nonbinding condemning the tax, and i'm quoting, a massive tax increase that would cripple families. it arose after a top white house economic adviser, an outside adviser, paul volcker, the former chairman of the federal reserve, said the tax system needs to be revamped and a value-added tax might be the way of the future. lisa sylvester is here in "the situation room." why want you explain to our viewers what a value-added tax. >> we've heard the v.a.t. term being tossed around, it stands for value-added tax. the farmer goes out with his tractor, lhe harvests cotton, h sells the cotton for a dollar, the cotton is then spun into yarn. from the yarn you can see that there's an increase in value of