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Originally Posted by timmgirvan
I'm not sure what that means but unless you own your house free and clear, 25 grand a year is not gonna cut it! My insurance covers meds and such, which saves me at least 800-1000 bucks per month. Everything has such a 'domino effect' on everything else! Pretty bleak unless you are making 100,000 per yr and then you still have to have a pretty good tax man!
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Oh Im sorry. the baby cow would be born with the following trend continuing:
That sounds like a better idea than just a flat 23% sales tax. I agree with others that a flat 23% sales tax would be be too big of a burden on the poor.
I still think the best idea would be a combination of a flat tax and some type of less complex, progressive income tax. For example, maybe they could have a 10-12% flat sales tax and also a simple, progressive income tax where people who make under $25,000 a year pay no income tax, people who make $25,000-$50,000 a year could pay a 5% income tax, people who make $51,000-$100,000 a year could pay a 8% income tax, people who make $101,000-$200,000 a year could pay around a 10-12% income tax, and people who make over $200,000 a year could pay around a 15-20% income tax.
For the very rich... It would mean they would get the heck taxed out of them, but I assume there would be an upper limit.