FWIW, conventional wisdom among flat tax proponents in the early to mid 70s was that 11% would be more than sufficient.
FWIW, conventional wisdom among flat tax proponents in the early to mid 70s was that 11% would be more than sufficient.
Probably true, if one were designed with no standard deductions or personal exemptions. Unfortunately that would only replace the income tax half of what hits the average household's wages. It would do nothing to relieve the 15% hit on wages that the SS/Medicare taxes hit nearly everyone with as well.
That other problem with the 11% tax rate, is that there is no "Flat Tax" proposal before Congress, nor ever has been, which doesn't have a standard deduction/personal exemption scheme. Thus all their rates are much higher for having that built in progressive structure in them.