Worldnet DailyPosted: May 24, 2010 1:58 pm Eastern
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Editor's Note: The following report is excerpted from Jerome Corsi's Red Alert, the premium online newsletter published by the current No. 1 best-selling author, WND staff writer and columnist. Red Alert subscriptions are $99 a year or $9.95 per month for credit card users. Annual subscribers will receive a free autographed copy of "The Late Great USA," a book about the careful deceptions of a powerful elite who want to undermine our nation's sovereignty.
If President Obama repeals the Bush tax cuts and imposes a 20 percent value added tax, or VAT, on the U.S., Americans may be facing tax rates where more than half of everything earned is confiscated by the federal government in the form of income taxes, Jerome Corsi's Red Alert reports.
Add Social Security taxes and the tax burden quickly advances to more than 60 percent.
"Adding state property and income taxes to the burden, the amount government confiscates could be in the 75 percent range before Americans have a chance to vote Obama out of office in 2012," Corsi wrote. "Are Americans willing to be taxed 75 percent of every dollar earned?"
That is the current tax burden in Scandinavian countries as the table below demonstrates: http://www.wnd.com/index.php?fa=PAGE.view&pageId=157885