Quote:
Originally posted by taxwonk
I'd be in favor of a flat tax, notwithstanding that it would put me out of a job, if were in fact a flat tax. However, the current "flat tax" proposals don't impose any tax on capital gains. That's not flat. The proposal would also provide breaks for income from savings. In other words, it would shift the entire tax burden to wage earners.
A tax that was imposed at say, a 15% rate on all income in excess of, say, $25,000/year. would support current expenditures and reduce the deficit. I would vote for any candidate that supported such a tax as the main plank of em's platform.
But that means, no tax breaks on dividends or capital gains. No more mortgatge interest deduction or deduction for property taxes. No charitable deduction. And a VAT for corporations and other business enterprises not operated as a sole proprietorship or passthrough entity.
However, you're right, Congress would never enact a flat tax that was actually flat.
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I agree with you. Flat is flat. No deductions.
The argument that capital gains tax is a double tax has always struck me as one of the most intellectually dishonest. If you make money on money, that accumulated money is new income, and gets taxed.
Property taxes should also be flat.
Yep, its all academic. Ain't never going to happen, thanks to us.
