Briefly Describe Why Some Economists Prefer a Value-Added Tax (VAT)

question 22

Essay

Briefly describe why some economists prefer a value-added tax (VAT) to an income tax.

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Definitions:

United Nations Framework Convention

An international treaty designed to address complex global issues through the establishment of a legally binding agreement among nations, such as the United Nations Framework Convention on Climate Change.

Climate Change

The long-term alteration of temperature and typical weather patterns in a place, largely driven by human activities such as burning fossil fuels.

Security Interest

A legal claim or lien on collateral that has been pledged, usually to secure repayment of a loan.

Contaminated Land

Areas of land polluted by hazardous substances which pose risks to health or the environment.