10-20-2004, 12:56 PM
John Wrote:Two words: flat tax
So a person relying on an income of $25,000/year should pay the same percentage as a wealthy person making $1,000,000/year?
Assume a 20% tax rate - Joe Blue Collar is out $5,000 - and he'll miss every penny of that. Bill Gates pays $200,000 but keeps $800,000 - and I'm sure he'll be eating Ramen noodles because of it.
So is that fair? Or does it disproportionally impact the low-income folks? I agree that the current taxation system in this country is broken, but I don't think that a flat tax is the solution...