Word: vat
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...health benefits of tonics and poultices made from rare animal parts, including everything from bear bile to deer antlers. Among enthusiasts for this esoteric branch of traditional medicine, few animals are more treasured for their nutritive qualities than the tiger. Tiger bone wine - a rice alcohol brewed in a vat with the carcass of one of the cats - is prized as a tonic for fatigue and sexual potency, for example. In an effort to clamp down on the lucrative poaching industry that sprung up around the big cats, sales of tiger parts were banned...
...ballooning deficit on its own, Papandreou's administration was forced to tack on a second, harsher round of measures. The $6.5 billion package includes cuts in civil servants' salaries, a freeze on pensions and a host of tax increases, including a 2% bump in the value-added tax (VAT...
...public mood promises to sour even further. Most of the austerity measures haven't even been implemented yet. The VAT increase goes into effect on March 15, and civil servants will see their upcoming Easter bonuses - equal to half a month's salary - slashed by 30%. Greeks are already feeling the pinch of the economic downturn, and many fear the measures will only deepen their pain. The government's official prediction is that the economy will shrink by 0.3% this year and then begin to recover. But many Greeks and economists think those expectations are overly optimistic...
...prefers the idea of introducing a VAT, or value-added tax, and increasing payroll contributions for social programs such as retirement and disability insurance. Feenberg estimates that a 14% VAT on goods and services, similar to what exists in the E.U., would generate more revenue than the existing income...
...right, but selling a European-style VAT to Americans is a bit like selling snake poison and would likely mean political suicide for any of its supporters. That said, there's no hiding the fact that the ratio of public debt to GDP is expected to balloon from...