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Earth Day 2010. A first -timers observations.
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 719004" data-attributes="member: 12570"><p><strong>Value added tax</strong> (<strong>VAT</strong>) is similar to a <a href="http://en.wikipedia.org/wiki/Sales_tax" target="_blank"><span style="color: #002bb8">sales tax</span></a>. <a href="http://en.wikipedia.org/wiki/Maurice_Laur%C3%A9" target="_blank"><span style="color: #002bb8">Maurice Lauré</span></a>, Joint Director of the French Tax Authority, the <em><a href="http://fr.wikipedia.org/wiki/Direction_g%C3%A9n%C3%A9rale_des_imp%C3%B4ts" target="_blank"><span style="color: #3366bb">Direction générale des impôts</span></a></em>, was first to introduce VAT on April 10, 1954, although German industrialist Dr. Wilhelm von Siemens proposed the concept in 1918. Initially directed at large businesses, it was extended over time to include all business sectors. In <a href="http://en.wikipedia.org/wiki/France" target="_blank"><span style="color: #002bb8">France</span></a>, it is the most important source of state finance, accounting for nearly 50% of state revenues.<a href="http://en.wikipedia.org/wiki/Value_Added_Tax#cite_note-0" target="_blank"><span style="color: #002bb8">[1]</span></a></p><p> </p><p>Personal end-consumers of products and services cannot recover VAT on purchases, but businesses are able to recover VAT (input tax) on the products and services that they buy in order to produce further goods or services that will be sold to yet another business in the supply chain or directly to a final consumer. In this way, the total tax levied at each stage in the economic chain of supply is a constant fraction of the value added by a business to its products, and most of the cost of collecting the tax is borne by business, rather than by the state. VAT was invented because very high sales taxes and tariffs encourage cheating and smuggling. <span style="color: red">Critics point out that it disproportionately raises taxes on middle- and low-income homes.</span></p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 719004, member: 12570"] [B]Value added tax[/B] ([B]VAT[/B]) is similar to a [URL="http://en.wikipedia.org/wiki/Sales_tax"][COLOR=#002bb8]sales tax[/COLOR][/URL]. [URL="http://en.wikipedia.org/wiki/Maurice_Laur%C3%A9"][COLOR=#002bb8]Maurice Lauré[/COLOR][/URL], Joint Director of the French Tax Authority, the [I][URL="http://fr.wikipedia.org/wiki/Direction_g%C3%A9n%C3%A9rale_des_imp%C3%B4ts"][COLOR=#3366bb]Direction générale des impôts[/COLOR][/URL][/I], was first to introduce VAT on April 10, 1954, although German industrialist Dr. Wilhelm von Siemens proposed the concept in 1918. Initially directed at large businesses, it was extended over time to include all business sectors. In [URL="http://en.wikipedia.org/wiki/France"][COLOR=#002bb8]France[/COLOR][/URL], it is the most important source of state finance, accounting for nearly 50% of state revenues.[URL="http://en.wikipedia.org/wiki/Value_Added_Tax#cite_note-0"][COLOR=#002bb8][1][/COLOR][/URL] Personal end-consumers of products and services cannot recover VAT on purchases, but businesses are able to recover VAT (input tax) on the products and services that they buy in order to produce further goods or services that will be sold to yet another business in the supply chain or directly to a final consumer. In this way, the total tax levied at each stage in the economic chain of supply is a constant fraction of the value added by a business to its products, and most of the cost of collecting the tax is borne by business, rather than by the state. VAT was invented because very high sales taxes and tariffs encourage cheating and smuggling. [COLOR=red]Critics point out that it disproportionately raises taxes on middle- and low-income homes.[/COLOR] [/QUOTE]
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