Hardships On Flat Tax Laws Essay

1025 Words Nov 18th, 2015 null Page
Hardships on Flat Tax

In 2010, the top 20% of the nation 's population owned 85.1% of the nation 's income and 80% of the nation’s population only owned 14.9% of the nation’s wealth. Five years later, the top 1% of the United States nation now owns more additional income than the bottom 90% of the nation 's population. Enacting a flat tax would make people pay the same percentage of their income. Even though a flat tax would enhance the economy 's long-term advancement, a flat tax should not be implemented as the United States new way of taxation because the top wealthiest 1% possess 40% of the nation 's wealth and it penalizes the low-income segment of the population.
As of today, the current U.S. tax system, a progressive tax, is a huge convoluted mess and profoundly dysfunctional. The current tax ranges from 10-35% depending on where each person lands in the income bracket. The federal tax code, in today’s society, is beyond redemption. In conclusion, a flat tax would strengthen the economy 's long-term advancement. Throughout the last few generations, income inequality has escalated tremendously. Since 1979, the earnings for the top of the chain has dramatically increased by more than 250 percent of the top 1 percent of the economy’s distribution. While the economy has not seemed to have changed lately, within the past thirty years, the changes of the tax system has exacerbated the already present issues. Changing the progressive tax will lead to an increase in pretax…

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