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USA Tax
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 . Lawrence Lokken credits Irving Fisher with the insight that consumption can be taxed by taxing income minus savings. See also a later version of Lokken's book. The first bill () was introduced in the United States Senate in April 1995 by senators Sam Nunn (D-Ga.) and Pete Domenici Pietro Vichi "Pete" Domenici (May 7, 1932 – September 13, 2017) was an American attorney and politician who served as a United States Senator from New Mexico from 1973 to 2009. A member of the Republican Party, he served six terms in the ... (R-N.M.). References Tax reform in the United States United States proposed federal taxation legislation 1995 in economics April 1995 events in the United States Acts of the 104th United States Congress [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bill (proposed Law)
A bill is proposed legislation under consideration by a legislature. A bill does not become law until it is passed by the legislature as well as, in most cases, approved by the executive. Once a bill has been enacted into law, it is called an '' act of the legislature'', or a ''statute''. Bills are introduced in the legislature and are discussed, debated and voted upon. Usage The word ''bill'' is primarily used in Anglophone United Kingdom and United States, the parts of a bill are known as ''clauses'', until it has become an act of parliament, from which time the parts of the law are known as ''sections''. In Napoleonic law nations (including France, Belgium, Luxembourg, Spain and Portugal), a proposed law may be known as a "law project" (Fr. ''projet de loi''), which is a government-introduced bill, or a "law proposition" (Fr. ''proposition de loi''), a private member's bill. For example the Dutch parliamentary system does not make this terminological distinction (''wetsontwe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Congress
The United States Congress is the legislature of the federal government of the United States. It is bicameral, composed of a lower body, the House of Representatives, and an upper body, the Senate. It meets in the U.S. Capitol in Washington, D.C. Senators and representatives are chosen through direct election, though vacancies in the Senate may be filled by a governor's appointment. Congress has 535 voting members: 100 senators and 435 representatives. The U.S. vice president has a vote in the Senate only when senators are evenly divided. The House of Representatives has six non-voting members. The sitting of a Congress is for a two-year term, at present, beginning every other January. Elections are held every even-numbered year on Election Day. The members of the House of Representatives are elected for the two-year term of a Congress. The Reapportionment Act of 1929 establishes that there be 435 representatives and the Uniform Congressional Redistricting Act requires ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Government Of The United States
The federal government of the United States (U.S. federal government or U.S. government) is the national government of the United States, a federal republic located primarily in North America, composed of 50 states, a city within a federal district (the city of Washington in the District of Columbia, where most of the federal government is based), five major self-governing territories and several island possessions. The federal government, sometimes simply referred to as Washington, is composed of three distinct branches: legislative, executive, and judicial, whose powers are vested by the U.S. Constitution in the Congress, the president and the federal courts, respectively. The powers and duties of these branches are further defined by acts of Congress, including the creation of executive departments and courts inferior to the Supreme Court. Naming The full name of the republic is "United States of America". No other name appears in the Constitution, and this i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax In The United States
Income taxes in the United States are imposed by the federal government, and most states. The income taxes are determined by applying a tax rate, which may increase as income increases, to taxable income, which is the total income less allowable deductions. Income is broadly defined. Individuals and corporations are directly taxable, and estates and trusts may be taxable on undistributed income. Partnerships are not taxed (with some exceptions in the case of Federal income taxation), but their partners are taxed on their shares of partnership income. Residents and citizens are taxed on worldwide income, while nonresidents are taxed only on income within the jurisdiction. Several types of credits reduce tax, and some types of credits may exceed tax before credits. An alternative tax applies at the federal and some state levels. In the United States, the term "payroll tax" usually refers to FICA taxes that are paid to fund Social Security and Medicare, while "income tax" re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Progressive Tax
A progressive tax is a tax in which the tax rate increases as the taxable amount increases.Sommerfeld, Ray M., Silvia A. Madeo, Kenneth E. Anderson, Betty R. Jackson (1992), ''Concepts of Taxation'', Dryden Press: Fort Worth, TX The term ''progressive'' refers to the way the tax rate progresses from low to high, with the result that a taxpayer's average tax rate is less than the person's marginal tax rate.Hyman, David M. (1990) ''Public Finance: A Contemporary Application of Theory to Policy'', 3rd, Dryden Press: Chicago, ILJames, Simon (1998) ''A Dictionary of Taxation'', Edgar Elgar Publishing Limited: Northampton, MA The term can be applied to individual taxes or to a tax system as a whole. Progressive taxes are imposed in an attempt to reduce the tax incidence of people with a lower ability to pay, as such taxes shift the incidence increasingly to those with a higher ability-to-pay. The opposite of a progressive tax is a regressive tax, such as a sales tax, where the poor pay ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumption Tax
A consumption tax is a tax levied on consumption spending on goods and services. The tax base of such a tax is the money spent on Consumption (economics), consumption. Consumption taxes are usually indirect, such as a sales tax or a value-added tax. However, a consumption tax can also be structured as a form of direct, personal taxation, such as the Hall–Rabushka flat tax. Types Value-added tax A value-added tax applies to the market value added to a product or material at each stage of its manufacture or distribution. For example, if a retailer buys a shirt for twenty dollars and sells it for thirty dollars, this tax would apply to the ten dollar difference between the two amounts. A simple value-added tax is proportional tax, proportional to consumption but is regressive tax, regressive on income at higher income levels, as consumption tends to fall as a percentage of income as income rises. Savings and investment are tax-deferred until they become consumption. A value-added t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value-added Tax
A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. If the ultimate consumer is a business that collects and pays to the government VAT on its products or services, it can reclaim the tax paid. It is similar to, and is often compared with, a sales tax. VAT is an indirect tax because the person who ultimately bears the burden of the tax is not necessarily the same person as the one who pays the tax to the tax authorities. Not all localities require VAT to be charged, and exports are often exempt. VAT is usually implemented as a destination-based tax, where the tax rate is based on the location of the consumer and applied to the sales price. The terms VAT, GST, and the more general consumption tax are sometimes used interchangeably. VAT raises about a fifth of total tax revenues bo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Irving Fisher
Irving Fisher (February 27, 1867 – April 29, 1947) was an American economist, statistician, inventor, eugenicist and progressive social campaigner. He was one of the earliest American neoclassical economists, though his later work on debt deflation has been embraced by the post-Keynesian school. Joseph Schumpeter described him as "the greatest economist the United States has ever produced", an assessment later repeated by James Tobin and Milton Friedman.Milton Friedman, ''Money Mischief: Episodes in Monetary History'', Houghton Mifflin Harcourt (1994) p. 37. Fisher made important contributions to utility theory and general equilibrium. He was also a pioneer in the rigorous study of intertemporal choice in markets, which led him to develop a theory of capital and interest rates. His research on the quantity theory of money inaugurated the school of macroeconomic thought known as "monetarism". Fisher was also a pioneer of econometrics, including the development of index nu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Senate
The United States Senate is the upper chamber of the United States Congress, with the House of Representatives being the lower chamber. Together they compose the national bicameral legislature of the United States. The composition and powers of the Senate are established by Article One of the United States Constitution. The Senate is composed of senators, each of whom represents a single state in its entirety. Each of the 50 states is equally represented by two senators who serve staggered terms of six years, for a total of 100 senators. The vice president of the United States serves as presiding officer and president of the Senate by virtue of that office, despite not being a senator, and has a vote only if the Senate is equally divided. In the vice president's absence, the president pro tempore, who is traditionally the senior member of the party holding a majority of seats, presides over the Senate. As the upper chamber of Congress, the Senate has several powers o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sam Nunn
Samuel Augustus Nunn Jr. (born September 8, 1938) is an American politician who served as a United States Senator from Georgia (1972–1997) as a member of the Democratic Party. After leaving Congress, Nunn co-founded the Nuclear Threat Initiative (NTI), a charitable organization working to prevent catastrophic attacks with nuclear, biological, and chemical weapons, for which he is a co-chair. His political experience and credentials on national defense reportedly earned him consideration as a potential running mate for presidential candidates John Kerry and Barack Obama after they became their party's nominees. Early life Nunn was born in Macon, Georgia, the son of Mary Elizabeth (née Cannon) and Samuel Augustus Nunn, who was an attorney and mayor of Perry, Georgia. Nunn was raised in Perry. He is a grandnephew of Congressman Carl Vinson. Nunn was an Eagle Scout and recipient of the Distinguished Eagle Scout Award from the Boy Scouts of America. In high school, Nunn was a s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pete Domenici
Pietro Vichi "Pete" Domenici (May 7, 1932 – September 13, 2017) was an American attorney and politician who served as a United States Senator from New Mexico from 1973 to 2009. A member of the Republican Party, he served six terms in the Senate, making him the longest-tenured U.S. Senator in the state's history. As of 2022, Domenici is the last Republican to be elected to the Senate from New Mexico. He was succeeded by Democratic U.S. Representative Tom Udall. During Domenici's tenure in the Senate, he advocated waterway usage fees, nuclear power and related causes. He received criticism for his environmental record and extramarital affair. Domenici chaired several key committees including the Senate Budget Committee and Senate Energy Committee. Early years Domenici was born in Albuquerque, New Mexico, to Alda (née Vichi) and Cherubino Domenici, both of whom were born in Modena, Italy. Domenici worked in his father's grocery business after school. In 1950, he graduate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Reform In The United States
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal person, legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or national), and tax compliance refers to policy actions and individual behaviour aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax reliefs. The first known taxation took place in Ancient Egypt around 3000–2800 BC. A failure to pay in a timely manner (Tax noncompliance, non-compliance), along with evasion of or resistance to taxation, is punishable by law. Taxes consist of direct tax, direct or indirect taxes and may be paid in money or as its labor equivalent. Most countries have a tax system in place, in order to pay for public, common societal, or agreed national needs and for the functions of government. Some levy a flat tax, flat percentag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
