And the nominees for best new tax proposal are

Almost a decade after the enactment of the Tax Reform Act of 1986, Congress is again studying various methods to make the tax system simpler and more equitable. Bill Archer, the current chair of the House Ways and Means Committee, is contemplating a complete switch to a value added tax (VAT) to enco...

Full description

Saved in:
Bibliographic Details
Published in:Pennsylvania CPA Journal 1996-04, Vol.67 (1), p.10
Main Authors: Hummel, Jeff, Wise, Richard L
Format: Article
Language:English
Subjects:
Accounting
Advantages
Capital costs
Compliance
Congressional committees
Consumers
Consumption
Cost control
Disadvantages
Flat rates
Income taxes
Informal economy
Installment sales
Landowners
Proposals
Pulp & paper mills
Retail sales
Sales taxes
Tax legislation
Tax rates
Tax reform
Tax Reform Act 1986-US
Taxation
Value added
VAT
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:Almost a decade after the enactment of the Tax Reform Act of 1986, Congress is again studying various methods to make the tax system simpler and more equitable. Bill Archer, the current chair of the House Ways and Means Committee, is contemplating a complete switch to a value added tax (VAT) to encourage investment and savings by taxing consumption, rid taxpayers of the tedious and expensive task of complying with current regulations, and bring the "underground economy" within the tax net. Some of the various other tax proposals are discussed, and the question of whether these changes will result in a simpler and more equitable tax law is examined. Among the tax issues discussed are VAT calculation proposals, flat tax proposals, the Nunn-Domenici unlimited savings allowance tax, and a national retail sales tax.
ISSN:0746-1062