Cavuto: The Big VAT Truth
I hate to say I told you so...
And here's the deal:
I told you so.
I told you taxes were going up.
Not just for the well-to-do.
But pretty much anyone well enough to work.
Don't believe me.
Perhaps the most consequential and revered financial figure in the Obama White House.
The former federal reserve chairman who single-handedly slayed an inflationary beast...And now has his sword set on killing an even nastier deficit beast.
Volcker all the talk today over a little comment he made last night....implicitly pitching a national sales tax.
Specifically, Volcker argued the United States should consider imposing a value-added tax...like those in Europe...To help pay off these deficits.
And even that might not be enough. Because Volcker also suggested congress might have to consider new taxes on carbon and energy.
Even as markets largely continued shrugging ... Suffering a fairly mild loss today.
Yes, even in the face of an increasingly more likely national sales tax that would be collected by retailers right at the point of sale.
Give credit to Volcker for stating the obvious.
You can't keep this spending up, without taking taxes up.
He knows you could, of course, cut the spending down, but Paul’s been around Washington long enough to know that ain't happening.
So here's what is...
More taxes. And the White House can argue, as it did again today, that middle-class families are getting tax cuts.
Even for those who are, it won't be for long.
Because the big "VAT" truth is that "VAT is where it will soon be at."