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.).
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.).