What would and would not be taxed under a VAT? Q.What would and would not be taxed under a VAT? A.Typically, a value-added tax covers all or most forms of consumption. Read more about What would and would not be taxed under a VAT?
What are the major federal excise taxes, and how much money do they raise? Q.What are the major federal excise taxes, and how much money do they raise? A.Federal excise tax revenues—collected mostly from sales of motor fuel, airline tickets, tobacco, alcohol, and health-related goods and services—totaled nearly $90 billion in 2022, or 1.8 percent of total federal tax receipts. Read more about What are the major federal excise taxes, and how much money do they raise?
How would small businesses be treated under a VAT? Q.How would small businesses be treated under a VAT? A.Most countries exempt small businesses from value-added tax, although many small businesses choose to voluntarily register for the VAT. Read more about How would small businesses be treated under a VAT?