From Wikipedia, the free encyclopedia
1995 proposed law for tax reform in the United States
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
-
^ Seidman, Lawrence S.
"The USA Tax - A progressive Consumption Tax".
-
^
Fisher, Irving; Herbert Wescott Fisher (1942).
Constructive Income Taxation: A Proposal for Reform. University of Michigan: Harper & Brothers. p. 277.
ISBN
9780598849410.
-
^
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.
-
^
Lokken, Lawrence (July 28, 2005).
Taxing USA tomorrow. (Unlimited Savings Allowance Tax). Southern Economic Journal (e-document ed.). p. 30.
-
^
Nunn, Sam (June 1995),
The Unlimited Savings Allowance (USA) Tax Proposal, Georgia Public Policy Foundation, retrieved October 7, 2011