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Respectfully, it is a foolish discussion to have.. There are really only 2 personal tax rates right now - with the second (higher) one effective only on that part of ones income above the top amount of the first one....so most people really only deal with one right now anyway! An certainly 2 doesn't seem excessive or overly complex.
The issue of the question, relates especially to tax code complexity and fairness, and really must address more of what comprises taxable income and deductions, not the rate applied. What I'm saying is it is generally agreed, fairness or Pros and Cons as such, are more determined by what you pay tax on than what the rate is.
Consider...mathamatically, if we have 2 rates now and went to one - all other things remaining the same (how much $ the Govt needs to raise by tax) - the rate for the higher rate would be lowered and the lower rate raised...can't happen any other way...unless you change what is taxed, in which case, likely those generally needy...who actually pay little or nothing now, will have to pay the flat rate on much more "taxable" income. Because of many things, the affluent really already have most all new "marginal" income as taxable income at the higher rate now!
What else can I help you with?
What are advantages HST?
Advantages of the Harmonized Sales Tax (HST) include simplification of the tax system by combining the federal Goods and Services Tax (GST) with provincial sales taxes, reducing administrative costs for businesses, and improving tax compliance by streamlining the tax process for consumers and businesses.
Is tax parcel number same as folio number?
Tax parcel number and folio number are not the same. A tax parcel number is a unique identifier assigned to a specific parcel of land for tax assessment purposes, while a folio number is a unique identifier used in property records to track ownership and legal descriptions. In some jurisdictions, these numbers may be used interchangeably, but they serve different purposes and are assigned by different entities.
What is 12.00 with tax?
In Idaho, the tax on $12.00 is 72 cents. The tax is 6% or 6 cents on the dollar. The tax rate is different all over the country.
What are five examples of carbon tax?
Five examples of carbon taxes include Sweden's carbon tax, which is one of the highest in the world and aims to reduce emissions by encouraging cleaner energy use; British Columbia's carbon tax, which has been effective in reducing greenhouse gas emissions while promoting economic growth; France's carbon tax, implemented to meet climate goals; Norway's carbon tax, which targets emissions from fossil fuels; and the European Union’s Emissions Trading System (ETS), which functions similarly to a carbon tax by setting a price on carbon emissions through a cap-and-trade mechanism. Each of these initiatives aims to incentivize lower carbon emissions and promote sustainable practices.
What are the four most used tax bases?
The four most used tax bases are income, consumption, property, and wealth. Income tax is levied on individual and corporate earnings, while consumption tax applies to goods and services purchased. Property tax is based on real estate value, and wealth tax targets individuals' net assets. Each tax base serves different purposes in generating revenue for governments.
What is the pros and cons of tax free life insurance?
Life insurance benefits are generally tax free to the beneficiary. PRO is obvious.
Where can I find a cheap tax estimator?
There a free tax estimators available for online usage. They will help you determine the pros and cons, and what is best for your needs. turbotax.intuit.com/tax-tools/ www.ally.ca/Calculator
What are the advantages and disadvantages of the unitary confederate and federal systems of government?
credit recovery sucks dont it:) this is all i got so far. Pros and Cons of the unitary system of government. Pros: They usually spend tax dollars more effectively because there are fewer people trying to get their hands on tax dollars. And management of the economy is much easier because of a smaller government. Cons: No checks and balances to keep the power even. Slowly responding government. Doesn't keep track of local issues. Is a very divisive form of government. And a major bureaucracy. Pros and Cons of the federal system of government. Pros: The laws are passed in one sovereignty. Cons: Soo many rules will be passed that the people get disappointed which will cause many propagandas. be sure to reword it good luck
What are the pros and cons to pay off debt of a house?
The pros of paying off debt on your house is that it will be paid for and you will not have to worry about the monthly payments and you can use that money to pay for other things. The cons of paying off your home debt is that you can't write that amount off on your taxes. If you are paying interest a lot of that is tax deductible come tax season.
What are some pros and cons of Oregon having sales tax?
One pro is that there will be no more income tax. Another pro is that people won't want to spend as much and they will save their money.
What is proportional tax system?
The proportional tax system refers to the same percentage of tax regardless of the taxpayer's earnings. Proportional tax is also called as a flat tax.
What are the pros and cons of investing in Treasury I Bonds?
Pros of investing in Treasury I Bonds include low risk, protection against inflation, and tax advantages. Cons include lower potential returns compared to other investments, restrictions on when you can cash them in, and the possibility of losing purchasing power if inflation is low.
What is Proportional System?
The proportional tax system refers to the same percentage of tax regardless of the taxpayer's earnings. Proportional tax is also called as a flat tax.
What are the pros and cons of a structured annuity settlement?
PROS: Tax benefits, forced income preservation, protected by state insurance laws, and funds are managed professionally. CONS: Unknown changes in the economy could affect the settlement, funds could be poorly managed, all money isn't available immediately.
What are the pros and cons of the Office Depot tax software?
Office Depot Lets You Help The Environment & Earn Rewards Qualified purchases exclude any taxes, fees, discounts, etc. Office Depot Recycling Program with other office supply store programs, I've compiled a pros and cons list.
What are the pros and cons of investing in a variable annuity?
Pros of investing in a variable annuity include potential for higher returns through market investments, tax-deferred growth, and the option to receive guaranteed income for life. Cons include high fees, complexity, potential for market risk, and penalties for early withdrawals.
Where can I go to find out if the 401k calculator tax is a good calculator?
One website where you can find some of the pros and cons for the 401k calculator tax is: http://www.401kplanning.org/calculators-tools/401k-savings-calculator/
