The Alloy Silverstein Group: VAT Could Be a Big New Tax for All of Us

CHERRY HILL, N.J., May 13 /PRNewswire/ -- Ren Cicalese, managing partner of The Alloy Silverstein Group, a Cherry Hill accounting firms says, "VAT means Value Added Tax. It is an across-the-board tax on goods and services. If it becomes law, it could have a profound effect on all of us."

In mid-2009 the Chairman of the US Senate Budget Committee, Democratic Senator Kent Conrad, announced that a national Value Added Tax should be considered as a way of boosting tax revenues.

Pundits and some Republican politicians are warning that the Administration may consider this as a way to reduce the national debt, although the Administration says it is not on the table and that it is just a partisan scare tactic by the Republicans. "We think taxpayers in New Jersey need to be informed about the issue because they may be called on to support or resist it," said Cicalese.

VAT, introduced in France in 1954, is now a major source of taxation revenue for European governments. It is a tax on consumption or on value-added goods and services, and charged on most goods and services delivered in the European Union. It is a form of tax that is used in many other nations across the world. It is not used in the United States.

VAT would be applied on all American consumption items and is ultimately paid by those who consume services. It is a relatively simple concept but can become massively complex to operate.

The Alloy Silverstein Group is a regional, full service accounting firm with offices located in Cherry Hill and Hammonton, New Jersey.

"If enough clients are interested in learning more about this subject and its potential consequences, we will set up a meeting to answer questions conducted by our tax experts," said Cicalese.

For more information, visit www.alloysilverstein.com.

SOURCE The Alloy Silverstein Group

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