Drastically cutting the cost of income tax compliance and encouraging Americans to keep their savings and capital investments in the USA under this plan would go a LONG way towards real economic recovery.
Drastically cutting the cost of income tax compliance and encouraging Americans to keep their savings and capital investments in the USA under this plan would go a LONG way towards real economic recovery.
Doesn’t Forbes plan involve high standard deductions that mean large numbers of people (those earning less than the standard deduction amount) contribute nothing in Federal income taxes ? I’d rather nobody was excluded from taxation, even if they get a lower rate, so they don’t vote without feeling the pain of government spending. And it can’t be a token amount, but must actually be painful.
Forbes Flat Tax does not address all income, so it is not a good plan. People like Forbes would find other ways to be paid outside salaries subject to taxation.