Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Elroy Jetson who wrote (50050)	5/15/2004 11:20:07 PM
From: Taikun	Read Replies (2) of 74559

<A Flat-Tax would provide a substantial windfall for his family with the lost tax receipts restored by a tax increase of 60% on the lowest earning families> A Flat-Tax levied on even the poorest families would be an overly regressive tax, like the indirect taxes we already have today such as sales tax. An equitable flat tax, in my opinion, needs a threshold of the sustinence level of a poor family, measured by the number of wage earners and dependants. Why wouldn't Forbes pay income tax on his approx. $1m of investment income in a flat tax regime? That is not much different from the AMT we already have. Flat Taxes across all income, corporate and personal, above a certain threshold, would not only cause the housing market to implode, but the CPA profession, H&R Block and a significant number of beans counters at the IRS. I'm not saying it couldn't happen, just that it looks unlikely, even as voters clamor for decreased public spending instead of raising taxes to cover shortfalls in tax receipts and increased military spending.

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