Mr. Hope and Change is talking-up the "Value Added Tax." The funny thing, is that there is actually no "value added" to the "VAT" - it's just one of those funny word things with no meaning.
A 10% tax (that's a national tax on everything) would bring the tax on goods up to 16% in Michigan.
On top of Property Taxes.
On top of Federal income taxes.
On top of State income taxes.
On top of local income taxes.
Had enough yet?
Update, from WSJ:
A big VAT backer is Ezekiel Emanuel, who is a doctor, the brother of White House chief of staff Rahm Emanuel and a health-care adviser to White House Budget Director Peter Orszag. In a 2008 book titled “Health Care, Guaranteed,” Zeke Emanuel argues that a 10% VAT would pay for every American not entitled to Medicare or Medicaid to enroll in a health plan with no deductibles and minimal co-payments, the WaPo says. (For more, see our post and this blog.)
Oh goody. 10% of everything we buy .... why, that's practically FREE.
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