Law360 (May 3, 2021, 3:58 PM EDT) — This past February, Sen. Joe Manchin, D-W.Va., suggested introducing value-added tax, or VAT, to help fund $5 trillion to $6 trillion in infrastructure spending.(1) With Congress currently debating President Joe Biden’s infrastructure plan, will the VAT discussion resurface? And If so, what does implementing VAT in the U.S. mean?
While VAT isn’t a new concept in Congress, as reports show a 0.5% or 0.75% VAT has been debated by Congress in the past, if you mention value-added tax to the average U.S. consumer, you’ll likely receive a perplexed look. That’s because VAT is a foreign concept to Americans — both literally…
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