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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (98007)5/28/2009 2:21:32 PM
From: NOW5 Recommendations  Read Replies (1) of 116555
 
I was reading about VAT on Mish's site today. I happen to strongly disagree with one statement Mish made:

"... Public support for wars would drop to zero if taxes had to be raised to pay for them. Same holds true for unneeded military programs, Fannie Mae bailouts, Bank of America bailouts, etc etc..."

I resepctfully submit that Mish, like most of the folks out here in econoblogland, is missing a key piece to this puzzle. And while I totally agree that passing a Value Added Tax is a virtual impossibility at this very moment---a moment in which the government has demonstrated without doubt that they are willing to sacrifice the middle and working classes on the alter of wealth-preservation for the rich and infamous---I also am quite certain that our current President is more than capable of rallying the troops, so to speak, through his adroit employment of the Bully Pulpit.

I have been saying this for weeks now. WAR IS COMING! The only way to tax the American public in a manner that reflects the potential revenues of a VAT without there being wild-eyed state nullification efforts and cries of violation of the 10th Amendment and violent populist tax revolts, etc. is to rally the American public behind an effort that makes them pony up to the tax-table with great patriotic zeal. And WE KNOW from studying our history that Presidents from Lincoln to Truman to Kennedy to even "W" have been successful in rallying the nation around a "just cause". (In fact, I happen to believe that "W" could have funded the war in Afghanistan in 2001 WITH a tax increase had he so desired.)

No, a VAT cannot pass. Not in this climate of suspicion and contempt and out-and-out distrust of our lawless, duplicitous federal government. But create a nice little war to save humanity from a nuclear-armed Taliban or from a nuclear-armed Kim Jong Il, and just watch the tax revenues flow in."
google.com

I have to agree Mish
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