Flat tax, yes.
Glad to see Mr. Forbes is supporting me on this.
But it has to be on ALL income, not just wages.
Income is income is income.
It doesn’t matter if you get those dollars from wages, dividends, capital gains, gifts, or theft. It’s dollars in your pocket, and they all spend alike.
A flat rate on just wages means that taxes will be paid mostly by middle-class Americans, while Forbes and his ilk hide their money from the flat tax with their loopholes, like capital gains and dividends.
The only way a flat tax will work is if everybody pays it. Even the low income and the super rich.
But elected officials, and lobbyists and CEOs and the welfare recipients will therefore fight it, so it doesn’t stand a chance.
Sorry, but you’re proposing exponential taxation (IE: if I make a $1 by investing using funds that have ALREADY been taxed)
Income tax, too, as noted, does not cover those using services but able to whittle their ‘income’ to nill.
A1S8, repeal 16th and institute a nat. sales tax (but MUCH lower than the Fair Tax [see A1S8])
RE: Income is income is income.
Does it include income made from OUTSIDE the United States?