Cruz's plan would also get rid of the payroll tax and corporate income taxes and replace them with a flat tax
of 16 percent on businesses.
Earlier, Labour shadow Chancellor Ed Balls poured scorn on Conservative claims that they would not bring in a flat tax
if they felt they could get away with it.
Dakila Carlo Cua (Lone District, Quirino) said his proposal aims to simplify the taxes for professionals by introducing a flat tax
scheme which will significantly raise their tax contribution, thereby increasing government revenue.
The two motions to scrap the flat tax
rate and replace it by a non-taxable monthly income of BGN 340 or BGN 400 and progressive taxation in four or six income brackets above the minimum were submitted by opposition Socialists and nationalist Ataka party respectively.
The most unusual feature of the Flat Tax
is that it is open.
Consider first the case of a relatively straightforward, single-rate consumption tax that, like the flat tax
, eliminates most major tax-base reductions, but, unlike the flat tax
, provides no personal exemptions or tax shelters for housing wealth.
Other variations on the flat tax
were introduced during 1996, including Gephardt's 10% Tax, the Gramm plan, the Mack plan and the Domenici/Nunn plan.
Depardieu's move to Russia means that he will be paying the 13% flat tax
rate in Russia rather than the 75% top marginal rate in France.
According to economists, the flat tax
rate of 10 percent may have to undergo revision in the middle run if it becomes evident that the economy is not going to liven up in keeping with the government expectations.
Congress in Florida's District 25, Republican candidate Paul Crespo has announced a bold Flat Tax
plan he pledges to introduce in the House of Representatives when elected.
The impact and cost of taxation in Canada; the case for flat tax
A FLAT TAX
revolution is under way in the former communist bloc.