11/16/2023 0 Comments Does a flat tax work![]() A flat tax could also eliminate altogether some taxes that wealthier individuals tend to pay, such as capital gains, dividends, and interest income taxes. The rate could end up being higher than is politically acceptable if a flat-rate tax system were to replace that revenue. Federal revenue totaled $1.52 trillion in the first four months of the fiscal year 2022, and more than two-thirds of that came from personal income taxes, including taxes on capital gains, dividends, and interest. Lost revenue: Revenue could be lost with a flat tax system, depending on just how high that flat tax rate is.Proponents argue that reducing the top income tax rate by moving to a lower flat tax rate encourages business investment and attracts high-income individuals, increasing overall tax revenue and economic stability.
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