Word: vat
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...about 120 in the U.S. The English pay excise taxes of 45% on cameras, watches and other "luxury" items. Beyond that, many European countries have a value-added tax, a kind of national sales levy that pounds up prices on everything from shoelaces to plumbing repairs. In France, the VAT is a towering...
...Beyond VAT, Swedes face an awesome array of levies. The Social Democratic Party, which has held power for 40 years, holds that taxes should aim at demolishing accumulated wealth. Many high-income "tax exiles" have fled abroad to conserve the remains of their fortunes. The sharpest wrench for the middle class and the rich is the "wealth" tax, which requires individuals to list the value of their worldly goods-jewelry, cars, house, securities, bank accounts-and pay an annual 1% levy on any amount above $31,000. Income from investments-dividends on stock, interest on bonds, rent on real estate...
Bucket Brigade. One idea being weighed in Washington is that VAT revenues ultimately would go to states to help pay for public schooling costs, and thus lighten the load on home owners, who pay for education out of their heavy-and increasingly unpopular-property taxes. In sum, Nixon could promise during his election campaign to reduce property taxes and then make up for this loss by proposing VAT after the elections. The Administration calculates that in order to reduce or stabilize the residential property tax by eliminating that part of it devoted to schools, it must raise about $12 billion...
Basically, the VAT system collects a percentage of the price that is added to a product at each stage of production and marketing. It also enables businessmen to pass the entire cost of the tax along, bucket-brigade fashion, until it gets to the consumer...
...lumber mill produces a load of wood with a market price of $25; this price represents practically all the "value" that the mill has added to the raw timber by buying and converting it to lumber. On a VAT of 3% the mill pays the Government 75?. This cost, separately invoiced, is tacked to the price of the lumber, which is then sold to a cabinetmaker for $25.75. The manufacturer transforms the lumber into a cabinet, increasing its market value from $25 to $75. On the $50 value added, the cabinetmaker pays another 3%, or $1.50. When selling the cabinet...