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|Subject: VAT- Value Added Tax||Date: 11/30/2010 1:50 PM|
|Author: gdett2||Number: 67764 of 77548|
I thought I would start a new thread on this.
I have read good and bad about this type of taxation. A lot of countries, about 150, use this model.
The US scenario I saw had a multi-year transition from income tax to VAT.
Another showed the depth it could be implemented at. The worst was "any time money changed hands". This was a little scary. A tax was levied when you rcvd a pay check, when it gets deposited by you, when you write a check, etc. Most agreed that this would not be realistic.
It does show that the rules for it need to be made more bullet-proof than our current laws are, being changed each time a new congress gets elected.
Here is one article from April, 2010:
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