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What Is a Value-Added Tax? Where Is This Type of Tax

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Essay

What is a value-added tax? Where is this type of tax in wide usage? Why do you suppose this form of taxation has NOT been widely accepted in the United States?


Definitions:

Automatic-Perfection Period

A specified timeframe following the attachment of a security interest during which the interest is considered perfected without filing.

Perfected

In legal and financial contexts, refers to having completed all necessary legal steps to enforce rights regarding a security interest against third parties.

Proceeds

The total amount of money or assets derived from a transaction, such as the sale of goods, property, or a business activity.

Collateral

An asset pledged as security for the repayment of a loan, forfeitable in the event of a default.

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