Opinions on a 10% flat tax?

Question

With election for pres coming up again Ralph Nader, if I recall correctly, proposed a 10% flat tax. Reasons for? Reason against?
I think it's fair. If you make $20,000 you pay $2,000 in taxes. If you make $100,000,000 you pay $10,000,000. No loopholes. No tax credits. Any thoughts?

andy g- See! We can agree to agree!!

tok h- thanks for the link. I can't believe I was not aware of this fairtax idea.

Answer 1

A flat tax is possible and everybody pays. It is a great idea.

Answer 2

this is basically yet another average of hand to maintain human beings from seeing the actual reason of taxes. Flat tax will hit detrimental and middle type extra sturdy. because of the fact they have much less funds pool. it quite is easy. this is honest, yet extra sturdy on some. All those improve tax billionaires like buffett and gates say all day strengthen taxes, yet no longer a word on capital constructive factors. See taxable earnings that maximum individuals pay those adult adult males in straightforward terms make approximately 10% of there earnings like that. So it would not worry them Shoot they actually does no longer care if it grew to become into one hundred% tax, because of the fact there large funds makers are interior the capital constructive factors. Capital constructive factors is the place the large funds is made, and the millionaires politicians to maintain there funds have positioned retirement, and such into capital constructive factors tax umbrella so this is not raised. They make huge quantities of money, and pay little or no tax. 25% to fifteen% that may no longer something. So the politicians pontificate bigger or decrease earnings tax, the wealthy snicker all a mode to the financial business enterprise, because of the fact there actual funds is saved and the masses are too dumb to maintain on with the funds. have you ever no longer each and every puzzled why a wealthy individual could ask for bigger taxes. Come on. use some gray count.

Answer 3

Tax is a mechanism to 1. generate revenue to fund program that government provides to the citizens and 2. encourage or discourage certain behavior that is positive (encouraged) and negative (discouraged) to society's burden. On that basis, I would go for a flat tax above the threshold of poverty income. That way, families at or below the poverty income would not be taxed on their income. Families above the poverty income will pay proportinately to their produced income, whether wage earning or investment income.
To the extent that government programs is insufficiently funded by the 10% flat tax, then the principle of taxing consumption, i.e sales tax should increase. That way, the more people consume, the more tax money is collected to fund the environmental and social problems that comes with consumption.
With simplified tax rules and minimum loopholes of tax examptions, we can re-develop the current army of accountants and tax attorneys so that they can do something else that is more positive.

Answer 4

A flat tax is not possible for many reasons. If it was based solely on salary, taxable salary, than it would be unfair because obviously a $2,000 for a 20k makes a lot bigger dent than the richer guys. Also say the rich guy doesnt make a salary, but accrues net value because of stock, how do you apply a flat tax to money that isnt there? it doesnt work, period.

Answer 5

It's better than what we have but I think the fair tax would be better. It taxes you on what you spend and not what you earn. What about the drug dealers and the people who have wealth and get around paying with loopholes. No more taxes out of check ,SS,FICA ,etc. Companies pay no tax ,just pass it on to us. There is about a twenty two percent in beaded tax on everything we buy. With a national sales tax IRS would be done away with.No more tax for these companies to pass on to us and companies would drop their prices due to competition.

Answer 6

great if there are no loopholes and no deductions.better would be to have no income tax at all,but have like 15% sales tax on everything.there would be no cheating other than to steal.that way drug dealers and prostitues who pay no tax now would pay when ever they buy a new car some gold or diamonds.like i said if they steal they get over but at least you get something out of them once in a while.

Answer 7

The flat tax is another Republican scam to get out of paying the progressive tax and tax on investments. When are you working people going to get tired of being conned by the Republican spokesmodels. I have never heard Ralph Nader endorse the flat tax, please show a source. As for a purchasing tax, the rich would avoid that by using their expense accounts to make purchases.

Answer 8

A National flat tax will only hurt the people under $80-100,000 a year. Every penny is needed to maintain basic living expenses.

I agree there needs to be a reform.
More taxes on imports and less on exports
More credit for childcare, seniors, health care and most of all education at all levels and redevelopment of senior resources.

I think we should greatly increase tax luxury items and products like liqueur, cigarettes and legalize other items and tax the crap out of them as well.

Answer 9

the big time money makers control government through special interest groups. they'll never ever let it happen. also big buisness would have 2 fork out way too much money. how about no income tax and a high sales tax on everything. then everyone pays. drug dealers, tourists, aliens, everyone

Answer 10

bad. Think about how much you pay in taxes now... if you're anything like me, it's more than 10%. Thus moving to 10% cuts the money to the government leaving our country a little shittier.

Answer 11

UNFAIR

a flat tax is much worse on low income individuals

a progressive flat tax is more fair

YOU CAN'T REPLACE CURRENT REVENUE WITH A 10% FLAT TAX, YOU WOULD PROBABLY NEED A 40% FLAT TAX TO GENERATE THE SAME REVENUE