You don’t have to spend hours and hours figuring out how much you owe the government and how much of your total deductions and exemptions are because you just have to pay one fixed sum no matter how much you earn. But how is it more beneficial? And won’t it carry any negative effects on the economy and government revenue? Go through the advantages and disadvantages of a flat tax rate to gather supporting data before you decide on your stand. Supporters of this idea believe that it is a better system than the progressive tax system currently in place, where taxpayers are taxed according to their income bracket. There are also no deductions or exemptions allowed. This is a tax system that applies the same tax rate to everyone regardless of their income. Wouldn’t it be great if filing your taxes would take only a few minutes? This may seem like a far-fetched dream, but it could actually become a reality through the implementation of a flat tax.
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