Question? What is a Value Added Tax (VAT)?
Politically Correct Resolution:
Every taxable item "Manufactured" in the United States has an Added Value Tax (hidden tax) of 17% added by the government.
A value added tax (VAT) is a form of consumption tax. From the perspective of the buyer, it is a tax on the purchase price. From that of the seller, it is a tax only on the "value added" to a product, material or service, from an accounting point of view, in each stage of its manufacture or distribution. The manufacturer remits to the government the difference between these two amounts, and retains the rest for themselves to offset the taxes they had previously paid on the inputs.(Wikipedia)
The "value added" to a product by a business is the sale price charged to its customer, minus the cost of materials and other taxable inputs. A VAT is like a sales tax in that ultimately only the end consumer is taxed. It differs from the sales tax in that, with the latter, the tax is collected and remitted to the government only once, at the point of purchase by the end consumer. With the VAT, collections, remittances to the government, and credits for taxes already paid occur each time a business in the supply chain purchases products.(Wikipedia)
There are politicians who want to add an additional 10% of Federal sales tax on top of the current (VAT) being paid. If they are allowed to do this, the consumer will be paying 33% in taxes for taxable items that they purchase. The same approximate amount that is actually being paid on most credit cards (with their hidden charges)! I guess the government/corporations/ Financial Interests need every penny of the tax payers money than can get to keep from starving to death! Make no mistake about it, The Government/Corporations/ Financial Interests are all complicit in minipulating the Tax codes to allow this Usury to happen/continue.
