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There hasn't been any sort of publicized flat-tax proposal that has not in effect simply been a means to shift tax burden off of the rich and onto the middle class. If you have grave concern over the current plight of the rich, advocating for a flat-tax might be in your future. Otherwise, not so much...
Honestly, I think if it were a flat tax PERIOD with no itemized deductions or loopholes where it comes down to a matter of "whomever has the best accountant pays the least in taxes." we'd be surprised at how untrue this is to some extent....
IMO the middle class are the ones that would benefit because it's essentially what we do anyway. The poorer folks who are still responsible for paying taxes and the rich who are used to finding ways to pay less are the ones who'd be the most shocked I'd bet.
It is an Urban Legend that the rich pay for everything in industrialized nations. The rich, if they have any sort of accountant, pay nothing in taxes commensurate with their income. A flat tax would reduce the loophole chicanery that is rampant in tax systems presently in place.
It is an Urban Legend that the rich pay for everything in industrialized nations. The rich, if they have any sort of accountant, pay nothing in taxes commensurate with their income. A flat tax would reduce...
Think of it this way: less than four dollars out of every $100 paid in income taxes in the United States is paid by someone in the bottom 50% of wage earners.
Top 5% pay 53.25% of all income taxes. The top 10% pay 64.89%. The top 25% pay 82.9%. The top 50% pay 96.03%. The bottom 50%? They pay a paltry 3.97% of all income taxes. The top 1% is paying more than ten times the federal income taxes than the bottom 50%! And who earns what? The top 1% earns 17.53 of all income. The top 5% earns 31.99. The top 10% earns 43.11%; the top 25% earns 65.23%, and the top 50% earns 86.19% of all the income.
It is an Urban Legend that the rich pay for everything in industrialized nations. The rich, if they have any sort of accountant, pay nothing in taxes commensurate with their income. A flat tax would reduce the loophole chicanery that is rampant in tax systems presently in place. I agree with the previous poster. It likely will not happen anytime soon.
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I don't want to hijack this thread otherwise I would remind you that the top 1% of income earners in this country earn about 20% of income while paying about 40% of income taxes. Oh .... and providing a huge chunk of all jobs in the process.
But, like I said, I don't want to hijack the thread. The FairTax is the best way of taxation I'm sure you would agree since the evil rich would (continue) to pay most of the taxes while the poor would pay none. This form of tax also will not be in our near future since it would severely cut into the power of our elected looters.
There hasn't been any sort of publicized flat-tax proposal that has not in effect simply been a means to shift tax burden off of the rich and onto the middle class. If you have grave concern over the current plight of the rich, advocating for a flat-tax might be in your future. Otherwise, not so much...
Is a flat tax in Canada's and America's future if these types of relocations start to happen? A flat tax would be the solution to this right? Flat tax advocates have said that having a flat tax would make the tax system simpler and cause fewer people to look for loopholes etc. How do you make a progressive tax system work if many wealthy retirees actually start relocating?
Is this Steve Forbes?
That idea died 20 years ago
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