Always a topic of lively discussions...especially approaching election periods. The flat rate really isn't much of a solution to anything...in fact right now we have a 3 rate system on earnings ( a slightly different rate on caoital gains or dividends)...The 3 rates are actually 2, since one of those rate tiers is a small 5% bump within the higher of the rates (applicable for only certain earning amounts and then goes away). I really don't think making one rate would simplify this much...nor is it terribly complex now. However, more than the rate issue is the confusion caused by determination of what is taxable income...with different definitions of different types of income, many, many different exclusions and deductions (like mortgage interest), making it so 2 people with the exact same job and wage could have an entirely different amount of taxable income to apply the same rate too (based on different number of children, dependents, marital status, interest rate and amount of mortgage, medical expenses etc.,) makes things very unclear. And perhaps, unfair. (Why should someone with the same wage as another, but having more children - presumably all using more services than the one with none - be able to pay less tax?)
For example, Slovakia - 19% flat tax rate (Corporate income tax, Personal income tax, and Value-Added Tax)
Daniel Mitchell has written: 'The Flat Tax' -- subject(s): Income tax, Flat-rate income tax
Michael A. Walker has written: 'Focus on flat-rate tax proposals' -- subject(s): Income tax, Canada 'On flat-rate tax proposals' -- subject(s): Flate-rate income tax
A flat tax is one that does not vary. It has a constant marginal rate and is usually utilized by individual or corporate income.
Personal Income Taxes Tax Rate Range: Flat rate of 3.07%
In Hong Kong, the income tax rate varies from 2% of total taxable income for the poorest people, to 17% for the more wealthy. If tax is calculated on net income (after deductibles) then a flat 15% rate is used for all.
state corporate income taxes
A tax system that maintains a constant percentage rate on income as it rises is commonly known as a "flat tax".
Illinois Personal Income Taxes Tax Rate Range: Flat rate of 3% of federal adjusted gross income
flat income tax
A proportional income tax on individual income with no regard to how large your income is
Dayna B. Andrews has written: 'Value-added tax (VAT) and flat tax proposals' -- subject(s): Flat-rate income tax, Value-added tax