It seems the VAT or Value Added Tax which is not under consideration by the Obama administration is under consideration by the Obama administration. The President says we’ll just have to wait and see what the “bipartisan” fiscal advisory board recommends.
“After Obama adviser Paul Volcker recently raised the prospect of a value-added tax, or VAT, the Senate voted 85-13 last week for a nonbinding “sense of the Senate” resolution that calls the such a tax “a massive tax increase that will cripple families on fixed income and only further push back America’s economic recovery.””
Seems pretty cut and dried to me that the American people DON’T want a VAT! If you’ve ever been to Europe,I have, you’ll find stuff is a lot more expensive over there.
The tax is added at each stage of production from raw materials to finished product. It’s a “coward’s tax” in that it’s a hidden tax.