Changing America's tax system: a guide to the debate

Front Cover
Tax reform is on the way, but you don't know exactly what form it will take or how it will affect your clients and your business. This in-depth report helps you anticipate the impact of the flat tax, VAT, retail sales tax, or USA tax on your clients' personal incomes, business operations, and investment outlook. The experts praise Changing America's Tax System "The AICPA has done an outstanding job in developing a comprehensive guide for Members of Congress and key officials involved in the tax restructuring debate. It clarifies and identifies the differences and similarities in the major proposals so that lawmakers will be better informed during the lengthy debate that we anticipate. It also provides an independent and impartial analysis of the proposals to assist the average taxpayer in evaluating the different plans." - U.S. Senator Hank Brown (R-CO), CPA and former member of the House Ways and Means Committee "[This publication] does an excellent job of summarizing the economic issues that are key to the debate concerning current tax restructuring proposals. It can steer policymakers away from some of the more exotic claims made about the differential impacts of tax reform proposals, while allowing them to discern some of the more subtle differences." - Dr. David Raboy, Chief Economic Consultant to Patton Boggs, L.L.P., and former Legislative Director to U.S. Senator William V. Roth, Jr. "In nontechnical language, the volume presents the principal features of a flat tax, an individual consumption tax combined with a business value-added tax, and a retail sales tax. In discussion of these taxes, the AICPA identifies many of the problems and issues they would present, as well as an evaluation of each in terms of the policy objectives common to all of them. Particularly useful in this connection is the identification of the problems that would crop up in the transition from the existing income taxes to any of the taxes proposed as a replacement." - Dr. Norman B. Ture, President Institute for Research on the Economics of Taxation and former Under Secretary of Tax Policy U.S. Treasury Department

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Contents

The Current Debate
1
A Retail Sales Tax
9
The CreditInvoice Method VAT
16
The SubtractionMethod VAT
27
The Individual Consumption Tax
34
The Effect of Consumption Taxes on Saving
41
Consumption Taxes and International Trade
49
Consumption Taxes and Income Distribution
55
Impact of Consumption Taxes
106
The Impact of Consumption Taxes
132
Treatment of Housing and Other Consumer
155
Taxation of Financial Institutions
161
The Treatment of State and Local Governments
170
Financial Statement Implications
176
Conclusion
182
Bibliography
261

The Flat Tax
87
The NunnDomenici USA Tax
95
Index
269
Copyright

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