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Reply to "What really needs to be fixed in the tax code?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Eliminate ALL deductions and exemptions. Institute a flat % tax.[/quote] YES - but only if we get rid of capital gains and raise the threshold on estate taxes.[/quote] Yep I agree, but also there still needs to be a plan for other forms of income. So salary is covered. Would it still be flat for: Dividends Rental income Estate/inheritance Etc[/quote] A flat tax is a consumption tax by definition, so, no, these things wouldn't be taxed. The flat tax works as a wage tax on workers (deducted by companies) and a VAT on the business side. See Hall-Rabushka.[/quote]
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