THE PRESIDENT=S ADVISORY PANEL ON FEDEAL TAX 总统的咨询小组，联邦税.pptVIP

THE PRESIDENT’S ADVISORY PANEL ONFEDERAL TAX REFORMINCOME AND CONSUMPTION TAXATION:CENTRAL CONCEPTSLouis KaplowFebruary 16, 2005 BASIC STORY In the First Period - Our Taxpayer Works . . . ? Earns labor income consumes a portion, and saves the rest In the Second Period - Our Taxpayer Retires . . . ? Receives return (e.g., interest) on savings ? Consumes what was saved, along with the return (e.g., interest) on the savings WHAT IS AN “INCOME TAX”? ? Tax Base Is All Income: What is Income? ? Income = Consumption + Change in Wealth so-called “Ha