Page 44 - Deficit Problem News Today

A so-called vat tax. value added tax. ive heard talk inside the administration at high levels of a possibility of a v.a.t. tax that might be as much as 6%. that would be on top of, not as a replacement for, but on top of current income taxes that are going up. thats the talk in washington. around the country you hear, wait a minute. two-thirds of the people say they already feel overtaxed. the new cnn poll finds that three-quarters of people say the government is wasting far too much money. and ...

The tea party movement is focusing much of its anger today on taxes. this being the deadline to file with the irs. so far taxes have not, repeat, have not gone up under president obama. lets talk about it with our senior political analyst david gergen. there was a modest, relatively modest tax cut for middle-class americans. a lot of rich americans are bracing for bigger tax rates. but so far it hasnt happened. >> hasnt happened, wolf. a lot of republicans point out the congress has passed a num...

To bm campaign promise number 88, broken. no new taxes to anyone making under $250,000 bucks. here is a tax on everyone and everything. anything from a book, a $30 book now costs $36. a dinner out, an ipad, a $500 ipad, $600. even a car, ford fiesta almost $3,000 more. if youre a consumer, youre being taxed anyway and youre worried about health care and now this, everything you buy more tax, tax, tax, tax, enough, stop! >> that means shut go the wallets? >> well, you know, the vat tax is another...

The deficit problem. >> there you go, there you go. >> tell brenda to get her hand out of my picture. >> brenda: im sorry, man, i wont take up any of your time, either. i have to let pat get in and consumption isnt the only thing taxed in our nations, obviously, what would this mean? >> its two points to make, one is that we can actually tax consumption-- more than most other developed economies. you could shift that balances increasing the tax burden in total. the other point i would make, the ...

Probably increase the unemployment rate by five, six percentage points. long term we are going to have a deficit problem if we dont fix our health care system. suppose we knew something was going to happen ten years we are going to have big foreign pol y policies that will lead to nuclear war. what will that do for the budget deficit? send it through the roof. we have a bad deficit problem. we better do something about it. you would agree thats strange. that is what we are doing here. we have a ...

>> we have to do that in the united states. >> brenda: gary, where does it work around the world, aim he looking at germany, england, im abbinging at-- >> france, spain. >> across the board all of those places have lower productivity and gdp growth. look, it works if we becomes like europe base basically an entire welfare state. yeah, then it works. but i dont, im not sure at that even with our way of living to become like europe. >> all of those countries have less wealth, the people have much ...

Chris. >> chris: why are we hearing about it? why is paul volcker mentioning it? is the white house considering it? >> its trial balloon. right now not much political appetite to do this, raise taxes like a national sales tax, but the deficit problem is daunting. trillion-$deficits as far as the eye can see. so many analysts believe eventually washington must consider this as an option. sometimes in the next decade. we talked to white house officials and they ran away from it and wouldnt comment...

Anybody has captured those principles. but doug is right, the mistake a lot of people are making is focusing on the far extreme portion of the tea party movement that gets all the attention, the people that spit at congress, and people that storm the halls of capitol hill during the health care vote, and the tea party demonstrations, you focus on that and ignore the fact that there are people, democrats and republicans and independents that focus on what is going to happen in the future, and to ...

Chris. >> chris: why are we hearing about it? why is paul volcker mentioning it? is the white house considering it? >> its trial balloon. right now not much political appetite to do this, raise taxes like a national sales tax, but the deficit problem is daunting. trillion-$deficits as far as the eye can see. so many analysts believe eventually washington must consider this as an option. sometimes in the next decade. we talked to white house officials and they ran away from it and wouldnt comment...

Effect two years after an and ask your doctor if viagra is right for you. eight-year obama presidency and then they would be joined by somewhere in america... republicans on repealing a tax theres a home by the sea part of the bill. powered by the wind on the plains. do you think pieces of the bill theres a hospital where technology like that are more vulnerable to repeal than the overall bill? has a healing touch. >> certainly pieces of it are theres a factory giving old industries new life. mo...