And I mean flat across the board. Everybody pays 5%, for example. But to make sure everybody pays that 5%, no exemptions for yourself or dependents. Not deductions for work, charitable donations, etc. No deductions for business losses. Capital gains are considered income and taxed at the same rate. So you bought your house for $75K, sold it for $150K, you made $75k that year, it gets taxed like any other income. You inherited cash property or anything else, it's income and gets taxed 5%. And all income gets taxed the exact same 5%. No hiding money for the future in 401(k) plans or IRA plans--no need to anyway, since the flat tax defeats the purpose. All income of any kind, a flat tax. No exceptions, including churches, which are currently tax exempt.
Anybody for that?
2007-02-25
07:40:46
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17 answers
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asked by
Anonymous
in
Politics