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Flat tax |
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Flat tax A tax which is levied at the same rate on all levels of income. Antithesis of progressive tax.
Flat tax. A flat tax, also known as a regressive tax, applies to everyone at the same rate, as a sales tax does. Advocates of a flat income tax for the United States say it's simpler and does away with the kinds of tax breaks that tend to favor the wealthy. Opponents say that middle-income taxpayers would carry too large a proportion of the total tax bill. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Wyden's plan, the Fair Flat Tax Act of 2005, would replace the six current personal income tax rates with three - 15 percent, 25 percent and 35 percent. |
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