Curious...what do you think the rate would be with a Flat Tax. I see it being 20% or more for everyone. So the bottom 20% that don't pay anything now will get hit hard and the top 20% that pay more now will get a break.
How will this go over in our current political environment?
More nonsense.
It's the bottom 47% that don't pay any income tax.
There is a credit up to $30,000. So the bottom 20% wont be hit at all. After that it's every dollar. No loopholes, no deductions.
When you eliminate loopholes and lower the rate you get more revenue. This has been true every time it's been tried.
I appreciate the civil debate...and you are correct. It will create more revenue because of the simplification of the code. Again, it is better then what we have now.
As far as the "none sense" about bring jobs back to US....under the Fair Tax there will be NO taxes for doing business....only at the point of consumption. We would be the only Country in the world that will have no taxes (payroll, capital gains, etc) for doing business.
The Flat Tax would do very little to bring jobs back to the US. BTW, what will the rate be?
Flat Tax doesnt address corporate taxation, so it has no effect on it. The loss of manufacturing is due to many factors, mainly regulatory. But also simply social. Overseas manufacturers of simple to make goods produce goods at lower per unit labor costs than we do. That is specialization, and nothing wrong with it.
I don't know why there is a fetish with factories and manufacturing in this country. Who wants to work in a factory all day?