Greenspan advocates US tax overhaul

The chairman of the US Federal Reserve, Alan Greenspan, today embraced the notion of overhauling the tax system in the United States and said that some form of a consumption tax – such as a national sales tax – could spur greater economic growth.

He made his comments in prepared remarks to the President’s Advisory Panel on Federal Tax Reform. Revamping the complex tax code is an important goal of President George Bush.