this post was submitted on 18 Jul 2023
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I agree with you, but wouldn't a flat percentage fix this? Something like everyone pays 20% tax on all earned and unearned income, no exceptions.
I would agree to a flat tax (even as high as 50% or higher if enough provisions are made) if there was a universal basic income to ensure nobody goes without it's basic necesities met.
No, because you're charging people the same effective rate regardless of their ability to pay.
Someone in the 0.1% of the 0.1% can afford to give a lot more of their income than someone in the bottom 25%. As such, a flat tax rate would negatively impact lower income taxpayers compared to high-earners.
Hence why I described it as "regressive" in my earlier comment.