tax should be abolished everywhere . The way to solve the revenue problem is simply to tax people according to their profession. Entrepreneurs should benefit from much more progressive tax rates with a lower top marginal rate. "Less productive" professions and professions in industries benefiting from monopolies or advantageous conditions granted by law or otherwise should be taxed according to less progressive marginal rates with higher top rates . For example, let's tax CEO's of utilities and energy companies at a top rate of 65%, let's tax bankers at a top rate of 70%, let's tax government employees at a top rate of 60% and so on. A wealth tax could also be introduced such as in France or Switzerland, this taxes the idle rich . A special tax on executive bonuses, options grants and golden parachutes wouldn't be a bad idea either . And also let's tax polluters . We would solve much of the revenue problem .
Yeal I am always for cutting spending. America has to withdraw most troops from Iraq and Afghanistan, and cut military spending. Divert some of those savings to education so we don't have dumb people happily going to war for their government and shooting indiscriminately at civilians http://www.collateralmurder.com/ Then let's cut the ridiculous expenses of governments everywhere. Let's drastically cut healthcare expenses by stopping the fleecing of patients and governments by the healthcare sector.
If all these proposed programs are supposed to pay for themselves for the next 10 yrs and even run a profit, how is it that we will have nearly 1T$ deficits each yr for the next 10 yrs?? Volker is an example of the problematic federal government that we have in that we have all these people who are way up there in the years making policy that for the most part will not affect them as they won't be around when it really hits the fan. And I think they know it. We need to get these older people out of positions of power before they do more damage to the rest of us who will still be here a while.
Any budget which is equal to the previous budget is "cutting spending". Any budget which has an increase which is less than the previous increase is a "cut".
Let's try THAT.. put a freeze on government spending for the next 5-10 years. (Of course, should have done that before Obama piled on $3T in deficits...) BTW... didn't he campaign on a promise to "reduce deficits"? Any idea when he plans to do that, or was it just ANOTHER BALD-FACED LIE??
When there is a democratic prez, everybody wants to cut spending and raise taxes. Then, when the repub president comes in, he says : look, we have a balanced budget/surplus so lets raise spending and cut taxes for the wealthy. The cycle then repeats. But, the debt is now so high from deficits that mostly originated under repub presidents that this can't continue much longer.
Here's an easy way to solve the problem......... The President, VP, and Congress all make a modest base salary ($70,000) but are retroactively paid a large bonus if the budget is balanced, or is at least trending that way. Example..... Budget is balanced in previous year: $500k bonus for congress, $750k bonus for House/Senate leaders, $1mm for President. Budget deficit was lowered significantly (30%+) in previous year: $350k bonus for congress, $450k senate/house leaders, $750k for President. And so on. This type of compensation scheme would get results, as well as increase significantly the caliber of politician that runs for office.
Since when? You're "deficits mostly originated under repub presidents"... is just BLOWN TO SHIT with Obama-nomics.