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Brian Mengel,
Civil Servant
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The flat tax would be imposed on wage income of individuals and in the form of a modified VAT on firms, where wages would be deducted from the base.
If income tax was withheld from regular wages you may withhold on the tips at a flat 27% rate or you may add them to the regular wages and withhold as if the total were a single wage payment.
The flat tax ends this federal interference by eliminating biased deductions and by lowering the tax rate to return more income back to workers.
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John Fielding,
CEO
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It is a progressive tax with a flat rate on taxable income, however, the more an individual saves or invests, the lower his taxable income becomes, thus lowering his total tax payment.
However, most flat tax proposals allow individuals to deduct a standard allowance (based on family size) from their wages in determining their taxable income.
Under the flat tax, all business income is taxed at the business level, meaning investment income received by the individual has already been taxed.
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Dave Simons,
Internet Entrepeneur
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They are taxed through the PAYE system at a flat rate and use the tax code CAE on the IR 330 declaration.
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Mike Enlow,
Internet Marketer
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The flat rate foreign tax credit is calculated at 25% of the amount of the overseas income or gain received by the company, before deductions.
Taxation Corporations are subject to income tax at one or more flat rates.
Some have suggested a flat tax income return could be done on a post card size form.
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Craig Leveaux,
Blogger
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Under the flat tax, everyone would pay the same 17 percent rate on their taxes after receiving a generous family allowance.
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Bob Greenberg,
Congressional Candidate
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Armey proposes a flat tax of 17 percent on all income from pensions and wages.
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