Boasting the laudable goal of eliminating property taxes throughout the State of Texas, a recently filed Value-Added-Tax (VAT) bill — House Bill 3472 — would replace not only property taxes, but also business franchise taxes, a limited statewide sales tax, and various other local sales taxes with a VAT. Texans have never experienced the economically depressing effects of a VAT, but once they realize what those effects would be, they will oppose any VAT in order to preserve their state’s prosperity.
It should be asked in the wake of the “successful” fiscal-cliff negotiations, “Why does the U.S. debt ceiling need to be raised again; why, during fiscal-cliff negotiations, didn’t Congress simply raise taxes to pay for all planned spending?”
There are 57 ways the sequester could sting you, says Jeanne Sahadi, a senior writer at CNNMoney. The following 57 things are her “somewhat random sampling” of the bad things that could happen when the sequester takes effect. But because I see most of these things instead as good things about the sequester, I have added my comments after the bullet points in her 14 categories.
President Obama, on whose watch the federal debt has grown by more than $5.9 trillion, and during whose administration America has become drearily accustomed to annual deficits measured in the trillions, is now boasting about cutting the deficit.