Value Added Tax (VAT), National Sales Tax (NST), Flat Tax, Transaction Tax (CongressionalGlossary.com)

Dissatisfaction with the federal tax system has led to a debate about U.S. tax reform, including proposals for a national consumption tax. One type of proposed consumption tax is a value-added tax (VAT), widely used around the world. A VAT is levied on the difference between a business’s sales and its purchases of goods and … Read more