Every serious flat tax proposal I have seen has a floor of $50,000 or something before you pay any tax and some adjust that by the number of dependents, then you pay the flat tax on everything over that. It really hits the rich the hardest. That is why it will never happen.
Then it isnt a flat rate income tax with no exceptions and no deductions, that's what is being discussed.
And that inevitably means you have a massive problem when you earn just more than that floor because you them pay the 30% on your entire income. And it you only pay the tax on the amount over the floor, it isnt a flat rate income tax, it's a normal income tax with just one tax rate on the amount over the floor.
And its still grossly inequitable when those who inherit a property or a business have to sell those to pay the tax in the year that they inherit. And if inheritances arent included, its no longer flat rate income tax with no
So its no longer a flat rate income tax with no exceptions and no deductions, just another normal income tax with fewer exceptions and deductions
That's not a flat rate income tax, just a normal income tax with just one tax rate.
It actually hits the middle income earners the hardest.
How odd that it did just after the war.
That is the plan guys like Forbes put forward as the flat tax and it is clear you don't understand it enough to talk about it.
Not when Buffett pays 15% now and guys like Trump only pay a few hundred.
We did a lot of things in the 40s and 50s we can't do now.
But it isnt, it's a traditional income tax with just two tax levels, zero and the percent they have for the rest and nothing like the OP;s which has no deductions or what he calls loopholes which are in fact exceptions.
Its you lot that don't when it is not a flat rate income tax at all when some pay no income tax. because their income is below the specified level. It is in fact just another example of politician lies and spin.
They still will because in the case of Buffet very little of his real income is taxable income and the cost of doing business has to remain a deduction for business.
And even if the new tax stupidly didn't allow any deduction for the costs of doing business, or for capital gain or inheritance, high professional incomes would still pay much less due to the lower marginal tax rate than their current income tax rate.
And no reason why that one cant be done again.
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