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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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Consumer-income tax; otherwise known as a flat tax rate Add-on value-added tax--This option, viewed as less radical than either flat tax proposal, would remove all but the highest-income individuals from the tax rolls, lowering individual and corporate rates, and broaden the income tax base. Besides cutting the gross receipts tax rates, the advisory committee plan establishes an option for small and mid-sized businesses to pay a flat tax of about $145 per year. |
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