12/14/2023 0 Comments Has the us ever had a flat tax![]() (A quick aside - don’t confuse the flat tax with the FairTax. ![]() In 2012, Herman Cain became famous (or infamous, as the case may be) for his “9-9-9” plan, which included a 9% flat tax for individuals. This year, Mike Huckabee and Rick Santorum are on board, along with Cruz. Since then, myriad candidates have advocated for the flat tax or some variation of it. Many Americans first heard about the flat tax during the 1996 Republican primary elections, when candidate and businessman Steve Forbes based his entire campaign around the notion. Brown ran for president in 1992, with a flat tax of 13% for both personal income taxes and businesses as part of his platform, according to a 1995 article from The Heartland Institute.Īfter that, though, the flat tax became a favorite plank of conservative Republican, especially those whose bona fides were based mainly on being a “fiscal conservative.” Former House Majority Leader Dick Armey, a veteran of the political wars of the 1990s, was, and is, a staunch proponent of the idea. One of the earliest modern proponents of the flat tax was Democrat Jerry Brown, currently the governor of California and a long-time figure in the Democratic Party. It has been a favorite of tax reformers for decades. Supporters of a flat tax claim that it is more fair and makes it easier for people to know what they owe the government, rather than having a complicated set of deductions to figure out which tax bracket you end up in.Ĭruz’s plan is nothing new to American politics. This is a stark difference from America’s current progressive tax code, where households with higher incomes are taxed at a higher marginal rate, topping out at 39.6%. A flat tax is just what it sounds like-every person in the country is taxed at the exact same rate, in Cruz’s case 10% for individuals and 16% for business.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |