Zach Nunn: “I rise today to discuss, again, another subject, the unlimited savings allowance tax legislation, USA tax, that Senators…”

“I rise today to discuss, again, another subject, the unlimited savings allowance tax legislation, USA tax, that Senators Domenici, Kerrey, Bennett, Dodd, and I have cosponsored. I note the Senator, one of the great cosponsors here, Senator Bennett, is in the chair today. In previous remarks to the Senate, I addressed the issue of broader tax reform, which I will not repeat today, and, in particular, the need to make a careful review on the various tax reform proposals on an apples-to-apples basis rather than what has been done so far, which is basically comparing apples to oranges. Today, I would like to address what I believe would be a critical component and what should be a critical component of any broad tax reform effort. That is integration of the income tax and the Social Security payroll tax. Mr. President, the USA tax plan contains the most comprehensive solution to this issue of any tax reform proposal on the table in the form of a payroll tax. I believe no matter what emerges in tax reform, which I hope will be next year, I believe this payroll tax credit should be a central feature of that proposal. Certainly, it is a central feature and one of the strongest points in the USA tax proposal. Mr. President, for individuals under the USA system, all income, regardless of source, forms the individual tax base.”