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Adam McKittrick

on 2 April 2013

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Transcript of Taxes

Progressive Tax vs. Flat Tax Flat Tax Flat Tax Could a flat tax work in
America? Simplicity Flat Tax Penalizes low-income families, gives rich a break Tax Professionals Loopholes: avoid restrictions

Tax Shelters: reduce taxable income Progressive Tax Progressive Tax Misconception: Has a flat tax been successful? Bulgaria Tax Brackets (Single) for 2013

Income Tax Rate
$0-$8,925 10%
$8,925-$36,350 15%
$36,350-$87,850 25%
$87,850-$183,250 28%
$183,250-$398,350 33%
$398,350-$400,000 35%
over $400,000 39.6% 1.2 million jobs

No deductions or complicated forms Tax Refunds Government currently allows deductions for a variety of reasons Middle class would not have much a change Tax rate is determined by 7-bracket system If your income is $40,000, then $8,925 taxed at 10%
$27,425 taxed at 15%
$3,650 taxed at 25% Income is taxed based on the highest bracket it falls in to Switched from 3 bracket progressive taxation Government brought in 40% more money from income taxes Sources Dyer, John. "Lessons learned from eastern Europe's flat tax" 2010. Web. 25 March 2013. Wanninski, Jude. "A flat tax would produce explosive U.S economic growth." 2011. Web. 25 March 2013 TurboTax.com/IRS. Tax Brackets 2013. Web. 25 March 2013
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