The tax rate could very well be a flat tax system of say 20% gross income.
But, best of all, Bulgaria has a flat tax system with a 10% income tax rate and a 10% corporate tax rate.
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This is essentially the flat tax system with a twist: you are allowed to utilize certain deductions against the tax, including a deduction for dependents.
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Neither Hong Kong nor Singapore, which are models of what can be achieved with a flat tax system (or nearly so in Singapore), have a payroll tax.
They have a flat tax system you see.
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In a flat-tax system, these deductions would not be as critical as they are our highly progressive system.
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Second, the rich can exploit current complexities to avoid taxes in ways that could be curtailed in a flat-tax system.
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Effective January 2013, Slovakia, with a 19% flat income tax system, raised its corporate tax rate to 23%, and introduced a second 25% tax bracket for higher personal incomes.
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People would be able to see for themselves which system is better--the flat tax or the old system.
When in office, former President Clinton proposed a very simple flat personal income tax system for the Federal government.
Mongolia, with their 10% flat tax replacing a system with rates up to 40%, experienced a 33% increase in revenue!
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During national elections last year she hinted she was in favor of junking Germany's tax code and replacing it with a simple flat tax, a system that is working wonders in many parts of central and eastern Europe.
The Bush Administration's proposed new savings accounts are a step--a remarkably bold one--toward a radical tax change in the U.S. This revolution is moving toward what I and others have long advocated: a flat tax--an income tax system with a single rate that would apply after a high threshold and that would exempt levies on capital gains, dividends and interest.
However, Heritage would go in the opposite direction and repeal the payroll tax entirely and fund the (much smaller) Social Security system through the flat tax.
In addition to tax cuts, a number of Republicans, including House Majority Leader Dick Armey and 1996 presidential candidate Steve Forbes, have also proposed so-called "flat tax" plans that would radically alter the income tax system.
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Even Democratic House Minority Leader Dick Gephardt has a modified "flat tax" plan that would simplify the system and reduce tax rates for middle and lower income taxpayers.
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First, he demonstrates a complete lack of familiarity with the flat tax and seemingly assumes that tax reform simply means imposing one rate on the current system.
They could opt for the new flat tax or they could file under the old system.
It wants to simplify the tax system, while criticising Civic Platform's plans for a 15% flat tax, with some justice, as gimmicky and unfair.
He believes the current tax system to be complex and unfair, and he suggests replacing it with either a flat tax or a national sales tax.
Key to his platform were a flat tax, medical savings accounts, a new Social Security system for working Americans, parental choice of schools for their children, term limits and a strong national defense.
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This plan would replace the current system of taxes with a 9% individual flat tax, a 9% value added tax on corporations, and a 9% sales tax.
When Bulgaria did it, tax revenues actually rose 5.24% in the first year of flat-tax implementation, compared to the last year of the previous tax system.
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Unlike the second-tier Republican candidates, Messrs Forbes, Keyes and Bauer, who all favour some kind of radical shift towards a flat tax or national sales tax, the front-runners have few ideas for reforming the current tax system.
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