USA Tax

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.
  3. ↑ Lokken, Lawrence (October 1, 1998). Taxing USA tomorrow. (Unlimited Savings Allowance Tax). Southern Economic Journal (e-document ed.). Chicago: Amazon.com.
  4. ↑ Lokken, Lawrence (July 28, 2005). Taxing USA tomorrow. (Unlimited Savings Allowance Tax). Southern Economic Journal (e-document ed.). Amazon.com. p. 30.
  5. ↑ Nunn, Sam (June 1995), The Unlimited Savings Allowance (USA) Tax Proposal, Georgia Public Policy Foundation, retrieved October 7, 2011