JAW-DROPPER: KUMARS ANSWER ON FREEP QUESTIONNAIRE ON TAXES 2. Perfect system is a flat tax It has been reported that 62% of Americans advocate a flat tax system. Flat tax systems are in place in several states in the U.S. A flat tax system allows everyone to pay the same tax rate regardless of income. The flat tax system eliminates deductions, tax credits, and most exemptions. Eliminating deductions, tax credits, and complex tax brackets also simplifies the tax code, making compliance easier. The flat tax system encourages economic growth by avoiding a system in which you are penalized in higher taxes for being productive and earning more money. Another part of the flat tax system is to remove double taxation, by only taxing earned income. Things like dividends, interest on savings, or capital gains that result from investment or increases in asset value would not be taxed under a pure flat tax system. votersguide.michigan/index.do?i=1
Posted on: Mon, 04 Aug 2014 03:14:23 +0000