RE: I support a flat personal federal income tax and abolishing the corporate and capital gains taxes.
1) Are you concerned with government revenue falling significantly below the current approx $2.2 Trillion ?
2) If so, what would be the tax rate for your flat personal federal tax?
It has to be quite high (significantly higher than Cain’s 9%) if you want to maintain current revenue because you want no corporate and capital gains taxes.
Look, pal. I’m not gonna be potus. Lets cut to the chase.
999 is going nowhere, that’s because Cain is not going to be the nominee. If you want to pose the hypothetical question, okay. My answer, it would never become law. Period. Santorum is right again.
Back to the flat tax. Different variations of a flat tax I’ve seen over the years and running the numbers, go from 17% to 23%. That goes with reducing the corporate tax and capital gains tax. Not abolishing them. That plan would be revenue neutral. Either way, spending cuts would be part of any tax reform plan.