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• W14560643 abstract "The reluctance of Administration and Congress to respond to continuing federal budget deficit by raising income rates and/or reducing spending, combined with shrinking number of loopholes and base broadeners, has prompted of alternative sources of federal revenue. An alternative revenue source that is receiving increasing study is a value-added tax. Both General Accounting Office and Joint Committee on Taxation have recently researched effect of this tax. The introduction of a consumption-based value-added would represent a fundamental change in United States federal system. The purpose of this paper is to identify and discuss major issues concerning value-added (hereafter referred to as VAT). Following a brief history of VAT, concept of value-added, types of VAT, methods of computation, and rate structure of VAT are identified. The advantages and disadvantages of VAT will be enumerated and evaluated. Finally, some closing comments will be offered. A BRIEF HISTORY OF THE VAT The VAT in Europe, Latin America, and Africa The VAT has become a major tax. No longer just a associated with Europe, VAT is now levied in countries throughout world. In Europe, VAT evolved through successive attempts to reduce inequities of cascade turnover which was sales commonly used by countries now forming European Economic Committee' [18, p. 6]. Impetus for adoption of a VAT by European Economic Committee (ECC) came from recommendations of Neumark Report, which was issued in 1963 as a product of a study designed to develop uniform practices in Common Market countries. At that time, differing turnover taxes created barriers to flow of goods and services in ECC countries. For example, separate governments often granted arbitrary rebates to exporters to make home-produced goods more competitive in foreign markets and imposed discriminatory natory duties on imports to benefit domestic enterprises [13, p. 8]. The United States and VAT Proponents of VAT in U.S. are quick to point out that there has been much discussion about a VAT since 1922. In that year, T. S. Adams, a major force behind income legislation of 1913, called for adoption of a VAT as the best approach to taxation of business [8, p. 42]. An unsuccessful bill was introduced in Senate in 1940 that proposed adoption of a VAT. During 1960s, interest in a VAT was supported by belief that a VAT in partial substitution for corporate income would improve balance of payments. In 1970, President Richard M. Nixon's Task Force on Business Taxation rejected immediate adoption of VAT but did recommend that need ever arise for substantial additional revenue, government should turn to value-added or some other form of indirect taxation rather than to an increase in rates of corporate or personal income tax [8, p.43]. In 1973 Advisory Commission on Intergovernmental Relations studied VAT in connection with alternative sources of federal revenue. The study concluded that limitations of VAT were greater than advantages of its implementation. The federal division of American Institute of Certified Public Accountants issued a Statement of Tax Policy in 1975 concerning value-added tax. This study acknowledged need for additional revenues and decreasing reliance on traditional taxes such as income and social security taxes. The AICPA study determined that imposition of an indirect at federal level merits serious consideration [2, p.42]. However, AICPA opted for a retail sales at federal level. During 1979 and 1980, Senator Russell B Long, Chairman of Senate Finance Committee, and Representative Al Ullman, Chairman of House Ways and Means Committee, championed adoption of a VAT. …" @default.
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• W14560643 title "An Analysis of the Value-Added Tax as an Alternative Source of Federal Revenue" @default.
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