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The government faces a fourth year of trillion-plus deficits in 2012, according to new projections released Tuesday—numbers which also show little relief in the future unless Washington comes to grips with needed changes in its tax and spending policies.
Like Aunt Cassandra coming down from the attic, the Congressional Budget Office steps squarely into the 2012 campaign season with the 147-page report which might have been subtitled “It’s not just the economy stupid, it’s also the debt.”
The $1.079 trillion deficit now projected for this fiscal year ending Sept. 30 is a step backwards from what CBO had predicted in August And to punch home its message, the non-partisan agency outlines an especially grim scenario in which Congress not only extends all the current Bush-era tax cuts but pulls the plug on the $1.2 trillion in sequester set in motion by the Budget Control Act last summer.
VAT (Value Added Tax) is a tax that you pay when you buy goods and services in the EU (European Union), including the UK. If you have to pay VAT on something, it will normally be included in the price you see.
You pay VAT on most goods and services in the UK at the standard rate.
The standard rate of VAT increased to 20 per cent on 4 January 2011 but was 17.5 per cent for the period 1 January 2010 to 3 January 2011.
In some cases, for example children's car seats and gas and electricity for your home, you pay a reduced rate of 5 per cent.
There are some goods on which you don't pay any VAT, like:
•most food items
•books, newspapers and magazines
•some goods provided in special circumstances - for example, equipment for disabled people