No deductions. Period. Else it’s not a flat tax.
Of course if a flat tax were passed, 1000s of tax attorneys, tax preparers, lobbysists, CPAs, etc. would be out of a job. No more TurboTax.
K Street would be decimated. To which I say, What’s wrong with that?
RE: Of course if a flat tax were passed, 1000s of tax attorneys, tax preparers, lobbysists, CPAs, etc. would be out of a job. No more TurboTax.
They’ll have to find another line of work. CPAs can still do their work... but NOT on taxes. They can focus on accounting for real profit and loss and the like.