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Under the current United States tax code the bottom tax rate is. Ten percent, people basically making twenty-five to fifty-thousand dollars a. Year certainly not rich people and they certainly can’t afford for the most. Part high-priced accountants if they can afford any accountants to make. Sure they get tax breaks, credits, deduction and so forth. So lets say we replace the current Progressive Income Tax where people are taxed. Based on their ability to pay to finance the government that we have. With a flat-tax that is all workers paying exactly the same amount in. Income taxes as everyone else and lets say the rate is 15-20% which is. What it would have to be to finance the current government that we have. Because we know that Democrats and Republicans now at least at. The leadership levels aren’t very serious about making serious budget. Cuts to deal with the debt or to seriously reduce our tax burden. You would be talking about giving a low-end middle class workers someone. Making forty-thousand dollars a year like a mechanic or a truck driver. Perhaps a teacher a 50-100% tax hike while someone. Making a million dollars a year would get a tax cut of around fifty percent.
I other words the flat-tax is Robin Hood in reverse because it is saying. That middle class and lower working class people. Working hard just to pay their current bills and taxes are under taxed. While people making five-hundred thousand dollars or more are overtaxed. Unless you want to gut defense and the entitlement programs including even for current. Retirees and have a flat-tax at around ten-percent, you would end up. Raising taxes on the middle class while deeply lowering them on the. Upper class to pay for this flat-tax which is why this is a horrible idea. Because it would bad for the economy because people struggling just to. Pay their current bills including their taxes simply wouldn’t be able to. Afford this and would spend even less which would be bad for business. As well as bad for jobs that would be lost as a result.
You want to clean up the tax code or do what I want to do and just start. Over make it fair for everyone by eliminating the income tax and FRS FreeState on Facebook replacing. It with a Progressive Consumption Tax and tax people based on what. They consume from society and not what they produce for society. Which would also encourage people to save and watch what they are. Spending their money on because basic necessities would be taxed lower. Than luxury items and no one would be able to escape the PCT as well. Because you would tax on all of your purchases.