William G. Gale


The Decline (and Fall?) of the Income Tax, Michael Graetz. New York: W.W. Norton, 1997. Pp. 323. $27.50.

Although tax policy debates are a never-ending source of amusement and frustration, recent years have witnessed a shift in the tenor of such discussions. In particular, serious consideration is now given to proposals that would not just modify the existing tax system, but rather completely replace major components of the federal tax system with new consumption-based taxes. Most such proposals would eliminate federal. individual and corporate income taxes and the federal estate tax and establish in their place a new national retail sales tax, also called value-added tax (VAT), "flat tax," or "USA" tax.

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