A flat tax (short for flat tax rate) is a tax system with a constant marginal rate, usually applied to individual or corporate income. A flat tax falls under proportional tax as they allow certain deductions. There are various tax systems that are labeled "flat tax" even though they are significantly different.
Read more about Flat Tax: Requirements For A Fully Defined Schema, Recent and Current Proposals
Famous quotes containing the words flat and/or tax:
“Out in Hollywood, where the streets are paved with Goldwyn, the word “sophisticate” means, very simply, “obscene.” A sophisticated story is a dirty story. Some of that meaning was wafted eastward and got itself mixed up into the present definition. So that a “sophisticate” means: one who dwells in a tower made of a DuPont substitute for ivory and holds a glass of flat champagne in one hand and an album of dirty post cards in the other.”
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“If you tax too high, the revenue will yield nothing.”
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