Would a Flat Tax Be More Fair?|5 Minute Video
What would occur if there was simply one tax rate for many Americans? Would that be reasonable?
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Script:
The American Revolution started as a tax revolt– over a single tax on tea! Now take a look at us. It looks like everything we do is taxed.
The system behind these taxes is an administrative monstrosity; a dead weight on the economy. And it deteriorates our rely on the federal government that’s taxing us. , if you have adequate attorneys, lobbyists, and loopholes at your disposal maybe you can video game the system.. That’s fine for rich people and huge corporations, but what about the small business owner or the middle class taxpayer? He simply needs to stop talking and pay up. Nothing better highlights the catastrophe that our tax system has actually ended up being than the mother of all taxes: the federal earnings tax code. This tax alone, with all its attendant rulings and analyses, is approximated to be about 10 million words– and rising!
Numerous years ago, Money magazine took a hypothetical household’s financial resources and provided the numbers to 46 tax preparers. Forty-six various price quotes returned. In many cases those differences faced the thousands of dollars of what the household owed. This from experts who are considered to be the best in business. However the taxes themselves are only part of the expense of this poisonous code. There’s also the cost of compliance– the cash, effort and time it takes Americans to prepare their taxes.
A George Mason University study puts the yearly expense of compliance as high as $378 billion and the total yearly economic cost (including work hours) at more than $600 billion. Again, these are yearly expenses– as in every year! That’s a lot of money that could be used in more efficient methods– creating new products, new services, new medical devices, new treatments for illness.
Clearly, the time has come to drive a stake through the heart of this tax beast. Like many things, the finest service is the most basic: A single flat tax with no reductions, except for a reduction for each grownup and for each kid. They have power because they’re the ones who dole out the tax favors.
It wasn’t always in this manner. When corporations mainly lobbied Washington to keep federal government out of their services, there was a time. That has changed. In the words of The Atlantic, “The advancement of business lobbying from a sparse reactive force into a ubiquitous and significantly proactive one is amongst the most essential changes in American politics over the last 40 years.”
A flat tax will assist us begin to scale back that unique interest-loving, crony-capitalist big federal government that we all complain about. Everyone would pay less– not just in taxes, but likewise in compliance. We ‘d experience a healing that would grow the tax base and– paradox of ironies– eventually create more profits for federal government.
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source
What would occur if there was just one tax rate for most Americans? The American Revolution started as a tax revolt– over a single tax on tea! Nothing much better highlights the disaster that our tax system has ended up being than the mom of all taxes: the federal income tax code. A flat tax will help us start to scale back that unique interest-loving, crony-capitalist huge federal government that we all complain about. We ‘d experience a healing that would grow the tax base and– irony of ironies– ultimately create more profits for government.
