Detailed text transcripts for TV channel - FOXNEWS - 20130116:18:21:00
And more in the think tank saying this is where we're going to wind up like europe. they have a vat tax. explain what it is and what would mean here. >> a vat tax, value added tax, like a sales tax, basically. it's a tax on when you spend money, as opposed to when you earn money. that's an income tax. the vat tax is a spending tax. okay? i was in europe when they introduced this thing, okay, and said to us, okay, introduce this consumption tax, this value added tax and maybe we can reduce or get rid of income taxes, didn't work like that. now they wound up-- >> wound up with both. >> in europe...