Flat tax


O

Omnipotent

How would the flat tax effect a person that earned enough money to live
out his life and already payed taxes on his money at a high rate?
 
Ad

Advertisements

D

default

It would depend on how much that person earned on the pile he accumulated.
If he stuffed it all in the proverbial mattress and earned nothing on it,
the flat tax would not affect him a bit.

On the other hand, if he were intelligent and invested it, even very
conservatively and if the amount invested were very large, it would cost him
quite a bit.

In other words, your question is worthless since it does not contain
sufficient information for anyone to supply a reasonable answer.
 
Ad

Advertisements

P

Paul Thomas

Omnipotent said:
How would the flat tax effect a person that earned enough money to live
out his life and already payed taxes on his money at a high rate?



If you mean they are living off of money that's in their mattress?

A true flat tax would be on income, and if they didn't invest their savings
in any vehicle that earns something, then their income is $0, and any flat
tax is also $0.

If their savings earned income of sorts, then it's their income, less any
deductions and exemptions the flat tax law allows, times the flat tax rate.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads

Flat tax 0
Wyden's Flat Tax 568
Unoccupied flat, council tax 2
Flat rate pricing and flat rate taxing in QuickBooks... 12
Frehold flat 3
flat access 5
Claim tax relief on use of flat 6
capital gains tax on flat in Romania 12

Top