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Today, when asked whether a European-style Value Added Tax is under consideration by the Obama administration, press secretary Robert Gibbs claimed:

This is not something the president has proposed, nor is it under consideration.

But not only has Obama advisor Paul Volcker indicated that a VAT is being considered, but The New York Times reports that the Obama’s economic team has already calculated how big of a VAT they’ll need in order to pay for their binge spending:

[S]ince any Social Security plan would probably preserve benefits for those nearing retirement, it would not help the administration achieve its goal of reducing the deficit to 3 percent of gross domestic product, from 10 percent, within a decade.

One way to reach that 3 percent goal, by the calculations of Mr. Obama’s economic team: a 5 percent value-added tax, which would generate enough revenue to simultaneously permit the reduction in corporate tax rates Republicans favor.

As we have noted before, a VAT is an incredibly regressive form of taxation that would fall hardest on those who can least afford it. Furthermore, it would be a clear violation of President Barack Obama’s promise not to raise taxes on those making under $250,000 a year. 

If your family earns less than $250,000 a year, you will not see your taxes increased a single dime. I repeat: not one single dime.

Mr. President, if you promised not to raise taxes on the middle and lower-class, then why is your economic team running the numbers on a tax that would hit them the hardest?