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A value-added tax (VAT or goods and services tax (GST), general consumption tax (GCT)) is a consumption tax that is levied on the value added at each stage of a product's production and distribution. VAT is similar to, and is often compared with, a sales tax.
When buying an automobile, if one trades in a car, the state deducts the price of the trade when calculating the sales tax to be paid on the automobile (e.g., purchasing a $40,000 car, and trading a $10,000 car, a person would be taxed on the difference of $30,000 only, not the full amount of the new vehicle).
One of the earliest well documented ad valorem taxes known in Europe is the Danegeld – a land-tax first imposed in 1012 in Britain to pay off Viking raiders. The amount of tax collected was based on the value of the taxpayer's property – usually measured by a local unit to determine the size of the land.
Flavor Flav claimed that NBC security kicked him out of the Backstreet Boys’ dressing room at the annual Rockefeller Center Christmas tree lighting. In an X post that has since been deleted, the ...
It may also be applied only to purchases over a certain amount; for instance, some U.S. states charge luxury tax on real estate transactions over a certain limit. A luxury good may be a Veblen good, which is a type of good for which demand increases as price increases. Therefore, the effect of a luxury tax may be to increase demand for certain ...
A 32-year-old woman has been arrested after allegedly bludgeoning her mother to death inside her own home, officials said. Burlington County Prosecutor LaChia L. Bradshaw and Willingboro Township ...
The weather service team estimated the torndao was about 30 yards wide and lasted for about one-third of a mile. Scotts Valley police posted photos showing the damage, including flipped cars in ...
The amount of money that the homeowner could receive in rent is the imputed rental value of the home. A true consumption tax would tax the imputed rental value of the home (which could be determined in the same way that valuation occurs for property tax purposes) but not the increase in the asset value (the home).