April 20, 2010
- A d v e r t i s e m e n t
President Barack Obama is not considering proposing a value added tax (VAT), White House Press Secretary Robert Gibbs asserted Monday.
“This is not something the president has proposed, nor is it under consideration,” Gibbs told reporters Monday.
With a VAT, products and services are taxed at every step of production whenever value is added to them, such as when rubber is processed and then turned into a tire, and so on down the line to the tire store where it is sold to the customer.
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