Social Security on CSPAN is Oustanding (no way Bush will get this passed)

[cthrumatrix]

The panel is shreading the bush plan.

My gut still says this is a "trial balloon" with the administration really wanting a "Valued Added tax" - which hurts lower and middle income - to help fund Soc Sec. adn restructure the tax system.

[shoelace414]

1. a VAT will help fund tax cuts for the rich

[cthrumatrix]

2. bingo.... the "elite" would have it no other way

[King Coal]

3. Where are all the repubs?

[cthrumatrix]

4. Sen Dayton is laying out the facts .... rethugs don't want facts

[Skidmore]

9. Administration reps were invited but declined to come

to this session. Surprise, surprise.

[brainshrub]

5. Don't most European countries use VAT?

I'm not sure.

[Ganja Ninja]

6. He's got the next four to beat this dead horse.

I'm afraid we're looking at another flag burning type issue. It'll be something they keep bringing up over and over and over until people are so sick of hearing about it they just give up and say "Here take all my money. Anything to shut you up!"

[mhr]

7. My Republican US Representative Campaigned On A 30% VAT

In other words, if you buy a house or a car or other large ticket item, you would add 30% to the price.

200,000 house = 260,000
20,000 car = 26,000

Ouch! Welcome back to the world of Charles Dickens.

[SammyWinstonJack]

8. Well that will certainly be good for the economy,

:eyes: Think I'll go pick out my cardboard house, move in ready. :-(

[cthrumatrix]

10. that is the PLAN.

[Inland]

11. In reality, a VAT could be much higher than that.

A VAT is not a sales tax. A sales tax is a one time tax on a retail sale.

A VAT is like a sales tax on every purchase. Each person in the chain of production pays a tax on the difference between what is bought and what is sold, hence the VA value added.

[Ganja Ninja]

12. Actually the way it work is like this.

A steel maker buys the raw materials to make steel and then adds a 30% tax to the final product. The the steel goes to a metal fabricator that stamps out a part for a car and adds a 30% tax to the final product. Then a car maker takes the part and makes a car out of it and adds 30% to the final product.