tag:blogger.com,1999:blog-1697242053625998558.post3109728737569325838..comments2024-03-29T00:38:31.950-04:00Comments on The Heath Post: Going In Way Over My HeadGoHeathhttp://www.blogger.com/profile/11122010542579322600noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-1697242053625998558.post-5937629614737480502019-02-27T14:52:18.843-05:002019-02-27T14:52:18.843-05:00I thought I remember that being the biggest knock,...I thought I remember that being the biggest knock, and I think I would be willing to give it a try for 10 years or so and see then where we are.Erichttps://www.blogger.com/profile/11218278987255792995noreply@blogger.comtag:blogger.com,1999:blog-1697242053625998558.post-81244321570437621742019-02-27T13:47:51.052-05:002019-02-27T13:47:51.052-05:00The biggest knock on the flat tax has been that it...The biggest knock on the flat tax has been that it puts a heavier burden on those with less. Let's say you set the number at 25%. Well 25% for a family making $50,000 a year is a much heavier burden than 25% for a family making $500,000 a year. Yes the family making $500,000 pays $125,000 in taxes, but they still net $375,000 for the year. The other family only pays $12,500, but they only net $37,500. <br /><br />Most countries have a scale and then an additional hit above a certain amount earned. So for instance if you are making $50,000 you may pay 18% and the family earning $500,000 would pay 37%. Another family earning $12,000,000 would pay 37% on the first $10,000,000 then maybe 50% on the remaining $2,000,000. Then another family making $125,000,000 would pay 37% on the first $10,000,000, then 50% on the next $90,000,000, then 70% on the last $25,000,000. Something along those lines. <br /><br />The big controversial ones are capital gains and inheritance. Matthew Vaughnhttps://www.blogger.com/profile/10349035708120354682noreply@blogger.comtag:blogger.com,1999:blog-1697242053625998558.post-21347673062559761302019-02-27T13:09:54.389-05:002019-02-27T13:09:54.389-05:00Thank you for taking the time to write this. I'...Thank you for taking the time to write this. I've read it now three or four times, and it's interesting to think about.<br /><br />Why is the flat tax not a good idea? What would happen if we had a nation where <i>X</i> percent of all earnings--off work or interest--are deducted to the till to pay for all of the shared resources like police, fire, schools, etc., and there is no writing off anything, no annual filing, etc.?Erichttps://www.blogger.com/profile/11218278987255792995noreply@blogger.com