Consumption Taxes and the Level and Composition of Saving (CRS Report for Congress)
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| Release Date |
Revised April 1, 2003 |
| Report Number |
RL30351 |
| Report Type |
Report |
| Authors |
Steven Maguire, Government and Finance Division |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
The purpose of this report is to describe the potential effects on saving of moving from the current hybrid income-consumption tax structure to a primarily consumption based tax. The current tax treatment of selected saving instruments is described, as well as the potential affect of a consumption tax on their attractiveness to the saver. Many believe that implementing a consumption based tax will encourage more saving. However, saving incentives under the present income tax already encourage long term saving, thus the report suggests that moving to a consumption tax might not produce the anticipated increases in saving.
