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"The European model taxes your income as it is made and your property as it is purchased. A VAT means that if you want to spend your money on a different Bentley for everyday of the week you can but you will be taxed on every one you buy. "

It not only does that,but taxes purchases of goods and services as well. Food usually half the rate.

What that VAT does is discourage buying anything 'new'. Keep your car longer. Don't rush out and buy the latest gee-gaw whiz bang device. Consume less. Well, you have to consume less since you have less purchasing power.

That VAT is usually over 20% in most European countries. Runs up the price of a new car by 25%. Your TV costs 25% more. Getting your hair done or a hair cut? 25% more.

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