Don_Dickle to Explain Like I'm FiveEnglish • 1 month agoELI5 What would happen short term if the US got rid of income taxes and went to a flat rate? What would be the long term outcome?message-square26arrow-up138arrow-down18
arrow-up130arrow-down1message-squareELI5 What would happen short term if the US got rid of income taxes and went to a flat rate? What would be the long term outcome?Don_Dickle to Explain Like I'm FiveEnglish • 1 month agomessage-square26
minus-square@SimpleMachinelinkEnglish2•1 month agoA 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.
minus-square@elephantiumlinkEnglish0•edit-21 month agoOkay. Thank you? I think you replied to the wrong person. I wasn’t asking for the definition of a flat rate income tax.
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.