The USA Tax Act (H.R. 269), short for "Unlimited Savings Allowance", was a bill in the United States Congress for changing tax laws to replace the federal income taxes with a progressive consumption tax on households and a value-added tax on businesses[1] . Lawrence Lokken credits Irving Fisher[2] with the insight that consumption can be taxed by taxing income minus savings.[3] See also a later version of Lokken's book.[4] The first bill (S. 722) was introduced in the United States Senate in April 1995 by senators Sam Nunn (D-Ga.)[5] and Pete Domenici (R-N.M.).

References

  1. ↑ Seidman, Lawrence S. "The USA Tax - A progressive Consumption Tax".
  2. ↑ Fisher, Irving; Herbert Wescott Fisher (1942). Constructive Income Taxation: A Proposal for Reform. University of Michigan: Harper & Brothers. p. 277. ISBN 9780598849410.
  3. ↑ Lokken, Lawrence (October 1, 1998). Taxing USA tomorrow. (Unlimited Savings Allowance Tax). Southern Economic Journal (e-document ed.). Chicago: Amazon.com. Archived from the original on May 17, 2013.
  4. ↑ Lokken, Lawrence (July 28, 2005). Taxing USA tomorrow. (Unlimited Savings Allowance Tax). Southern Economic Journal (e-document ed.). p. 30.
  5. ↑ Nunn, Sam (June 1995), The Unlimited Savings Allowance (USA) Tax Proposal, Georgia Public Policy Foundation, retrieved October 7, 2011


This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.