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Thread: Volcker: Taxes likely to rise eventually to tame deficit

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    Volcker: Taxes likely to rise eventually to tame deficit

    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.


    But..... the hope and change Obama promised us no new taxes for anyone making under 250k

    How many lies are we up to now? I lost count when it hit triple figures.

    Volcker: Taxes likely to rise eventually to tame deficit | Reuters
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by texmaster View Post
    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.


    But..... the hope and change Obama promised us no new taxes for anyone making under 250k

    How many lies are we up to now? I lost count when it hit triple figures.

    Volcker: Taxes likely to rise eventually to tame deficit | Reuters
    I'm thinking the VAT tax is almost guarantee.

    That's what happens when you promise people the world, you eventually have to make them pay for it.
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Every move this AMATEUR Administration has made on the economy has been wrong and this is no exception.

    Raising taxes kills any chance of recovery and will help to continue to kill jobs ad well.

    Does this brainless bunch in D.C. not read can they not remember or learn from the past.

    For all the hype about how brilliant Obama is he's done everything wrong from the minute he took office and is going to drive this Country into the toilet of time if he and his radical cabal of idiots are not stopped before he gets his way and we end up in a DEPRESSION of monumental proportions that will make stock market crash of 1929 look like a birthday party.

    He is not going to just wreck our economy the whole world's economies are at stake.

    This man and those who support him seem brain dead to reality.

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by texmaster View Post
    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.


    But..... the hope and change Obama promised us no new taxes for anyone making under 250k

    How many lies are we up to now? I lost count when it hit triple figures.

    Volcker: Taxes likely to rise eventually to tame deficit | Reuters
    Where do you think Obamas stash comes from eh?
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    The government can raise taxes until everyone is in the poor house, but if it's not cutting back on spending it will make little difference.

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Enter the Black Market Economy.

    Just like any socialist state, people will seek to skirt the penalties imposed on them.

    .
    The Clintons are what happens...
    when you have NO MORAL COMPASS.

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by zimmer View Post
    Enter the Black Market Economy.

    Just like any socialist state, people will seek to skirt the penalties imposed on them.

    .
    LOL you have some, if not the lowest tax rate in west and yet you still complain.

    Control spending or/and raise income.. there is no other way.
    PeteEU

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Paul Volcker is absolutely correct in noting, "If at the end of the day we need to raise taxes, we should raise taxes." The U.S. cannot grow its way out of its structural budget deficits. Discretionary spending reductions, mandatory spending reform (with health care reform that addresses the excess cost growth issue), and some tax hikes will all be necessary if the U.S. is to address its fiscal challenges.

    Having intimate experience with various international debt crises, Volcker well understands that the consequences of a U.S. debt crisis would be far worse than the impact of a tax hike. The rise in long-term interest rates would suffocate economic growth. Moreover, having battled rampant inflation, he also understands that partial default via inflation can also be ruinous to economic activity.
    Last edited by donsutherland1; 04-07-10 at 11:13 AM.

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by donsutherland1 View Post
    Paul Volcker is absolutely correct in noting, "If at the end of the day we need to raise taxes, we should raise taxes." The U.S. cannot grow its way out of its structural budget deficits. Discretionary spending reductions, mandatory spending reform (with health care reform that addresses the excess cost growth issue), and some tax hikes will all be necessary if the U.S. is to address its fiscal challenges.

    Having intimate experience with various international debt crises, Volcker well understands that the consequences of a U.S. debt crises would be far worse than the impact of a tax hike. The rise in long-term interest rates would suffocate economic growth. Moreover, having battled rampant inflation, he also understands that partial default via inflation can also be ruinous to economic activity.
    Something interesting to think about is that the choice could be made by others versus folks in the U.S.

    Over time nations will move away from dollars like they did to the British pound. This can't/ won't happen overnight but will happen gradually. We could then wind up in the place we were in when Volker first became head of the Federal reserve. High Inflation, High Interest rates and slow economic growth. Called " Stagflation".

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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by Orion View Post
    The government can raise taxes until everyone is in the poor house, but if it's not cutting back on spending it will make little difference.
    Yeah, at this point you pretty much need to do both. However, doing so in a barely-starting-to-recover economy is going to hurt things. I figure wait a year or so.

    But hey, all I took was Econ 101 and 201 and I got C's.
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