Quote:
Originally Posted by slapass
Say the flat tax is 10%. 10% of what? The devil is in that detail. 10% of gross sales? OF income? define income. Sounds like you want it of your gross sales. That tends to crush businesses with growth but no profit. Which is one of the keys to our success.
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10% of Net Income, this is "personal income taxes" corporations are another animal all together, and 10% would actually be too low, but it is an easy number to work with.
And it would be on all income, probably about 20% would do nicely, Wages and Salary, Corporate profits, Capital Gains.
Simple math says 20% tax on all income combined with an actual 10% cut in spending (not the typical cut down on the rate we are increasing)
I am also not opposed to "The Donalds" one time wealth tax on billionaires going straight into the National debt, although I doubt it would eliminate it it would take a very healthy bite out of it and skyrocket the USD value