Flat Tax

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thrice
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Joined: Thu Dec 07, 2006 10:28 am

Flat Tax

Post by thrice » Sun Apr 13, 2008 8:06 am

http://en.wikipedia.org/wiki/Flat_tax

April 15 is upon us, and millions of Americans are wading through the arcane complexities of our income tax system.

The idea of a national flat tax is appealing on a number of levels. I don't like the idea that wealthy people can hire accountants to find obscure loopholes in tax laws and exempt a large portion of their income from taxes, while average people are often not allowed to participate in those exotic investment vehicles due to the high cost of entry.

But our current system is also based on targeting deductions to encourage certain types of activity, like home buying, investing in new equipment, and charitable contributions.

How do you feel about the flat tax concept? Is there any practical way to remove the currently entrenched system without major disruption to the economy?

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