this post was submitted on 31 Jan 2025
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Explain Like I'm Five
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Assuming you want to keep tax revenue the same, we're talking a $27k tax bill for each adult based on 2023's numbers (nothing newer was available).
Ordinary workers get shafted by taxes going up (rough guess, under $200k/year income) A few (TBH I'm not sure how many, really) pay about the same. Really high-income people make out like bandits.
If you think the economy is harsh for "regular joes" right now, oof. You're in for a doozy.
A flat rate typically implies a set percentage of income, regardless of how much you make, with no breaks or reductions.
So, a 10% flat rate on someone who only makes $30,000 is $3000, while the guy who makes $5,000,000 pays $500,000.
Okay. Thank you? I think you replied to the wrong person. I wasn't asking for the definition of a flat rate income tax.
You deleted this before I read it, btw.
Yes because I made a mistake and realized what I said wasn't relevant.
Oh, I see. Carry on!