USA Tax explained

The USA Tax Act, 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 was introduced in the United States Senate in April 1995 by senators Sam Nunn (D-Ga.)and Pete Domenici (R-N.M.).

Notes and References

  1. Web site: Seidman . Lawrence S. . The USA Tax - A progressive Consumption Tax .
  2. Book: Fisher , Irving . Irving Fisher . Herbert Wescott Fisher . Constructive Income Taxation: A Proposal for Reform . Harper & Brothers . 1942 . University of Michigan . 277 . 9780598849410 .
  3. Book: Lokken , Lawrence . Lawrence Lokken . Taxing USA tomorrow. (Unlimited Savings Allowance Tax) . Amazon.com . Southern Economic Journal . e-document . October 1, 1998 . Chicago . https://web.archive.org/web/20130517171816/http://www.highbeam.com/doc/1G1-21276813.html. dead. May 17, 2013.
  4. Book: Lokken , Lawrence . Lawrence Lokken . Taxing USA tomorrow. (Unlimited Savings Allowance Tax) . Southern Economic Journal . e-document . July 28, 2005 . 30 .

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