I got in an interesting conversation the other day about why we should have a Flat Tax…..
So I thought I’d share some of my thoughts 🙂
Our current tax system is called a Progressive Tax System, in that the tax rate increases as the taxable base amount increases. In other words, the more you make the more you are taxed.
I personally think we should get rid of the Progressive Tax all together and have a Flat Tax. A Flat Tax would be an established tax rate across the board. For example let’s say that the Flat Tax rate is set at 17%. This means that someone making 75,000 a year and someone making a Million a year both pay 17% of their income to the Federal Government for taxes. Hmmm well that’s not fair….because the Millionaire would be left with more money? Well the Millionaire is most likely creating jobs for others, this additional money in the pocket could allow them to provide additional jobs, (and if you haven’t noticed-people NEED jobs!) and this allocates for more spending-which in return is stimulating to the economy-which is desperately needed! (By the way, someone making 75k a year is paying over 20% of their income now, under the current Progressive Tax).
Have you noticed, the gas prices falling….I am sure you have. I filled my car up the other day for a 1.96 a gallon and called my husband because I was so excited about it! That’s like a tax cut in itself, which is allowing people to have more money in their pocket! When the American people experience tax cuts they spend more money which benefits the economy. Having more money also allows many to save for the future! I know it sounds simple, almost too simple….but it really is easy to understand. It’s just gotten way to complex and sketchy, with people hiding money, having off shore accounts…etc!
The top 1 percent gets out of all sorts of tax loopholes actually. Those making between $100k-500k a year in reality get hit the HARDEST by taxes! If you fall into this category, all you have to do is look at your paycheck and you find yourself regularly saying-“geeez, where is all my hard earned money is going…..oh I see it’s going to TAXES!”
Why do these people get hit the hardest, because they are making too much to get any tax breaks from the government-and they can’t afford to pay some financial genius to figure a way out of paying them, so they are stuck getting the brunt of the deal.
A Flat Tax would do away with all the loopholes, and exemptions, and it’d be a helluva lot easier filling your taxes each year!
Below is a short video of Rand Paul talking about Flat Tax, and I think he explains it perfectly: Watch, and let me know your thoughts, should we have a Flat Tax?
Conservative Momma 