Thursday, April 22, 2010

The Fat of the VAT

"And that's the beauty of the Value-Added Tax. Take this wallet, for example. With the VAT, we gain additional tax revenue at each and every stage of its production so we can fund all sorts of government programs. And the whole thing is completely invisible to the American consumer, at least until the consumer realizes the price he just paid for this awesome new wallet is so high that he doesn't have any money left to keep in it..."