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Value-added tax (VAT) is a general, broadly based consumption tax assessed on the value added to goods and services collected fractionally. [8] Cutting VAT can have significant repercussions on a country's economy. While it may stimulate short-term consumer spending and encourage business investment, there are trade-offs.
As of March 2016, [92] total sales tax rates in Georgia are 3% for groceries and 7% for other items in 107 of its 159 counties. Seven counties charge only 2% local tax (6% total on non-grocery items), and no county charged zero or 1%, but 45 now charge 4% (8% total) due to the TSPLOSTs.
The United States federal excise tax on gasoline is 18.4 cents per gallon and 24.4 cents per gallon for diesel fuel. [ 1 ] [ 2 ] Proceeds from the tax partly support the Highway Trust Fund . The federal tax was last raised on October 1, 1993, and is not indexed to inflation , which increased 111% from Oct. 1993 until Dec. 2023.
By 1929, all existing 48 states had enacted some sort of gas tax. [28] Today, fuel taxes in the United States vary by state. The United States federal excise tax on gasoline is 18.4 cents per US gallon (4.9 ¢/L) and 24.4 cents per US gallon (6.4 ¢/L) for diesel fuel. On average, as of July 2016, state and local taxes add 29.78 cents to ...
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