Sen. Shelby Introduces 17% Flat Tax

The progressives (liberals) won't go for this since it isn't progressive enough.

Sen. Richard Shelby (R-AL) today introduced a bill to replace the tax code with a 17% flat tax that would reduce tax returns to "the size of a postcard."

Shelby's Simplified, Manageable And Responsible Tax (SMART) Act establishes a flat tax rate of 17 percent on all income (personal and business).

It also repeals estate taxes, gift taxes, and the Alternative Minimum Tax (ATM).

The only exemptions would be personal exemptions of:
• $14,070 for a single person;
• $17,970 for a head of household;
• $28,140 for a married couple filing jointly; and
• $6,070 for each dependent

These allowances would also be indexed to the consumer price index in order to prevent inflation from raising Americans' tax burden. To prevent the double-taxation of income, earnings from savings would not be included as taxable income, resulting in an immediate tax cut for virtually all taxpayers.

"With the SMART Act in place, taxpayers would file a return the size of a postcard," Shelby's office says.

"There would be no more long hours spent poring over convoluted IRS forms and no more fees paid for professional tax assistance."

I wonder what H&R Block and TurboTax would think of that.

http://cnsnews.com/blog/craig-banni...lat-tax-bill-reduce-tax-returns-size-postcard

 

I've been pro a simpler tax code for years. I don't see it happening while Odumbo is in office though.

 

I don't see it happening until the Democraps are run out of Washington.

 

It's rather high. But a good start. I'm for it.

 

Maybe after the great depression and apocalypse to come.

 

it should be about 11 or 12 percent.

 

EXACTAMUNDO!

Regardless of what the actual "optimum" rate turns out to be, THIS is the path US should be taking! Even Russia has a flat tax. FARKIN' RUSSIA!!

 

This would ignite the economy.

It would have another beneficial effect. People who currently pay nothing would start to think about the cost of government. Of course, that is the reason dems will oppose it.

Here's something many of you probably didn't know. We already have a flat tax. It is applicable mainly to people with upper middle class and above incomes who live in states with high state taxes. It is called the Alternative Minimum Tax. You pay a flat 28% rate over a minimum amount and certain deductions are disallowed in favor of an AMT standard deduction.

 

Move to Russia then.

 

HELL YES!

If corporations knew they could count on a flat tax at that rate, they'd bring their capital home and hire American workers... our economy would EXPLODE!

However, Progressives are more concerned about their political power than the welfare of American workers. Therefore, we will not see a flat tax until after the "armed revolution and collapse of the American economy and financial structure".

PROGRESSIVE INCOME TAXES ARE DISCRIMINATORY AND IMMORAL!!!!