[Top Diary of the Day: Wow. And Fishgrease Commented.. Booming Fishgrease]
That was what the man said to me.
Now Ordinarily, what with it being private property, and a rented hotel ballroom, I thought they were within their rights. But it was why they asked me to go that was so interesting.
It was because I asked a question
Is any discussion of a VAT going to include Financial Transactions?
That was enough to send the conference manager beelining towards me.
I'll give you the background after the jump.
I'm a bit of a budget nerd. I've actually met stan collender and corresponded with him. I drink my morning coffee from a budget graph coffee cup. I play the NYTimesBudget Simulator
the American Public Radio Budget Sim and others.
So at any rate I managed to get invited to a meeting of the Committee for Responsible Federal Budget CRFB
The Committee for a Responsible Federal Budget is a bipartisan, non-profit organization committed to educating the public about issues that have significant fiscal policy impact. The Committee is made up of some of the nation's leading budget experts including many of the past Chairmen and Directors of the Budget Committees, the Congressional Budget Office, the Office of Management and Budget, the Government Accountability Office, and the Federal Reserve Board.
and it's run by New America Foundation, a group I ordinarily respect.
so they had a meeting and they had a large group of Gasbags on the panel
Martin Feldstein Reaganite
Buck Chapoton Reaganite
Robert Carroll Bushie
Bill Gale Bushie
So as you can see the Panel was Fair and Balanced, representing The Reagan Administration and Both Bushes.....
The Panel was gassing about the CRFB budget plan, which involved in great deal a
VAT
and the Panel was gassing about how Consumers need to pay more taxes for their consumption (What we would call neccessities).
Finally I walked up to the Microphone, and i said
Excuse me, you seem to rely heavily on VAT as a primary revenue source,
will that include Financial Transactions?
There was much stammering, and shufflling of papers as the panel looked at the intense problems of their shoes. Finanaly Bob Carroll Said
"Well, it's awfully hard to determine Value Added in Financial Transactions"
and then Martin Feldstein Leaped up and boldly declared:
"We cannot tax financial industries, they would just move offshore!".
So I said "Well, It may be hard for you Mr Carroll to determine the value added in
a financial instrument, but it isn't hard for a trader on wall street when he wants a
bonus and Mr Feldstein, if the Financial industry were to move offshore, perhaps the
Taxpayers would not have to be bailing them out when they next implode"...
It was at that moment the organizer, tapped me on the shoulder and told me to leave the room
The Republicans are going to seek to put VAT on the working people of America,
it behooves us to push to include VAT on Financial Transactions.
Make them pay, and watch them squeal.
I believe that's part of Defunding the Right.
[Update: There has been some discussion that Financial Transactions should be
taxed on a gross percentage basis. That's called a Tobin Tax. a tobin tax I like, but, this discussion is on
VAT on Financial Transactions]
For those offended by the Poll
The character's name has become a synonym for loan shark, and as a verb to shylock means to lend money at exorbitant rates. In addition, the phrase "pound of flesh" has also entered the lexicon as slang for a particularly onerous or unpleasant obligation.