Q&A Friday: The Flat Tax
Question: “You’re very keen on the idea of a flat tax. Would you support such a tax if it was implemented with the understanding that there was a minimum income cutoff, or floor, and that no one making below a certain amount of money would have to pay this flat rate? Do you think we would still be able to draw in enough revenue if that cutoff existed?” — Schroman2002
Answer: Sure, a flat tax with a minimum income cutoff would be fine with me. As to whether we could get enough revenue, well, you can’t get blood out of a turnip. Percentage wise, how much money can we raise from the poorest among us anyway? Not very much, which is why they don’t pay a lot of income tax as it is.
A flat tax would allow us to keep attracting foreign investment and industry, to create jobs, and to guarantee that our economy stays strong and competitive long-term. It would also help keep taxes under control and low, stifle the growth of government, and it would make filling out taxes every April 15th a breeze.
There are few things that they could do in Washington that would have a greater positive impact on our country over the long haul than implementing a flat tax…