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A "flat tax" means moving from the current 10%, 15%, ..., 39.6% rates to a single tax bracket. Tax brackets are one section out of thousands in the Internal Re
by bbanyc 12y ago
A "flat tax" means moving from the current 10%, 15%, ..., 39.6% rates to a single tax bracket. Tax brackets are one section out of thousands in the Internal Revenue Code and one line on the 1040. We could move to a flat tax and still have the current overcomplicated mess of deductions, credits and penalties in place, and that's what takes up most of the time and effort.
- testrun 12y agoThere are different types of flat tax[http://en.wikipedia.org/wiki/Flat_tax http://en.wikipedia.org/wiki/Flat_tax]. With true rate flat tax there are no deductions. I believe when most people talks about flat tax, they think of true flat rate.