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The Flat Tax Short Essay

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Taxation has always been a major controversy. Just like any major corporation, the government is constantly looking to raise revenue. The easiest and fairest way to do this is by taxing the people. However, how the people will be taxed is always an issue. The current tax system that the United States uses contains several flaws. First of all, it is very complex. It is comprised of many various variables that can create loopholes. These loopholes can cause two equal income families to be paying very different tax rates.

In fact, there are 480 different types of tax forms (Website). The current tax system is also very unfair for the wealthy. Because it is a progressive tax, it is higher for people who have higher incomes. People should not be punished for being successful. If a flat tax policy were instituted, then it would simplify the complicated tax system, create fairness within the economy, and promote a desire to thrive financially. The flat tax would simplify the tax system because instead of filling out a variety of complicated forms, a person would only need to tell the IRS how much money they make, then give the percent of that amount.

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This would dissolve all of the loopholes that exist within the current system. It would cut back on the opportunities for unethical people to cheat. If the flat tax system were taken, taxpayers would save 94% in compliance costs (Website). The flat tax will make taxes fair for all people. No matter what race a person is, what social class a person is in, or who theyre friends with, they will end up paying the same rate. Every single taxpayer will have to sacrifice just as much of his or her life as the next person down the road. One of the three main reasons for taxes is to maintain fairness. This is most reasonable ways to maintain fairness. The wealthy will still be paying more money than the poor person, but they both have the same tax burden.

Because all economic brackets are taxed equally under a flat tax, earning more money is no longer discouraged. Because there are no more marginal tax rates, people will have incentive to work more without worrying that the extra money they make will be taxed higher. It is said that the economy would grow by 5.7 percent in five years if the flat tax was initiated (Website). Because of the increased revenue brought in by the new tax bill, the United States would be able to create tax relief opportunities. The new flat tax bill will simplify the complicated tax system, create fairness within the economy, and promote a desire to thrive financially.If every taxpayer has to pay the same rate as the next person, then they wont be able to complain about their tax rate, and the economy will grow. Website: http://flattax.house.gov/proposal/flat-sum.asp

Cite this The Flat Tax Short Essay

The Flat Tax Short Essay. (2019, Feb 28). Retrieved from https://graduateway.com/the-flat-tax-short-essay/

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