The Value Added Tax (VAT) - savior of the deficit is it's billing. Cut spending is the savior of the deficit. The VAT is being touted as a tax on "business". It is said to only be 2-3% sales tax on purchases between businesses. The retail buyer will never see the TAX. (Which is true, it's another hidden tax set to make you angry at your retail store clerk not your Representatives)
This is how it works as an example:
1) A farmer is able to sell a bushel of corn for $1 to the mill and charges the mill a VAT of 2% of the increased VALUE that the farmer derived from the seed. The cost of the seed corn and every cost that went into producing it to get it to the mill was 85 cents. Therefore the farmer added 15 cents to seed value. The mill is charged a VAT of 3 cents by the farmer and that 3 cents must be sent to the OBAMA by the farmer.
Wisconsin’s legislative session wrapped up early this morning after the state Assembly worked through the night for the second time this week. With Democrats controlling both the governor’s office and the Legislature for the first time since 1986, the only thing standing in the way of an agenda 24 years in the making was them. While they united last year to approve $3.1 billion in state tax and fee hikes, a 6.2% increase in government spending and a host of controversial new laws in a budget bill and a budget repair bill, competing priorities, policy divides and voter discontent tripped them up this spring. That’s both good news and bad news for Wisconsin families and employers.
We finally did our taxes the other day and I was sickened to discover that we are in a tax bracket that the federal government apparently feels the need to bribe with tax gimmicks, credits, and refunds. I almost fell off my chair when I saw that I was getting a “Make work pay” credit. What the hell is that? The government is giving out credit for people who work for a living? Is that supposed to appease us and make us forget about all the people the feds credit for NOT working?
I was able to participate in Ron Kind's telephone townhall and I recorded the following clips. I added the thoughts that occured to me while I was listening to Ron answer voter's questions. Feel free to leave your own comments to this post if you would like to share your own thoughts.