Tuesday, January 29, 2008
interview with Mitt by a Florida guy named Mark -- who says they are all on the same page
VAT = Value Added Tax
Some taxes in Europe are VAT. They are not used in the US. With a VAT, a smaller percent is applied at every stage in every transaction. Here, the taxes are applied at the final sale to consumer, not at wholesale, not at production, not at raw goods, etc.