Obama: Value-added tax still on the table despite White House assurances otherwise, campaign promise not to raise taxes for families earning under $250,000 a year
Paul Joseph Watson
Thursday, April 22, 2010
The global banking elite are preparing to assault Americans with two huge new tax increases as President Obama contradicts the assurances of White House aides and his own campaign trail promise by asserting that a VAT tax is still on the table, as the IMF outlines a new tax on financial transactions that is being hailed as a blow to the banks yet represents another stealth tax on the people.
“President Barack Obama suggested Wednesday that a new value-added tax on Americans is still on the table, seeming to show more openness to the idea than his aides have expressed in recent days,” reports the Associated Press.
Obama’s signal that he may embrace a European-style VAT tax follows former Fed chairman Paul Volcker’s call for a value-added tax. In response, the U.S. Senate passed a nonbinding “sense of the Senate” resolution labeling any such move, “a massive tax increase that will cripple families on fixed income and only further push back America’s economic recovery.”
Not happy with hitting Americans with a roughly 20% increase in living costs that a VAT tax would impose, Volcker also called for a carbon tax in the name of solving the widely discredited scam of man-made global warming, a new levy that is already being introduced at the state level.
Despite the fact that White House aides dismissed the prospect of a national sales tax only on Monday, Obama’s u-turn once again contradicts his pre-election promise that he would not raise taxes for American families earning under a quarter of a million dollars a year.
During a speech on the campaign trail, Obama promised, “No family making under $250,000 dollars a year will see any form of tax increase.”
However, the VAT tax is a flat rate levy that applies to everyone, and it will dramatically increase the cost of living for Americans already laboring under the greatest financial meltdown since 1929. As CNS News highlights, VAT is also labeled “consumption tax, because it applies to items at every stage of production. Such a tax would affect purchasers at all income levels.”
Obama’s failure to keep his promise that families would not “see any form of tax increase” has force him to lie in public addresses and claim that he only ever promised not to increase income tax on families earning under $250,000.
“And one thing we have not done is raise income taxes on families making less than $250,000,” Obama said on April 10. “That’s another promise we’ve kept.”
As CNS News’ Fred Lucas points out, in addition to any future VAT tax, “The $1-trillion health care overhaul bill contains at least 12 taxes and fees that will affect households earning less than $250,000.”
In our special report on tax increases contained in the Obamacare bill, we identified dozens of tax increases, most of which would apply to families making under $250,000 a year.
While the Obama regime plans to whack Americans with a whopping new VAT tax, international bankers are busy preparing their own financial assault by readying a new tax on all financial transactions, a tax that would inevitably be passed down to consumers but one which globalists and the corporate media are stealthily introducing under the illusion that its aim is to target large banks and financial institutions.
Publications like the London Guardian are hailing the new IMF “FAT tax” as a necessary move that will “rein in banks” by taxing their profits and bonuses. However, what they’re less keen to stress is that this new “FAT tax” will also be accompanied by a financial stability contribution (FSC), “Which should be paid by all financial institutions, not just banks, and used to bail out weak and failing firms.” (Emphasis mine).
In other words, every single financial institution, including local credit unions, mom and pop’s car showroom business, small local banks, local student loan unions, and any company that offers small loans, will be forced to pay another slice of whatever meager sum they have left after the VAT tax, the carbon tax and the myriad of new health care taxes, directly to the G20 and the IMF, who will then dole it out to their Goldman Sachs buddies or whichever other giant financial megalith that is suddenly in need of a bailout.
A tax on financial transactions, even if it is introduced in the name of pegging back banker bonuses, will inevitably be passed on to all consumers, not just the wealthy. This will mark the end of free bank accounts, you will be forced to pay a monthly tax simply to have a checking account, paying bills, cashing checks, paying employees, every financial transaction imaginable will be subject to this new tax because the big banks will merely pillage the consumer to cover the costs of the “FAT tax” being imposed on them by the IMF.
(ARTICLE CONTINUES BELOW)
“Clearly what this appears to say is very wide ranging and covers much more of the financial services sector than the industry expected. Taxation is not without consequences and additional taxation is not without additional consequences,” said Angela Knight, chief executive of the British Bankers’ Association, clearly implying that the costs will be passed on to everyone.
As the Guardian reports separately, the IMF plan “Is ambivalent about how governments spend the billions in revenue it would raise.” In other words, this will be nothing more than another slush fund directed straight into the coffers of the IMF and World Bank to fund the global government now being set up to boss this new infrastructure.
Guardian writer Dan Roberts states that under the FAT tax, “Taxing bank profits and bonuses in a globally co-ordinated way potentially makes more sense than taxing transactions because it stands less chance of simply being passed straight onto customers,” while failing to acknowledge that the FAT tax will be accompanied by an FSC tax that will do precisely that.
It’s abundantly clear that the global elite and the international offshore banking cartels that control our national governments are preparing another round of looting, but God forbid should Americans be expected to do anything other than lie back and meekly accept the raping they are about to suffer.
Being angry about massive tax increases that our leaders promised us would never happen in the midst of a massive economic downturn is unacceptable according to the manufactured consensus being spewed by the establishment media and the authorities, who have labeled all dissent and opposition to tax hikes as extremism and even domestic terrorism.
According to hate groups like the ADL and the Southern Poverty Law Center, whose material is used to train police and federal authorities in America on who to target, getting upset about the fresh onslaught of pillaging you are about to suffer as it is openly announced means you’re an extremist, a racist, and possibly even a terrorist who should be silenced.
This article was posted: Thursday, April 22, 2010 at 5:17 am