Of course, the later scheme takes into consideration allowable deductions, but given the much lower rate of 8 percent as opposed to 32 percent, chances are the taxpayer will end up with a lower tax liability if he/she elects the flat-tax
This feature of the flat-tax
reform implies a one-time "lump-sum" tax, or wealth levy, on existing assets.
The size of the personal deductions and the specific flat-tax
rates are frequently mentioned when specific flat-tax
proposals are examined, but they are really not central to the flat-tax
Most of the proposals can be categorized as either flat-tax
plans or consumption-based plans, while the "USA" tax proposal sponsored by Senators San Nunn (D-Ga.) and Pete Domenici (R-N.M.) is a combination of these two concepts.
Steve Forbes's flat-tax
candidacy vaulted him to the covers of Time and Newsweek--and will almost certainly affect the tenor of the debate between President Clinton and Bob Dole in the fall.
Is there anything at all to like about the flat-tax
All the flat-tax
plans suffer from two general defects.
When millionaire magazine publisher Steve Forbes showed up to promote his flat-tax
schemes, MacKenzie nailed him.
The purest of flat-tax
proposals would clear the tax code of a bewildering array of deductions, preferences and exemptions.
advocates are nearly evangelistic in their drive to replace the current tax system, often as an integral part of their broader agenda to reshape government.
Allow the people of the state to vote on a constitutional amendment to remove the flat-tax
Like the flat-tax
study referred to above, the principles raised in the original document remain relevant today.