Home › Forums › Financial Markets/Economics › Flat Tax Proposals
- This topic has 5 replies, 6 voices, and was last updated 12 years, 10 months ago by
svelte.
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October 24, 2011 at 6:27 PM #19227October 24, 2011 at 6:48 PM #731250
Aecetia
ParticipantI do not see it coming about because there are too many people tied to the complicated system we use and not just those with deductions. I would guess some of the real high rollers do not have house payments, as well as some of the folks who have owned their house for 50 years and paid it off a long time ago. It will be interesting to see what each party says, but I am not sure the Republicans want to upset the apple cart with mortgage deductions. I have no idea if it will erase that much valuation, but that might be a stimulus to the economy.
October 25, 2011 at 10:23 AM #731287Veritas
Participant“Rick Perry is proposing letting Americans choose between their existing income tax rate or a new flat tax of 20 percent, part of a tax and spending reform plan that the Republican presidential candidate is dubbing ‘Cut, Balance and Grow.'”
October 25, 2011 at 5:53 PM #731307(former)FormerSanDiegan
ParticipantI would conjecture that a flat tax will not happen, so the ramifications thereof are a moot point.
October 25, 2011 at 7:23 PM #731308permabear
Participanthttp://www.techdirt.com/articles/20100124/1836527884.shtml
“A fascinating article points out that the government could make the process of filing your tax returns significantly easier by simply sending you pre-filled out forms of what they know (basically what’s been sent in from your employer(s)) so that you could just take the pre-filled form, check it over, make any additions or changes as necessary and submit it. Apparently, many places that have done this have had great success with it. But it’s not happening in the US in large part due to heavy lobbying from Intuit, who fears (perhaps correctly) that this would put a big dent into its tax preparation software business.”
October 25, 2011 at 7:56 PM #731310svelte
ParticipantI remember when Dick Armey (heh) had this topic front and center in the country for quite awhile. Everyone was talking about it. Then overnight, poof, topic was never mentioned again.
I predict a repeat performance of that scenario. it’s an idea that has appeal on the surface, but nobody ever seems to like details when they are laid out.
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