The Jan. 22nd editorial “A way to simplify federal tax code” advocates a federal income flat tax of 20% for everyone. “If all or most of the tax deductions were eliminated – including the one for home mortgages (although, we don’t see that happening) – virtually the entire federal tax code could be pitched, according to [Sen. Arlen] Specter.”
WATCHDOG: Talk about “Alms for the rich!”
This would replace a “progressive” income tax, one in which the more a person earns the more on each added dollar is paid, with a “regressive” tax, whereby the poor and the rich pay the same amount out of each dollar earned.
How lovely that would be for those earning in the seven figures who now have to pay 33% on most of their income. (Sixty years ago they would have paid over 80%!)
A large portion of our population who are subsisting on minimal wages, who currently don’t have to pay income tax, would have to fork over 20% of their meager income.
We can tell Specter is wooing conservative Republicans to support him in the 2010 primary election when he wheels out that proposal!
