i support one flat tax for every person's income, for all taxes collected by the Fed AND on all income, over and above a Standard deduction for every person, for their cost of living.
I like the idea philosophically. The problem is realities of implementation. People tend to be much willing to "work" for an additional dollar of wage income than for an additional dollar of capital gains.
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maybe I was not clear.... I think Capital gains, dividend income and wage income should be considered "income", ONCE a standard deduction amount is given for the cost of living for basics.
I think the gas tax, and cigarette tax etc should be abolished, the flat tax percentage chosen, should include those revenue streams as well.
Income, according to the constitution, is considered profit....
sooooo, a standard deduction for basic living expenses has to be part of this flat tax....before they can apply the flat tax on income.
(this means, those making very little, may still not be paying any federal income taxes, if they only earn enough for a basic cost of living.)
And all the rest of us, would not pay this flat tax on this standard deduction amount either....only what is above that amount....so all is fair.