Don_Dickle to Explain Like I'm [email protected]English • 4 months 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-square28fedilinkarrow-up138arrow-down110
arrow-up128arrow-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 [email protected]English • 4 months agomessage-square28fedilink
minus-square@[email protected]linkfedilinkEnglish2•3 months 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@[email protected]linkfedilinkEnglish-2•edit-23 months 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.