The book is divided into four parts. Part I covers the broad issues involved in comparing income to consumption as a tax base. Part II, which presents some of the most interesting analytical challenges concerning income and consumption taxes, contains the most technical papers in the collection. Part III addresses the potential deployment of the consumption approach to taxation. Moving in another direction, Part IV focuses on savings and investment, in particular the gap between the statistical evidence of rates of saving and investment and the economic theory that describes this behavior.