7 Things You Need To Know About The Value-Added Tax

As President Donald Trump focuses on tax reform, his administration is reportedly considering adding a value-added tax (VAT) and a carbon tax to offset revenue losses from tax cuts. This suggests that the Trump administration is abandoning their previous consideration of a border-adjustment tax due to political implications. The administration has not officially decided if they want to add a VAT and carbon tax to the tax system or not.

Here are seven things you need to know about the VAT.