minus-squareSimpleMachine@lemmy.worldtoExplain Like I'm Five@lemmy.world•ELI5 What would happen short term if the US got rid of income taxes and went to a flat rate? What would be the long term outcome?linkfedilinkEnglisharrow-up2·1 month agoA flat rate typically implies a set percentage of income, regardless of how much you make, with no breaks or reductions. So, a 10% flat rate on someone who only makes $30,000 is $3000, while the guy who makes $5,000,000 pays $500,000. linkfedilink
A flat rate typically implies a set percentage of income, regardless of how much you make, with no breaks or reductions.
So, a 10% flat rate on someone who only makes $30,000 is $3000, while the guy who makes $5,000,000 pays $500,000.