Obama to Snatch up to 75% of Your Income

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?" '

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