I think it would work too good and thats why they dont try it 10% for $100,000 or less and 25% for rich folks who can afford to pay more with no breaks and no income tax returns
2007-03-12 18:34:56 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
I'm up for it.
2007-03-12 18:42:03 · answer #1 · answered by yowhatdoyouwant 4 · 0⤊ 0⤋
You have just demonstrated why the flat tax is so unfair. You are attempting to make it fair by having two bands, but you fail to take into account the effect on those earning under $100,000. My wife and I are at the top of the 15% band and we have a decent life. However, our effective rate is a mere 8%. Why should my tax bill go up by 25% to fund the lifestyle of those who can already afford it?
The tax code does need to be simplified, though. Unfortunately, I have no hope that the current administration will do anything about it and little more that the next one will.
2007-03-13 07:40:54 · answer #2 · answered by skip 6 · 0⤊ 0⤋
That's not a flat tax. A flat tax is one rate for all. You are just taking the current system and cutting it to two brackets instead of five.
Either way it would save me a lot of taxes and make people under $100,000 pay more than they are paying under the current system.
2007-03-13 06:27:04 · answer #3 · answered by waggy_33 6 · 1⤊ 0⤋