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5.1 Flat Tax & Political Philosophy

5.1 Flat Tax & Political Philosophy
  • Math Help

    It should be pointed out that each year the tax forms, tables, and laws may change slightly. So, some of the information in Chapter 5 will become outdated. However, the general procedures demonstrated in this chapter have been in existence for many years and are likely to be applicable for years to come. Furthermore, there are numerous deductions, exclusions, and exemptions that could be discussed, but the discussion in this chapter is limited to the more common ones. Also, we have kept the terms used in this chapter as simple as possible. If you go on to take a course in tax preparation, you will find that some of the terms used here have a more specific definition. For instance, we use the term deductions as an umbrella term for all amounts subtracted from gross income, but in a tax preparation course some of these "deductions" might be called "adjustments."

    The current state tax rates can be found at the Federation of Tax Administrators web site.

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  • Checkpoint Solution

    Here is a sample answer for each argument.

    The logic is valid:

    The rich should pay higher taxes because they benefit more from taxpayer funded protections and projects more than any other group from:

    US Military, Nations Infrastructure, Police, Firemen, National Guard,

    Coast Guard, Transportation Security Administration, FBI, CIA, Education,

    Bailouts, Federal Loans for their Corporations, Tax Cut loopholes, etc.

    The logic is not valid:

    A flat tax is fair because it treats all taxpayers equally, regardless of economic status. It is a simple system and would be good for growth. A flat tax would lower marginal tax rates and would not punish people for contributing to our nation's wealth by saving and investing their money.

    (Source: The Heritage Foundation)

  • Comments (2)

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    system user
    Guest   1 decade ago |
    Thanks for the link to Daniel Mitchell's article "A Brief Guide to the Flat Tax" in the Checkpoint Solution above. He presents several convincing arguments. The one I like most is that a flat tax is simple and applies equally to all citizens, instead of the bloated current tax codes that fill hundreds of pages and contains hundreds of loop holes for the mega rich.
    system user
    Ron Larson (author)1 decade ago |
    Be sure you see that in a flat tax system, it is not true that everyone pays the same amount. Another name for a flat tax system is a "proportional tax system". In other words, each person pays in proportion to the amount of income earned.