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Economics
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21 Oct 2020

A flat 20% tax on income is an example of which type of tax

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Macroeconomics
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Taxation
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Vaishali Yadav
Vaishali YadavLv10
21 Oct 2020

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Related questions

The government of any nation can earn revenue by imposing tax on the individual's income. Select whether the government uses:

 

a) Progressive and Regressive tax

b) Progressive and Flat tax

c) Regressive and Flat tax

d) Progressive, Regressive, and Flat tax

 

Identify whether the scenarios below are examples of regressive or progressive taxes. 
 
a. A sales tax on food and clothing. 
b. An additional sales tax on cars bought for over $50,000. 
c. A flat-rate income tax of 20%, with no additional tax being paid on earnings above $1,000,000. 
d. An income tax system using tax brackets, where the percentage tax rate increases with income. 
e. A fixed poll tax on citizens and residents.

There is always a debate regarding the structure of the current income tax system in the U.S. Many opponents of the current system argue that under its current structure, many wealthy households are able to avoid taxes and for most households, the tax system is simply too complicated and confusing. One solution that has been proposed is the flat tax. What are the benefits and detriments of replacing the current income tax system with a flat tax system? Who benefits and who might be harmed? What implications does the flat tax system have for tax preparation companies such as H&R Block?

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