The USA Tax Act short for "Unlimited Savings Allowance", was a bill

Bill (proposed law)

A bill is a proposed law under consideration by a legislature. A bill does not become law until it is passed by the legislature and, in most cases, approved by the executive. Once a bill has been enacted into law, it is called an act or a statute....

 in the United States Congress

United States Congress

The United States Congress is the bicameral legislature of the federal government of the United States, consisting of the Senate and the House of Representatives. The Congress meets in the United States Capitol in Washington, D.C....

 for changing tax laws to replace the federal

Federal government of the United States

The federal government of the United States is the national government of the constitutional republic of fifty states that is the United States of America. The federal government comprises three distinct branches of government: a legislative, an executive and a judiciary. These branches and...

 income taxes

Income tax in the United States

In the United States, a tax is imposed on income by the Federal, most states, and many local governments. The income tax is determined by applying a tax rate, which may increase as income increases, to taxable income as defined. Individuals and corporations are directly taxable, and estates and...

 with a progressive

Progressive tax

A progressive tax is a tax by which the tax rate increases as the taxable base amount increases. "Progressive" describes a distribution effect on income or expenditure, referring to the way the rate progresses from low to high, where the average tax rate is less than the marginal tax rate...

 consumption tax

Consumption tax

A consumption tax is a tax on spending on goods and services. The tax base of such a tax is the money spent on consumption. Consumption taxes are usually indirect, such as a sales tax or a value added tax...

 on households and a value-added tax on businesses
. Lawrence Lokken credits Irving Fisher
with the insight that consumption can be taxed by taxing income minus savings.
See also a later version of Lokken's book. The first bill was introduced in the United States Senate

United States Senate

The United States Senate is the upper house of the bicameral legislature of the United States, and together with the United States House of Representatives comprises the United States Congress. The composition and powers of the Senate are established in Article One of the U.S. Constitution. Each...

 in April 1995 by senators Sam Nunn

Sam Nunn

Samuel Augustus Nunn, Jr. is an American lawyer and politician. Currently the co-chairman and Chief Executive Officer of the Nuclear Threat Initiative , a charitable organization working to reduce the global threats from nuclear, biological and chemical weapons, Nunn served for 24 years as a...

 (D-Ga.)
and Pete Domenici

Pete Domenici

Pietro Vichi "Pete" Domenici is an American Republican politician, who served six terms as a United States Senator from New Mexico, from 1973 to 2009, the longest tenure in the state's history....

(R-N.M.).