• lewdian69@lemmy.world
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    6 months ago

    I think you forgot the /s or some people won’t get it. Also it should go back to topping out at 90%

    • breetai@lemmy.world
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      6 months ago

      A 30% flax tax is higher than the mythical 90%.

      The 90% range had so many deductions only 1 person hit it and even then it’s only on the income that exceeds that limit.

      A 30% flat tax with no deductions is much more brutal to income but it’s fair.

      • lewdian69@lemmy.world
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        6 months ago

        Ahhh you aren’t using the current definition of “flat tax”. Flat tax is a single rate across all incomes. It still includes deductions, exemptions, credits etc.

        I don’t know the correct term for “no deductions tax”. No exceptions? Non adjustable?

        Your bracket concept is how it works now.

        • breetai@lemmy.world
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          6 months ago

          Flat means no deductions and an equal pay. It can still be done against brackets and be a flat tax.

          No brackets work with credits and deductions. Someone with 100k in income could pay zero in taxes. A flat tax makes them pay taxes by removing deductions.

          Personally I’d rather see a consumption tax but that freaks most people out.

          • lewdian69@lemmy.world
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            6 months ago

            “A flat tax is a tax with a single rate on the taxable amount, after accounting for any deductions or exemptions from the tax base. It is not necessarily a fully proportional tax.” Wikipedia

              • lewdian69@lemmy.world
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                6 months ago

                Interesting! I had never heard that definition before. It’s always been a single rate across the board with deductions still included whenever I’ve heard it discussed. I’ll believe it though. Investopedia, while focused on the greediest of society, at least knows economics.

                edit: weird words changed. swipe keyboard got the best of me.

                • breetai@lemmy.world
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                  6 months ago

                  I’ve never heard deductions being allowed. Maybe a few but for the most part it’s about an equal rate across everyone or at least a few small brackets.

                  Different plans define income differently. If we are trying to fix the astern income should be everything. Selling an investment home, dividends, selling stocks, w2. Etc.