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I've said it before but I'll say it again... cuz I can. My personal idea for flat tax really isn't flat but much flatter.
Every single dollar of income (earned and unearned) up to and including $50,000 is taxed at 1%. I believe everyone should know they are paying something even if it is a seemingly insignificant amount.
Every single dollar earned and unearned over$50,001 is taxed at 20%. NO deductions, no loopholes, no limits.
Personal tax returns will consist of a one page, easy to understand form.
INCOME:
INCOME IN EXCESS OF $50,000:
The guy making $30K will have paid $300 which is more than he's paying now, but he is now paying like everyone else.
The guy making $50K will be paying $500 which is less than some people say they are paying now.
The guy making $90K will be paying $8,499.80 which is 9% of total pay.
The guy making $900K will be paying $170,499 which is 19% of total pay.
The guy making $9,000,000 will pay $1,790,499.80 which is 20%. While that may seem like they are getting a bargain it is a hell of a lot more than they are paying now.
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Getting knocked down is no sin, it's not getting back up that's the sin
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