After all these years, I still hear people that think a flat tax would be a good idea. They do not respond to the concept that 10% (for example) of $10 million still leaves a person at that income level with $9 million. Whereas a person making $20,000 paying $2000 can mean the difference between eating or not eating, seeing a doctor or going sick.
So fine. Let’s take a different approach. I agree. Let’s implement a flat tax.
That is, as long as we also implement a flat income. For everyone. How does that sound? For the flat tax proponents, I’ll bet that doesn’t sound so good, does it?
I am actually very much in favor of an equal income for all Americans. For real. It’s reasonable. For every household in the country to receive the same income regardless of number of household members. I would find that to be exceedingly fair. Or even every American above 18 years old.
Then implement a flat tax. So every adult in the country has exactly the same chance of success as every other adult in the country.
How about a flat estate tax, too? At least above a certain threshold. Say $1 million. Tax anything above that at 100%. If you “need” more than a $1 million inheritance, there’s seriously something wrong with you. That number could be adjusted in the future according to inflation. Along with the flat income.
How about a flat wealth tax? Maybe $5 million. Once again, if you “need” more than that, what you really need is therapy. So tax anything above $5 million at 100%.
The remainder of what is left after a flat tax is deducted would then be placed back in the pool and distributed as part of the flat income.
Corporations would have to pay all profits into a national pool for the national flat income.
If corporations or banks are so mismanaged that they fail, the only reason for them to be bailed out would be to preserve jobs. In which case, it would come with mandatory change of management to be voted in by the workers, not a board of people who caused the initial failure.
Capital gains would be taxed at the standard rate and all investments would require annual payout of profits as income to the holder.
Of course, with all of this we could implement universal healthcare and adult education, as well.
So, next time someone suggests a flat tax, give them this article in response. I promise you will have a lot of entertainment watching their heads explode.
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