Can the US run of a 10% flat tax?

Answer by  meanboss (30)

Yes. The US is the richest nation on the planet, and her citizens are among the highest paid workers in the world. 10 percent of the citizens income should be MORE than adequate to run this country with money left over--provided that the money is spent wisely.

Answer by  Kristine (145)

A flat tax of 10% probably would not be enough in our current economy with the huge deficit that needs to be paid. Government needs to account for the huge deficit we are facing and then propose a budget to see how much the country needs before this could be answered.

Answer by  mayi (212)

yes of course the problem is that the gov plays with the inflation money if they stabilized all the money at one point then they would have so much more money its not the tax its how federal budget uses the tax to work alongside there people and their residents

Answer by  Att4372 (1704)

The GDP of the US is $15 Trillion. 10 percent of that is 1.5 trillion, or approximately one half of Federal spending. We would need a flat tax of at least 20%. During a recession, the GDP drops, so taxes would have to go above 20%.

Answer by  tamarawilhite (17883)

Flat taxes tend to bring in more income due to higher compliance (higher willingness to pay lower rate, less incentive to cheat). But government spending would have to be reduced.