Flat tax

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In todays society, income tax is a bad thing to some and a good thing for others. It can

be the time of year some people look forward to or a time of year that is frowned upon. If you

know that you fall into the category for a return it is great, but if you are going to have to pay it

can be a real headache. Lets examine a thing called flat tax. Can it work? Having a flat tax can Write my Essay on flat tax for me

be good because you would no longer have to file income tax and minimum wage would also

increase. But- is that as good as it sounds ? It sounds really good on the surface. Just one flat

tax for everyone. According to USA Today, "A flat tax with no deductions would make it

possible for all wage earners to pay the same percentage". No matter if you make one-hundred

thousand a year or two- hundred thousand per year, there would be no deduction or tax credit and

no filing income tax. Just think ! The headache of filing taxes out the window. Tax would be

ten percent across the board (up to but not exceeding two- hundred thousand per year). It all

sounds good, but there are two sides to a mountain. If flat tax was passed by our government,

this ten percent across the board would hurt our pockets. Let us look at this for a moment.

Having a flat tax would not be good because there would be no tax credits, no tax deductions,

and benefits would be taxed.

First of all, no tax credits! Could you imagine? No more claiming dependents. Most

people count on dependents at tax time. Their dependents allow them some type of refund. This

refund is usually used to pay off a bill. No matter how big or how small getting a refund is what

a lot of people look forward to. Without the tax credit, this would be no more.

Second of all, there would be no tax deductions for things like car tags, mortgages,

property or most importantly, medical expenses. By taking these deductions away can put some

people in a bind, especially those with some type of condition that requires medications to

sustain life such as, an organ transplant or asthma. These conditions require medications on a

daily basis, which can be very costly.

Last but not least, benefits would be taxed -as if we do not pay enough for things like

health insurance. According to Bob Boucher, "The value of all benefits will be taxed." This

includes health insurance premiums, pension plan contributions, company cars, etc. this means

that the insurance your employer pays is subject to a ten percent tax paid by you and all interest

will be taxed five percent. Retirement funds and pension plans paid by the employer is subject to

a ten percent tax paid by you. For example, lets say a person makes sixty-one thousand dollars

per year, the present tax for a home owner, married with two kids is three thousand nine hundred

four dollars with ten percent it would be sixty-one hundred dollars. That is not so bad but lets

look a little closer. Take sixty-one thousand and include all deductions for home , head of

household, dependents, medical expenses, work expenses and other miscellaneous deductions

and that can bring the total taxable income to around thirty- thousand five-hundred dollars. Now

your present tax would be around fifteen hundred dollars. If you paid three- thousand nine-

hundred four dollars and your tax owed is fifteen hundred dollars that nets a return of around

two-thousand four- hundred four dollars. So would you rather pay sixty one-hundred dollars on

a ten percent flat tax on all taxable things mentioned earlier such as insurance and pensions, or

do you like the sound of getting some of that money back from our government? What once

sounded really good begins to sound a little appalling.

While having a flat tax has its good points, like not filing income tax or minimum wage

increase, it also has many disadvantages like no tax credits and no deductions of any kind. No

medical deductions for medicines, hospital and doctor visits, which everyone knows even with

health insurance these days, you pay out the wazoo in copays, deductibles and for prescription

drugs not covered by insurance. That alone can break the average household income. Think about it,

no tax credit, and no tax deductions and benefits would be taxed. This is why having a flat tax would

not be beneficial for most of us.

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