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What's the craziest thing we just take as granted?
(sh.itjust.works)
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this post was submitted on 18 Jul 2023
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Asklemmy
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I agree with you, but wouldn't a flat percentage fix this? Something like everyone pays 20% tax on all earned and unearned income, no exceptions.
No, because you're charging people the same effective rate regardless of their ability to pay.
Someone in the 0.1% of the 0.1% can afford to give a lot more of their income than someone in the bottom 25%. As such, a flat tax rate would negatively impact lower income taxpayers compared to high-earners.
Hence why I described it as "regressive" in my earlier comment.
I would agree to a flat tax (even as high as 50% or higher if enough provisions are made) if there was a universal basic income to ensure nobody goes without it's basic necesities met.