No forms, no filing, no audits. Simply a straight percentage out of your income or capital appreciation (a percentage could be determined for low, middle and high earners it seems). Do you feel the present system is too complex and slanted in favor of those who can afford Tax Attorneys? I myself believe that most working types would be far better off (just so you know where I stand). OK, thanks and happy 1040 season........
2007-01-24 10:38:25 · 6 answers · asked by zp055att 6 in Business & Finance ➔ Taxes ➔ United States
I prefer a flat tax over the present system. I prefer a universal sales tax over the flat tax. With no income taxes to pay, the only need for the IRS would be to keep tabs on businesses who collect the sales taxes.
Richer people will be able to buy more than poor people so the rich will still be paying a bulk of the taxes.
2007-01-24 10:47:37 · answer #1 · answered by regerugged 7 · 1⤊ 2⤋
Why do you think a flat tax would mean no forms or audits? The IRS would still have to know how much you made. There would be all manner of schemes out there trying to defer or recharacterize income. The IRS would have to monitor that. As a citizen I say keep the graduated tax (and yes it should be simplified). As someone who works in the accounting profession I say bring on the flat tax! I'd make money hand over fist.
2007-01-24 19:18:36 · answer #2 · answered by skip 6 · 1⤊ 0⤋
Graduated tax as we have now. Most folks would pay MUCH more in tax with a flat tax!
And it would absolutely KILL people at the bottom of the wage scale. I have a friend who is a single parent supporting 2 children on about $16k a year. They get about $5k a year in EITC and child tax credit which makes survival possible at a very basic level. A flat tax of 15% would cost them $2,400 a year and slash their total income by over $7,400 a year. They'd be out on the streets. What the hell is fair about that??
I myself am pretty much "middle class" and my tax bill would go up by about $4k a year with a 15% flat tax. No thanks!
People with earned income above about $125,000 a year might make out better. I see no reason to give yet another tax break to the top 3% of all taxpayers at MY expense!
2007-01-24 19:42:15 · answer #3 · answered by Bostonian In MO 7 · 3⤊ 0⤋
I am for a simplified graduated tax. Why? Well I hate the sight of blood, guts, and gore. If ever a flat tax was instituted in the U.S., It wouldn't be long before all the Members of Congress would be hanged, gutted shot, etc. ...and I would be leading the pack, giving out the rope, knives bullets.
Our present graduated tax system isn't bad, of itself. It is that it has grown complex. SIMPLIFY IT!!!
2007-01-24 18:54:30 · answer #4 · answered by Puzzleman 5 · 0⤊ 1⤋
Well said "bostonianinmo".
The people who always push the flat tax (ie Steve Forbes) are the people that would benefit the most. "A Flat Tax would be fairer" translates directly in to "I would pay less".
2007-01-24 20:35:35 · answer #5 · answered by Wayne Z 7 · 0⤊ 0⤋
I am in favor of a flat tax. I am of the opinion the term graduated flat tax is an oxymoron.
2007-01-24 18:43:23 · answer #6 · answered by gls_merch 5 · 1⤊ 1⤋