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News Link • Economy - Economics USA

Obama to snatch up to 75% of your income - feds could confiscate more than half of everything earned

If President Obama repeals the Bush tax cuts and imposes a 20 percent value added tax, or VAT, on the U.S., Americans may be facing tax rates where more than half of everything earned is confiscated by the federal government in the form of income taxes, Jerome Corsi's Red Alert reports. Add Social Security taxes and the tax burden quickly advances to more than 60 percent. "Adding state property and income taxes to the burden, the amount government confiscates could be in the 75 percent range before Americans have a chance to vote Obama out of office in 2012," Corsi wrote. "Are Americans willing to be taxed 75 percent of every dollar earned?" That is the current tax burden in Scandinavian countries as the table below demonstrates. Image here [link to] "In a five-day work week, will Americans be willing to work four days for the government?" Corsi asked. He said as Obama moves the U.S. in the direction of becoming a European-style social welfare state, it i

2 Comments in Response to

Comment by George Deden
Entered on:

How do you spell  Tax Relief:

Comment by Sharon Jarvis
Entered on:

A VAT tax falls heaviest on the middle and lower classes that spend most of their income on survival.  So all it will do is encourage a black market. 

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