▲ 29 ▼ ELI5 What would happen short term if the US got rid of income taxes and went to a flat rate? What would be the long term outcome? (lemmy.world) submitted 2 years ago by Patnou@lemmy.world to c/explainlikeimfive@lemmy.world 28 comments fedilink hide all child comments
[–] thebigslime@lemmy.world 1 point 2 years ago (1 child) Yeah and it's stupid and regressive as fuck. permalink fedilink source parent hideshow 2 child comments replies: [–] BussyCat@lemmy.world 1 point 2 years ago It can be less regressive depending how it’s done. Poor people spend much larger percentages of their income on essentials like food, clothing (non luxury), and rent which can all be made tax free. It can then actually tax people who do things like take out massive loans to cover their expenses while not technically earning an income. permalink fedilink source parent
[–] BussyCat@lemmy.world 1 point 2 years ago It can be less regressive depending how it’s done. Poor people spend much larger percentages of their income on essentials like food, clothing (non luxury), and rent which can all be made tax free. It can then actually tax people who do things like take out massive loans to cover their expenses while not technically earning an income. permalink fedilink source parent