Re:When the Rich Said No to Getting Richer
by openasocket on Tuesday September 05, 2017 @10:16AM
(#15175373)
Wait, how do you make the flat tax tiered? Isn't that an oxymoron?
Re:When the Rich Said No to Getting Richer
by ghostbrainalpha on Tuesday September 05, 2017 @02:05PM
(#15177650)
You are correct it is an oxymoron, but the most realistic Flat Tax proposals do just that.
They say there should be a 20% tax, on any income above the $35,000 a year threshold. While it still does effect people on the lower end more, the first part of their income is at least partially untaxed.
And the bar is low enough that the super rich will not be able to create schemes to keep there income under that bar.
Re:When the Rich Said No to Getting Richer
by openasocket on Tuesday September 05, 2017 @03:24PM
(#15178339)
I'm having trouble seeing a flat tax proposal that doesn't massively decrease tax revenue. Also, a tax on what, exactly? Income? Capital Gains? Sales? Property?
So even when tiered, a person earning under some amount in total might get a lower tax rate than a person earning a higher amount but it is still flat.
The "flat tax" would be taxed on all jurisdiction. So call it a "universal flat tax". That way, there is no persuasion to register in a foreign country and it would dissuade multi geography registrations as you would just be taxed in multiples by each territory.
To avoid double taxation, perhaps, a company can register in multiple countries but since the tax is the same everywhere, the portion of the x% taxed would be proportionally divided to the territories.
This assumes of course that the whole world agrees on one tax policy and tax havens are eliminated. :)