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News Link • TAXES: Federal

Bruce Krasting: CBO Warns Everyone To Get Ready To Bend Over!

• ZeroHedge.com
 
These things look interesting. But as you go through the report you get to see just how big these numbers are. While it may sound good to raises taxes on booze it really does not make much of a dent in the big picture. We need big numbers. Some of the suggestions that actually help fill the bucket: Impose a 5 Percent Value-Added Tax (over 10 years) = +2.5 Trillion Impose a Price on Emissions of Greenhouse Gases = 1.8 Trillion Limit the Tax Benefit of Itemized Deductions to 15 Percent = 1.2 Trillion. Limit or Eliminate the Deduction for State and Local Taxes = 862b. Increase Individual Income Tax Rates (1% increase on income and AMT) = 702b Accelerate and Modify the Excise Tax on High-Cost Health Care Coverage = 650b Increase the Maximum Taxable Earnings for the Social Security Payroll Tax = 457b Tax Social Security the Same Way That Distributions from Defined-Benefit Pensions Are Taxed = 438b Accelerate and Modify the Excise Tax on High-Cost Health Care Coverage = 310b Increase Excise Taxes on Motor Fuels by 25 Cents = 291b What’s not to hate about these ideas? The one that stands out in my opinion? We’re getting a VAT.

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