Explain Like I'm Five

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ELI5 What would happen short term if the US got rid of income taxes and went to a flat rate? What would be the long term outcome? (lemmy.world)

submitted 20 hours ago by [email protected] to c/[email protected]

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[–] [email protected] 33 points 17 hours ago (1 children)

Assuming you want to keep tax revenue the same, we're talking a $27k tax bill for each adult based on 2023's numbers (nothing newer was available).

Ordinary workers get shafted by taxes going up (rough guess, under $200k/year income) A few (TBH I'm not sure how many, really) pay about the same. Really high-income people make out like bandits.

If you think the economy is harsh for "regular joes" right now, oof. You're in for a doozy.