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SunnySide · 04-15-2021, 10:32 AM

Flat Tax Pros and Cons

Pros

easy to understand and comply with, thereby reducing errors and tax fraud

professional tax preparers and advisors no longer needed, saving money for taxpayer

lawmakers can no longer create tax loopholes in exchange for campaign contributions or other personal favors

businesses can make decisions designed to better serve the marketplace and their stockholders, instead of trying to beat the tax code

may encourage investment and expansion, as additional profit is not taxed at a higher rate

Cons

may shift tax burden away from the rich, to the middle and lower class

elimination of deductions may have negative impact on taxpayers with lower income

government cannot use the tax code to encourage desirable activities, such as giving tax credits for making a home more energy-efficient

thousands of government employees and tax professionals would lose their jobs, or suffer a large decrease in business

effects on government revenue of converting to a flat tax are difficult to predict accurately

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From that article alone, looking at their list of pros and cons ... id be a strong no to a flat tax.

Currently, low income dont pay anything, middle class takes the brunt as paying 20-30% making 80k to 120k does tighten the belt, and rich people pay 33% but theyre rich and use accountants and loop holes to pay less.

Im middle class, I think we get screwed the most.

Flat tax means we tax the poor more and tax the rich less? In what world does that sound fair in a country where wealth distribution is ridiculous.

Money is a tool to build schools, put food on tables, allow families to own a home ... its the fuel needed to further our society and the betterment of all.

The top 10% of this country, the elite rich, hold 69% or more of the money in the US. The poor people today are just as poor as the poor people 20 years ago.

When the elite rich hold vast sums of money and just put it on the shelf in some stock or CD investment .. that money isnt being used, its not fueling progress for society. Money is but a means to make life better for the individuals and our country as a whole.

Elite rich just hoarding money and not putting back into society is a problem imo.

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If your focusing on poor people not paying taxes on their 34k a year income .. youre barking up the wrong tree imo.

Also corporate taxes are a joke.

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In 2018, Amazon posted income of more than $11 billion, but the company paid $0 in federal taxes. In fact, thanks to tax credits and deductions, Amazon actually received a federal tax refund of $129 million. That was a year after Amazon received a $137 million refund from the federal government for 2017.
https://www.cnbc.com/2020/02/04/amaz...ince-2016.html

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Lets actually tax the profit off giants like Amazon and the elite rich ...

04-15-2021, 10:32 AM	#6
SunnySide Playmaker Join Date: Sep 2019 Posts: 4,568	Re: Fresh Start Political Thread Flat Tax Pros and Cons Pros easy to understand and comply with, thereby reducing errors and tax fraud professional tax preparers and advisors no longer needed, saving money for taxpayer lawmakers can no longer create tax loopholes in exchange for campaign contributions or other personal favors businesses can make decisions designed to better serve the marketplace and their stockholders, instead of trying to beat the tax code may encourage investment and expansion, as additional profit is not taxed at a higher rate Cons may shift tax burden away from the rich, to the middle and lower class elimination of deductions may have negative impact on taxpayers with lower income government cannot use the tax code to encourage desirable activities, such as giving tax credits for making a home more energy-efficient thousands of government employees and tax professionals would lose their jobs, or suffer a large decrease in business effects on government revenue of converting to a flat tax are difficult to predict accurately ------------ From that article alone, looking at their list of pros and cons ... id be a strong no to a flat tax. Currently, low income dont pay anything, middle class takes the brunt as paying 20-30% making 80k to 120k does tighten the belt, and rich people pay 33% but theyre rich and use accountants and loop holes to pay less. Im middle class, I think we get screwed the most. Flat tax means we tax the poor more and tax the rich less? In what world does that sound fair in a country where wealth distribution is ridiculous. Money is a tool to build schools, put food on tables, allow families to own a home ... its the fuel needed to further our society and the betterment of all. The top 10% of this country, the elite rich, hold 69% or more of the money in the US. The poor people today are just as poor as the poor people 20 years ago. When the elite rich hold vast sums of money and just put it on the shelf in some stock or CD investment .. that money isnt being used, its not fueling progress for society. Money is but a means to make life better for the individuals and our country as a whole. Elite rich just hoarding money and not putting back into society is a problem imo. ----------- If your focusing on poor people not paying taxes on their 34k a year income .. youre barking up the wrong tree imo. Also corporate taxes are a joke. ------------------------------------------- In 2018, Amazon posted income of more than $11 billion, but the company paid $0 in federal taxes. In fact, thanks to tax credits and deductions, Amazon actually received a federal tax refund of $129 million. That was a year after Amazon received a $137 million refund from the federal government for 2017. https://www.cnbc.com/2020/02/04/amaz...ince-2016.html ------------------- Lets actually tax the profit off giants like Amazon and the elite rich ...