ABSTRACT
We turn now to consider in more detail the universal expenditure tax (UET). Our discussion of these matters will fall into two separate parts. We shall first consider how a UET might be operated if all transitional problems had long been solved and the system was in full running order. We shall then turn to a consideration of the transitional problems involved in moving from an income tax regime to a UET regime, for these transitional problems are very real and the adoption of a UET might depend upon their solution.
