Zach Nunn: “Much attention has been paid in recent days to proposals for fundamental tax reform. By fundamental tax reform, I mean…”

“Much attention has been paid in recent days to proposals for fundamental tax reform. By fundamental tax reform, I mean the replacement of the current tax on individual and business income with a better alternative. A significant share of the debate over fundamental tax reform has occurred in Congress. Last year, Senator Domenici and I introduced, along with Senators Kerrey and Bennett, S. 722, the unlimited savings allowance tax, or the USA tax. Senator Shelby and Congressman Dick Armey have introduced legislation proposing a flat rate tax. We have all heard considerable debate about that in the Presidential campaign. Senator Lugar and Congressman Archer have argued for a national sales tax. Other proposals, perhaps variations on these ideas, will appear in the coming months. If we are to have fundamental reform, this sort of congressional debate and activity is absolutely necessary-- necessary, but not sufficient. The American people must be involved in this discussion, and the sooner the better. They must decide this matter in the long run because they and their children will live with the results.”