Zach Nunn: “today I would like to again discuss tax reform and in particular an aspect of the unlimited savings allowance [USA] tax…”

“today I would like to again discuss tax reform and in particular an aspect of the unlimited savings allowance [USA] tax plan which I believe is very important to our Nation's future--the USA tax plan's tax treatment of exports. Before discussing this specific issue, I would like to refresh the memories of my colleagues about why the replacement of the current Tax Code with a superior alternative is so necessary for the health of the country and our economy. In my judgment, until we make this case to our fellow citizens on the economic merits of fundamental change, structural tax reform will not happen. Central to this case is the urgent need to raise the level of national savings. It is critical that we recognize the current bias in our Tax Code against the saving and investment that are the key to higher living standards, and take steps to correct that bias. Higher savings lead to more investment. More investment will, in turn, lead to increased productivity from American workers. The more productivity we have from our workers, the more competitive we are in the international arena. The more competitive we are in the international arena, the better jobs we have. The better jobs we have, the higher income we have as Americans. Our current saving rate is low by our historical standards and it is the lowest of all major industrialized nations.…”