VAT – Value Added Tax.
Many people have been pushing for a flat tax, or a fair tax, which is similar to VAT tax, but proponents of those don’t assume that they would be added ON TOP OF the existing taxes we pay.
With the VAT, however, the government will be able to impose even more taxes on us, and make the businesses and producers (that are adding value to products) hide the tax. They will be taxed, but will charge the next business down the line until the last person holding the bag is “We the People”.
Somewhere in my mind there is a faint remembrance of the promise that our taxes wouldn’t go up… hmmm must be hidden away in the same area as “No Lobbyists, No Earmarks, etc. etc. etc. etc.)
I also have a song stuck in my head since I started thinking about the VAT… “You Ain’t Seen Nothin Yet” by Bachman-Turner Overdrive. You think your taxes are high now, you ain’t seen nothin yet.