Would a flat tax work? And Taxing the rich extra is NOT the right thing to do, why should we penalize them simply because they are succesful?
2007-08-02 07:10:47 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
No, a flat tax is a LOUSY idea. The rate would need to be 25% - 27% to equal the revenue of the current graduated tax. Only the wealthiest of taxpayers pay at a net rate that high. If you take the burden off their shoulders it has to go someplace else --> to the middle class and working poor in this case.
I'm sorry, but I'm not ready to have my tax bite raised by 40% so some rich brat can buy a new Rolls.
If you think it's such a great idea, take your gross income before any tax preference items such as retirement plan or medical insurance and take 25% of that. Compare that to the total tax line on your tax return. If it's less, contratulations, you are very wealthy but I'm not going to pay for your new vacation home in The Hamptons. If you're like most taxpayers, the 25% levy on their gross income will be MUCH higher than what they're paying now.
2007-08-02 07:25:05 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 2⤋
Well, if taxing the rich extra the right thing to do, who do we tax more? The poor and middle class? Remember, there are things that everyone has to buy and they have to pay the same amount for, gasoline, clothing, food, automobile, housing, utilities, etc. The rich can afford to pay the neccessities and have more of their income left over than everyone else does, so that is why they can afford to pay more in taxes. That is also why a flat tax will never work. The burden will be more on those of lower income than those of higher income %wise.
2007-08-02 08:23:17 · answer #2 · answered by Anonymous · 1⤊ 0⤋
The flat tax wouldn't tax the rich more. They'd actually get a nice break, and the poor and middle class would be hit harder.
2007-08-02 11:25:05 · answer #3 · answered by Judy 7 · 1⤊ 1⤋