from The American Heritage® Dictionary of the English Language, 4th Edition
- abbr. value-added tax
from Wiktionary, Creative Commons Attribution/Share-Alike License
- n. The ISO 3166-1 three-letter (alpha-3) code for Holy See.
- n. Value-added tax.
- n. Vigilance awareness training.
Sorry, no etymologies found.
But before we get to all of that, a quick introduction is in order, for anyone who has never heard the term VAT before.
Undoubtedly, their campaign on the possible higher sales tax I presume, it is what we call VAT has paid some dividends.
The BBC and Labour will do their best to use the return of Ken Clarke to split the Conservative party over the subject of the EU, with the sideshow of Ken Clarke's call for a reduction in VAT, a call that pre-dated Alistair Darling's policy implementation.
The cut in VAT helps to push UK inflation down in December to 3.1% from November's rate of 4.1%.
They (and their federal “brothers” if a federal sales tax or VAT is implemented) will only get busier if that tax is used to replace the income tax.
The VAT is the worst possible tax because it discourages consumption and hits the poor and middle class disproportionately.
Taxes for health care has not kicked in yet, the Bush tax cuts has not yet expired and they will, Cap and Trade has not yet come to the forefront, and VAT is still being discussed!
The good point of VAT is that EVERYONE pays, it's been shown that 53% of people pay taxes and 70% of them are middle-class folks.
VAT is also just kinda cool because of the low cost of collection and enforcement.
Anyway, surely carbon taxes should be increased until you pay for the externality of polluting, after which a broad VAT is more efficient.