Jerry Milo Johnson <[email protected]> wrote: > > IRS x 4 = New IRS >
This is a fascinating topic so I did a little Wiki research to see how the VAT is fairing. For the US I thought this paragraph was interesting: "In October 2009, then-House Speaker Nancy Pelosi stated that a new, national VAT was "on the table" to help the federal government garner needed revenues.[14] After her speech, the Americans for Tax Reform group urged the public to contact their members of Congress to oppose this potential measure.[15] President Barack Obama was reported to be open to a national VAT.[16] One day later, US Treasury Secretary Tim Geithner stated that President Obama does not support a VAT for the US.[17]" http://en.wikipedia.org/wiki/Value_added_tax http://www.businessweek.com/ap/financialnews/D9F7NI500.htm http://thehill.com/blogs/blog-briefing-room/news/93721-geithner-obama-does-not-support-the-vat-for-the-us Fascinating! Also EU fraud is also interesting: "Because exports are generally zero-rated (and VAT refunded or offset against other taxes), this is often where VAT fraud occurs. In Europe, the main source of problems is called carousel fraud. Large quantities of valuable goods (often microchips or mobile phones) are transported from one member state to another. During these transactions, some companies owe VAT, others acquire a right to reclaim VAT. The first companies, called 'missing traders' go bankrupt without paying. The second group of companies can 'pump' money straight out of the national treasuries.[citation needed] This kind of fraud originated in the 1970s in the Benelux-countries. Today, the British treasury is a large victim.[5] There are also similar fraud possibilities inside a country. To avoid this, in some countries like Sweden, the major owner of a limited company is personally responsible for taxes. This is circumvented by having an unemployed person without assets as the formal owner." http://en.wikipedia.org/wiki/Value_added_tax An unemployed person!! Genius. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Order the Adobe Coldfusion Anthology now! http://www.amazon.com/Adobe-Coldfusion-Anthology/dp/1430272155/?tag=houseoffusion Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:339765 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/groups/cf-community/unsubscribe.cfm
