Flat taxes impact the poor dramatically more than the rich. I think that’s the last thing we need right now.
Explain
Assuming you want to keep tax revenue the same, we’re talking a $27k tax bill for each adult based on 2023’s numbers (nothing newer was available).
Ordinary workers get shafted by taxes going up (rough guess, under $200k/year income) A few (TBH I’m not sure how many, really) pay about the same. Really high-income people make out like bandits.
If you think the economy is harsh for “regular joes” right now, oof. You’re in for a doozy.
A flat rate typically implies a set percentage of income, regardless of how much you make, with no breaks or reductions.
So, a 10% flat rate on someone who only makes $30,000 is $3000, while the guy who makes $5,000,000 pays $500,000.
Okay. Thank you? I think you replied to the wrong person. I wasn’t asking for the definition of a flat rate income tax.
Are you getting rid of income tax, or changing the income tax system to a flat rate?
Because those are two different things.
I think they mean getting rid of income tax, and putting a flat (higher) rate on sales tax.
Mississippi is planning on doing something like that soon.
Mississippi is planning on doing something like that soon.
I think “don’t do what Mississippi does” pretty much answers this question.
I have to agree with you, our politicians aren’t exactly the sharpest eggs in the attic.
