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    Flat Income Tax vs Progressive tax system

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    Explain what a Flat Income Tax System is and how it differs from progressive tax system?.What are advantages and disadvantages of a Flat Income Tax? Do you think that a flat Income Tax would be beneficial for the US? Support your conclusions by explaning why you think it would be beneficial or not.

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    A flat income tax system is where everyone pays the same rate of income taxes regardless of their income. So for example, if the income tax was 5%, then everyone pays 5% of their income towards taxes regardless of how much money they make. Many US states have a flat income tax rate. A progressive tax system is where people with a higher income pay a higher income tax rate. Thus, those making 20k ...

    Solution Summary

    The expert explains what a Flat Income Tax System is and how it differs from progressive tax system. The advantages and disadvantages of a Flat Income Tax are provided. Whether you think that a flat Income Tax would be beneficial for the US is determined. The solution provides support your conclusions by explaining why you think it would be beneficial or not.

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