Abstract
A supplemental expenditure tax (SET) could be imposed at progressive rates in addition to the income tax, and income tax rates lowered correspondingly. The SET is a progressive cash flow consumption tax originally proposed by Nicholas Kaldor in 1955. Its enactment would facilitate income tax reform and simplification--for example, by taxing capital gains at the same rates as ordinary income--and would enable the alternative minimum tax to be repealed. It could be designed so as to facilitate compliance with little additional information required beyond what already has to be gathered for income tax purposes.
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