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.

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