Introduce a flat tax for everybody across the board!
This petition made change with 23 supporters!
Simplicity is considered a significant benefit of the flat tax system. One tax rate makes for easy computation by the Internal Revenue Service and straightforward payments from taxpayers. Because the flat tax taxes only one income, it is easier to understand and to report. Taxpayers save the financial cost of complying with current IRS regulations, which often includes lawyers, accountants and other resources. The flat tax remains a popular idea in part because it eliminates double taxation. It removes the section of the tax code that is biased against the formation of capital. It eliminates the death tax, capital gains tax and double taxation of savings and dividends. Families and individuals are not required to report dividends, interest or other business-related income; this income is taxed at the business level. The flat tax makes it unnecessary to pay interest, dividends and other business tax at the individual levels. A flat tax employs territorial taxation, which is when the government only taxes income that is generated within national borders. In the global economy, taxes remain a critical component of business; countries with low-taxes benefit from jobs and capital. A good tax policy is important to generate revenue for business and also because the penalty for a poorly received tax system on a global scale may be substantial and long-term. The flat tax eliminates global taxation and allows the United States to compete more evenly in global markets. Fairness remains a lauded feature of the flat tax. For example, a taxpayer who makes $5,000 pays the same tax rate as someone who earns $500,000. The taxpayer making $500,000 pays more taxes simply because the income is greater, however, this taxpayers pays an equal percent to the $5,000 taxpayer. This tax system does not discriminate based on income level; everyone pays the same percent of income.
The results will be truly dramatic. According to the well-respected Tax Foundation, the Simple Flat Tax will deliver an economic boost of tremendous magnitude. In the first decade, the Simple Flat Tax will:
Boost Gross Domestic Product by 13.9 percent above what is currently projected.
Increase wages by 12.2 percent.
Create 4,861,000 additional jobs.
In the tax-cutting spirit of Presidents Ronald Reagan and John F. Kennedy, the Simple Flat Tax will lift Americans out of the current economic stagnation and into an historic boom.
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