Everyone pays 10% regardless of income, investments, ect. No loopholes no deductions period.
A single stage, single rate, comprensive sales tax can do that.
In fact HR2525 is designed to achieve that kind of goal.
Total fed taxes as reflected through gross family income is 23.5% (taxfoundation)
H.R.2525 imposes a 23% retail sales tax on the total expenditure for all retail goods and services no exceptions, but only once at first retail sale.
Since it is a replacement for 94% of the current federal taxes we can measure the effect of removing programs from the federal budget.
23%........... NRST rate
14.91% ..... rate if Social Security and Medicare were privatized
14% .......... rate if Nat'l Endowment for the Arts were eliminated
11.9%........ rate if Dept. of Education were eliminated
10% .......... rate if welfare were eliminated
etc.Hmmmmmm.......
That is how to achieve a real 10% flat tax, with no exemptions, no deductions, no exceptions, at the lowest overhead cost possible, and most importantly with the least intrusion into our privacy and liberties.
Let me ask you one thing tho. Don't you see a very enticing incentive to buy black market under a NRST?
To tell you the truth, I think I'm just about sold on the NRST. Although I'm not going to give up on the Simple Flat Income Tax. Mostly becuase it seems so simple and in-fallable.
EBUCK