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re: If the US enacted a true flat rate tax, what would be the ideal tax rate?
Posted on 1/25/14 at 3:19 pm to Zach
Posted on 1/25/14 at 3:19 pm to Zach
quote:
quote: When you say no deductions you are not talking about business expenses. Right? Wrong. When I say NO deductions, I mean NO deductions. Same with interest on mortgages; same on charitable contributions. NOTHING. That's how you can get it revenue neutral with everyone paying 16%.
So, say I have a farm and I buy $250,000.00 worth of seed,chemical, and fertilize. I sell the crop for $300,000. So I pay taxes on $300,000.00 when I really only cleared $50,000 after expenses.
That is a hell of a plan you have there.
Good luck making that work in the real world.
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