Flat tax typically means that everybody pays the same percentage of
their income. There may or may not be various deductions associated
with this. As said before a flat tax would reduce the taxes paid by the
rich, because the flat percentage would be less than their current
percentage.
Tax loopholes and nefarious deductions are another thing. They reduce
the income that is taxable. I've been told by my wife the CPA that
there are far fewer loopholes and deductions now than there were in the
past. I mentioned Henry Ford earlier. Apparently in his era in the
50's and 60's, there were a lot more deductions to abuse than there are
now. Not that there aren't abuses, but it might be impossible to
eliminate them.
7-figure bonuses for wall street, or for that matter big bonuses for any
ceo that doesn't deserve them, are a whole different matter. I don't
think anybody likes them except for the recipients.
> Because, being in the financial business, if you remove all the tax loopholes
>and nefarious 'allowable' deductions, in other words, a true flat tax, the
>rich would have to start paying more.
>
> When millionaires being interviewed in the media proudly explain how they can
>avoid paying income taxes, there is something wrong!
>
> When a Wall St. worker getting a 6 figure salary gets a 7 figure 'bonus',
>there is something wrong !!
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