facebook
twitter
rss
account
search
search
 

Volcker suggests deficit-cutting taxes

April 7, 2010 at 5:16 PM   |   Comments

| License Photo
NEW YORK, April 7 (UPI) -- Presidential adviser Paul Volcker, a former Federal Reserve chairman, said budget deficits may force the United States to raise taxes.

Volcker said a value-added tax used frequently in Europe -- essentially, a sales tax -- "was not as toxic an idea" as it was in previous years, The Hill newspaper reported Wednesday.

He also said a tax on carbon or energy use might be required to lower the deficit.

Bottom line: "If at the end of the day we need to raise taxes, we should raise taxes," he said in remarks at the New York Historical Society.

A White House official responded by saying, "The president is not proposing to cut the deficit at the expense of middle-class families."

Topics: Paul Volcker
© 2010 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
2014: The Year in Music [PHOTOS]

2014: The Year in Music [PHOTOS]

Most Popular
1
iPhone 6 reportedly going to cost more than $800
2
Kurds claim win in latest oil row
3
P-8A Poseidon acquisitions move forward
4
Tanzania positioned as LNG hub, BG Group says
5
Putin says hands tied on gas issues
Trending News
Video
x
Feedback