Trump’s Tax Cuts Were Good. A Flat Tax Would Be Better: Congress should scrap itemized deductions and enact a flat personal and corporate rate of 15%.

Wall Street Journal ^ | 12/30/2024 | Steve Forbes and Stephen Moore

[PeterPrinciple]

I have posted this before, it is already in the tax code, called the Alternative Minimum Tax.

[lightman]

No tax on tips.
No tax on Social Security
No tax on mandatory overtime.

Do those and I’ll consider the flat tax to be better than “flat earth”.

[mn-bush-man]

There should be no income tax.

Period.

[Libloather]

And get rid of the double tax on Sosha Security.

[Mean Daddy]

Consumption tax. It would motivate politicians to keep the market humming and impact consumers purchasing a candy bar to a yacht.

[Governor Dinwiddie]

Yep. No tax. Hell, 15% today, will be 30% tomorrow. No no no. Can't work without iron clad guarantees.

[Mean Daddy]

Or, if its kept, exempt employers from being gubmint tax collectors and let employees responsible for writing a check at the end of the year around Christmas. There would be a revolt the first year implemented.

[Responsibility2nd]

Once upon a time that was a good idea. But I’m retired now with a 10% tax rate.

Seniors like me DO NOT WANT higher taxes.

[Fungi]

Correct. When it was first proposed, it was said “it will never be over 3% of income.” They lied and continue to lie. The biggest lie ever passed—now look where we are; Trillion dollar debt, an ever-expanding administrative state with no end in sight. We are so screwed. Stop SPENDING MONEY WE ONLY PRINT!

[CatOwner]

I have posted this before, it is already in the tax code, called the Alternative Minimum Tax.

Yeah, except in that case, it's a penalty, not tax relief.

[PubliusMM]

Nope...
a ‘simple’ flat tax of 15%, today, becomes 18%, tomorrow, and 20% next month.

Better plan is the FairTax.

But, regardless, tax reform without spending reform is a fool’s game.

[Sgt_Schultze]

There can be no alternative tax scheme until the 16th amendment is fully repealed. If it stays and a new tax is implemented as a replacement, they WILL resuscitate the income tax and run both in tandem.

[Boomer]

The flat tax rate should be dependent on age and income.
In today’s economy it should be no more than 10% for anyone over 61 and social security should not be taxed at all.

Anyone with an earning of less than $30k should be exempt in this high inflationary economy. Today $30k is poverty level.

Income over that should be taxed on a tier basis.

[central_va]

Tariffs are way better than another income tax scheme.

[DennisR]

Flat tax of 10% for everyone, 15% for corporations. The only deductions would be for charitable donations. Nothing more. No mortgage interest, deductions for children, and so forth.

[Organic Panic]

That would be too easy. I love spending weeks organizing my taxes for the business. So much fun.

[DennisR]

So how do you propose to finance things like the military, roads, bridges, and so forth? Or do we just go without each of these?

[CatOwner]

The flat tax talk always ramps up when the GOP controls Congress. The problem is once the DEMs control Congress, they would just reverse it (or worse, have two federal income taxes).

Raise the floor with which income is taxed. Remove any taxing of Social Security, or at least start reducing the amount of it that can be taxed and lower the rate. But most of all, REDUCE spending.

[Mr. Blond]

Would also capture the unreported income.