Posts Tagged ‘Capital Gains Tax’
» posted on Wednesday, April 21st, 2010 at 5:50 pm by Damien Baldino
If Obama wants a VAT, he needs to eliminate the income tax
Barack Obama has suggested that he is open to instituting a VAT (Value Added Tax) in the United States. If you’re not familiar with a VAT, it essentially taxes a product at each level of production as it moves from a raw material to a finished product. Not surprisingly, the VAT has been used in Europe for years.
I’d be open to considering a VAT if it replaced the income tax and capital gains tax. At all levels of government, ways are found to add new taxes and fees to separate citizens from their money in a myriad of ways. Then, we hear about small, almost inconsequential tax increases that we will hardly notice. Of course, we end up enduring a series of tax and fee increases that can add up to substantial amounts. That’s why any talk of adding a VAT would have to at the very least include the elimination of the income tax. Including the capital gains tax would further reduce the burden and simplify the tax code. We don’t need yet another way of spreading our taxation around. Of course, I wouldn’t count on this happening. » read more
one Comment | filed under Politics | tags: Barack Obama, Capital Gains Tax, Flat Tax, Income Tax, Value Added Tax, VAT
» posted on Friday, March 12th, 2010 at 4:26 pm by LadyLumineux
Don’t cut taxes, eliminate them
We need to eliminate taxes. At first glance, you might think this is a ridiculous statement. After all, how do you eliminate taxes without compromising necessary government services? Government bureaucracy can be excessive and wasteful, but there are necessary services and functions that would need to be preserved. Therefore, you don’t eliminate all taxes, you eliminate most taxes.
As citizens, one of the big problems we face is excessive taxation. If you think about it, these taxes and fees come from a myriad of places and can be tough to follow. You might have heard local or state politicians brag when they “cut” taxes. What they didn’t tell you is that they reduced one tax, but likely increased a few other taxes and fees. Sure, you won’t be paying as much in one particular tax, but make no mistake, you will pay. » read more
one Comment | filed under Economy · Politics | tags: Capital Gains Tax, Fees, Income Tax, Sales Tax, Taxes
