Quote:
Originally Posted by joeydb
Flat Tax: no deductions, one rate for everybody, first "x" dollars (pick a number) in earnings exempt for everybody.
In future years, adjust "x" for inflation in accordance with some official statistic (CPI, inflation %, etc), but make it AUTOMATIC. No further intervention by Congress necessary except the compilation of the figure itself. And we must pick a number with good pedigree as a predictor.
The goal as I see it is to get to a simple equation rather than tens of millions of lines of tax code.
Everybody pays is as close to fairness as you will get.
Oh, and when you're out of money (this means the government), you're done spending. Period.
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Joey: please tell me what flat tax rate we would need to assess everyone, to pay for what we have today, with no increase in government services - you can exclude the wars.