Tax question?

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how would income distribution and resource use change if a flat-rate tax on comprehensive income were substituted for the current progressive income tax?

2007-12-13 11:05:26 · 2 answers · asked by joker 1 in Business & Finance ➔ Taxes ➔ United States

2 answers

The working poor would wind up in the streets and the middle class would become the new working poor. The wealthy would get a massive tax break.

2007-12-13 12:26:30 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋

In a way, we do have a flat tax. It is called the AMT and it affects many people.

2007-12-13 14:05:35 · answer #2 · answered by Jim Kirby, CPA/PFS, CFP, CFS 3 · 0⤊ 2⤋