Many of you who watch the news have been bombarded with the speculation/rumors that the current administration is thinking about adding a value added tax in order to help recoup some of our current and future deficit. For those of you who don't know, the value added tax, or VAT is basically a federal sales tax, tacked on top of the state sales tax, which is on top of any federal income or wage taxes you may pay. This has been a popular idea in the past, but usually the idea was to replace the federal tax system with the VAT. Here is a link to a great article on another blog that I follow. Please read it, as it is very informative.
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