VAT is a tax that you pay when you buy goods and services in the European Union (EU), including the United Kingdom. Where VAT is payable, it’s normally included in the price of the goods or service you buy.
The VAT is the biggest ATM machine in the world. And, as you say, it is used in Europe. And it is successful in bringing in cash because a small tweak of it, a tiny increase, which is hard to see in disguise, brings in a lot of revenue, and that’s why it’s liked in Europe and used.
The reason that people are talking about it here is because the expansion of healthcare is going to be so expensive under the Obama plans. Originally, the idea was that the cash cow would be the carbon tax, the cap and trade system, in which the government sells pollution rights.
The problem is that it’s been working its way in Congress, and in order to appease the Midwestern states that are coal producing and that are industrial and that would be ruined under a carbon tax, it has been re-jiggered so that over 80 percent of the permits will be given away for free. So no revenue.
So in the absence of that, the discussion of a VAT is beginning. link
This is how EU socialist countries are trying to fund their massive entitlements. Yet, they are still going broke.
Considering we already have 3 unsustainable entitlements, Social Security, Medicare and Medicaid, which have combined unfunded liabilities of 112 Trillion dollars, and now a brand new Health Insurance entitlement that will add trillions more to the debt, A VAT is the only way to prop up the system for a few more years.
1) Government now runs the financial system and controls all banks.
2) Government owns or controls 90% of the mortgages in the United States.
3) Government owns over 30% of the land in America.
4) Government has taken over most of the auto-industry.
5) Government has taken over the student loan system.
6) Government has now taken over the last piece of the puzzle, the health care industry.
There’s not much left, except for the energy sector and that’s next on the progressive agenda.
This going to end really badly. How’s that “Real Change” working out for ya?
Update: Readers asked for references and clarification of items 2 & 3
The dollar volume of mortgages financed at the end of 1995 illustrates the relative sizes of those intermediary markets: Fannie Mae, $770 billion; Freddie Mac, $570 billion; Ginnie Mae, $465 billion; and fully private conduits, $200 billion. Whereas Fannie Mae and Freddie Mac have about 65 percent of the market for mortgage intermediary services, they have virtually 100 percent of the market for securitizing conventional mortgages up to $207,000. CBO PDF
Fannie and Freddie, on the other hand, are in every market across the country, and they accommodate all conditions. This is their only business. Thus, they will continue to provide the widest range of options to the multifamily market. In fact, over the past year, when all of the other sources of mortgage capital left the market, the GSEs continued to meet industry needs. Some estimates suggest they now account for 85 to 90 percent of all mortgage debt issued. commercialbanc.com
By the first quarter of 2008, more than 80 percent of all mortgages issued were purchased or guaranteed by Fannie/Freddie. ucsd
Fannie Mae and Freddie Mac are responsible for about 70 percent of all new mortgages this year, while the Federal Housing Administration accounts for about 20 percent. wallstreetjobreport
It’s a map of how much land is owned in America by the federal government. They own nearly 650 million acres of land — almost 30 percent of the land area of the United States.
But look at how it’s distributed: It’s overwhelmingly in the West. Nevada is almost 90 percent federally owned land. Alaska is nearly three quarters federally owned. Compare that to the East. States are in the single digits. Even Texas is only 2 percent federally owned land. foxnews