U.S. lawmakers should scrap income tax in favor of a tax on household spending in order to move...

|By:, SA News Editor

U.S. lawmakers should scrap income tax in favor of a tax on household spending in order to move the ailing economy, Robert Frank tells CNBC. The tax would be steeply progressive and would stimulate spending now rather than later, he says. Revenue also could be supplemented by taxing “harmful activities," such as driving in congested city centers.