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The Flat Tax fantasy

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  1. Zbigniew Mazurak says:

    I might also add that the flat tax would give the Democrats ample ammo to claim that Republicans are “the party of the rich” that wants to cut taxes only for rich people.

    Why? Because any flat income tax, in order to provide sufficient revenue for the federal government – even a dramatically slimmed one – would have to have a rate of at least 15% (and closer to 20%). Sen. Rand Paul’s proposed flat tax would be levied at a 17% rate.

    If such a rate were to be implemented, then – even with all standard deductions – the poorest and middle-class Americans would see a steep TAX HIKE (to the tune of thousands of dollars every year), while the wealthiest Americans would see a big tax cut.