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.).