Brownback Proposes Flat Tax Option
Just in time for tax day presidential hopeful Sam Brownback is talking about a plan to present taxpayers with an option for a flat tax rate.
Frankly any time I hear the words "flat tax" I instantly get a mental picture of Bill Gates and a McDonald's worker writing a check for the same amount. I'd also like to point out that from 1995-2005 CEO pay raised by an average of 298% while common workers pay only grew by a paltry 4.3%. Why shouldn't they pay more taxes?
Read More: Brownback pushes flat tax rate plan - Sam Brownback News - MSNBC.com
2 comments:
Flat tax isn't a flat amount- Its a flat rate. So if, for example, the rate is 25%- And in that year, Gates makes $1,000,000,000 and the McDonalds employee earns $22,000. Gates still pays a whopping $250,000,000 while the McDonalds employee only pays $5500. And under most flat tax proposals- including Steve Forbes, there is an exemption for lower tax rates, where the poor would essentially not pay tax- That McDonalds employee may get some sort of an exemption.
Not only is the flat tax fair, but it, unlike the current tax code, doesn't punish those who improve their income from year to year. Plus, just think of how much people would save by not having to hire CPAs to fill out their taxes!
I knew that flat tax didn't literally mean the same amount (but I also couldn't have explained it as well as you did), I just used the image to show that I believe that a flat tax rate favors the wealthy. If I actually thought something like that was actually being proposed I'd skip the blogging and go straight for the torches and pitchforks.
I just don't think that it's too much to ask for people pulling in several million dollars a year to pay more in taxes so that those who are barely getting by can have some breathing room.
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