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Essay / Research Paper Abstract
6 pages in length. The flat income tax system proposes to assign a uniform percentage tax from ten to twenty percent for all Americans and remove the current system involving complex deductions, credits and exemptions. Such a system would be expected to boost economic development and encourage savings since the double income taxation system against savings and investment is eliminated. This paper considers both sides of the flat tax issue and whether the flat tax will really be implemented. Interesting arguments on both sides. Bibliography lists 4 sources.
Page Count:
6 pages (~225 words per page)
File: D0_JGAfltax.doc
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credits and exemptions. Such a system would be expected to boost economic development and encourage savings since the double income taxation system against savings and investment is eliminated.
However, experts caution that the flat tax system can be regressive and recessionary if improperly implemented (Frankland 45). Obviously there are both advantages and disadvantages to the flat tax
system, and this paper shall take a look at both. A flat income tax would subject all Americans to the same percentage tax and eliminate the complicated system of deductions,
credits and exemptions now in place, literally allowing them to file their returns on a postcard. The flat tax could improve economic growth, treat taxpayers equally and provide a
trillion-dollar boost to the economy. The flat tax proposals, which range from ten to twenty percent, also seek to reduce or eliminate the current tax codes bias against aggregating
capital by ending the double taxation of income used for savings and investment (Frankland 45). Many people feel that a flat tax would be a stimulus to economic growth, since
it would encourage savings. The more that people save and invest in the future, the faster the pace of job growth. But a flat tax also has its
problems. A flat tax tends to be regressive and tends to fall more heavily on the poor than the wealthy. That can be overcome by giving an exemption
for certain amounts of necessities, such as food, clothing and shelter from the tax. That would serve to blunt the regressiveness of the tax. The implementation of a
flat tax poses another problem as well. Two thirds of the gross domestic product is based on consumer spending. A flat tax could possibly have the effect initially
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