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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121114  
Subject: Re: MLP UBTI held in an IRA question? Date: 5/18/2012 11:23 PM
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Anyone in favor of a 10% FLAT TAX ?

Ten percent of what?

Politicians and other assorted ne'er do wells love to throw out this proposal as the epitome of simplicity. They're counting on 90% of the people not to notice a couple of things.

1. Whether there's 1 tax rate or 100, it's exactly the same tax calculation process for the taxpayer when return time comes.

2. The vast majority of the tax code is devoted to defining income.

If you ever hear someone want to talk about a gross receipts tax, that person is worth listening to.

As for the "flat" part, no I'm not in favor. I think our progressive system is fairer.

Phil
Rule Your Retirement Home Fool
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