Flat Tax???

Silvia Stclair: A flat tax would replace the current system with a single percentage for everyone. Right now, the system increases as income increases. For example, you only pay 10% tax on the first $10,000, then you pay 15% on the next $10,000. A flat tax would make it a single percentage, say 20%, for the full $20,000. Since the highest tax bracket is 35%, a flat tax would need to lower to avoid seriously harming low income people. This would allow for the wealthiest to receive huge tax breaks over the current system....Show more