Here you have it. Additional taxes on everyone are coming in a form by which to provide plausible deniability in the face of the inevitable charge that income taxes were not to be raised except on the wealthy.
“Volcker, answering a question from the audience at a New York Historical Society event, said the value-added tax ‘was not as toxic an idea’ as it has been in the past and also said a carbon or other energy-related tax may become necessary,” Reuters reported.
“If at the end of the day we need to raise taxes, we should raise taxes,” Volcker added that day. In Europe, VAT taxes range from about 16 percent to 25 percent with an average of roughly 20 percent, according to Olivier Garret of Casey Research. Garrett, who grew up in France, called the VAT “a license to steal without people knowing it.”
Volcker is only the former Fed chairman and current White House economic advisor. Wonder why he did not mention cutting spending?