Pros and cons of a flat tax2/24/2024 ![]() So, taxpayers can do away with paying dividends, interest and other business tax. Simply put, individuals and families will not be asked to submit dividend and interest reports, or that of other business-related income. ![]() With flat tax, a section of the tax code that is biased against capital formation will be removed, not to mention that capital gains tax, death tax, savings double taxation and dividends will be eliminated. Here are the pros and cons of flat tax: List of Pros of Flat Tax While there are many advocates for this system, there are also those that oppose such. In the US, this is implemented as a progressive tax system, which means that high-income earners would pay taxes at higher rates than low-income earners. By definition, a flat tax system refers to taxation on household income at a uniform rate regardless of the level of income level.
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |