The investment cash is going to China, India, South Korea and Vietnam, where factories are being built by American companies to make products to export to the U.S. and elsewhere. Those countries rebate the local Value Added Tax (around 20%) to exporters because most every country has their own VAT on products coming into their countries – EXCEPT THIS COUNTRY. In addition, most countries have tariffs on incoming goods if their local economy needs to promote manufacturing jobs.
If we introduced a Value Added Tax here to replace the Income Tax, business would pay an additional 20% to import into America, giving us real tax revenue, instead of sodomizing the middle class.
Ask yourself why almost every nation in the world has a VAT and encourages exports and discourages imports. Could it be big business benefits while Americans are the dumb consumers who allow this travesty sold to us as “free trade?”
Read the Article at HuffingtonPost
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Published by Fred Donaldson
First full-time job at 17 was dollar-an-hour newspaper copyboy at the Evening and Sunday Bulletin (760,000 daily). Promotions led to general assignments and rewrite at that Pulitzer Prize winning newspaper (1964 and 1965). After the Bulletin, served as the editor of Valley Forge Sentinel and Conshohocken Recorder, Sr. VP of their newspaper group in 1972, and became publisher in 1975 of the West Oak Lane Leader - an African-American community newspaper - for the next 18 years.
In 1993 named president of ING's 18-newspapers in Metro Philadelphia and New Jersey. Company was later purchased by JRC (NYSE), and I was appointed publisher of the Montgomery/Bucks/Philly newspaper division by the infamous Journal Register CEO Bob Jelenic.
During the 60s and 70s, I corresponded for the United States Information Agency, reporting and writing for publication in foreign countries.
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View all posts by Fred Donaldson
You can fool nearly all the people... 