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Old 04-16-2010, 09:04 PM   #81
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Regarding the discussion of the VAT: I sat in on a CPE session this week, hosted by several tax attorneys based in DC and who are heavily involved in lobbying on tax issues, and in particular, utility industry impacts, such as the cap and trade. The debate was heated and opinionated (along party lines), but the consensus was: a VAT will happen, but not in 2010 or 2011.
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Old 04-16-2010, 09:33 PM   #82
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Originally Posted by queeneev View Post
Regarding the discussion of the VAT: I sat in on a CPE session this week, hosted by several tax attorneys based in DC and who are heavily involved in lobbying on tax issues, and in particular, utility industry impacts, such as the cap and trade. The debate was heated and opinionated (along party lines), but the consensus was: a VAT will happen, but not in 2010 or 2011.
Um, er, Can I ask a really dumb question? Which side is for VAT and which is against?
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Old 04-16-2010, 10:04 PM   #83
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I didn't write that vey clearly did I?. I noted a split of opinions on the VAT versus higher income taxes, (not to imply that they are mutually exclusive but the conversation turned into a "which one is a better tax and which one will fly easier"). The left side was adamant that we will never get out of our spending mess without a VAT, and that trying to get out of debt via income taxes would never succeed. The right side was just pissed about "yet another tax", . Honestly, I tuned out most of that because it was the usual hotheads that usually preach their opinions upon those who disagree, and I get tired of it and tune it out. I was there to learn about income tax laws, and this sidebar discussion cropped up. I thought it was worth mentioning here because the lead speaker had a good pulse on current DC vibes and he seemed pretty confident the VAT will ultimately come to pass.

There seems to be no decent way to do any tax planning anymore, especially when you can't predict what the future holds. Very frustrating.
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Old 04-17-2010, 01:01 AM   #84
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Until the underground economy starts growing by leaps and bounds. There's an awful lot of non-compliance with the relatively small state sales' taxes we have now.

I'm pretty sure that if a VAT pushed the overall rates to 20% we'd see a massive increase in buying and selling under the table.

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Regardless, its a tax on post tax dollars. We can't hide from it.
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Old 04-17-2010, 11:38 AM   #85
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By instituting a VAT, the government gains the ability to tax the large quantity of stored wealth that Americans may have put aside during the prosperous past.
Ding, ding ,ding! Exactly, including your Roth IRA.
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Old 04-17-2010, 11:42 AM   #86
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If we just had a uniform income tax of 6% for EVERYBODY, people and corporations and nothing else, we wouldn't need any of this.

Anybody know what the gross annual salary of every working person, business and corporation in the USA is? This data ought to be somewhere in the IRS data.

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