tax. There will be a higher compliance in filing and paying Federal Income Tax. The flat tax removes the three primary excuses for non-compliance: the complexity, low likelihood of being caught and fact that the current system seems to favor special interests "at my expense”. The cost of compliance will drop dramatically also. Back in 1995, JD Foster estimated a $100 billion cost saving to the American people by adopting a flat tax. The Texas Citizen for a Sound Economy Foundation estimated the savings of a little over $131 billion a year just by scraping the nearly 8000 pages of tax code.The Flat Tax has both supporters and opponents as most issues do but the facts in this case should speak for themselves. Every dollar earned will be taxed at either the personal level or the business level just once and at an equal rate of 17%. There is only one exception to this rule; it is on the proposed Individual Wage Return, the family allowances. They are $11,350 for a single person and $22,700 for a married couple (note there is no marriage penalty) and an additional deduction for each dependent of $5,300. The only deductions allowed on a business return are either income for another business or to an individual. Take a moment and use this formula on your income remembering only wages, salary and retirement go into your taxable income, and you will see a reduction in your tax. We sampled several of my clients and everyone’s tax was lower. The Flat Tax will resolve the murky unfair taxing process in the United States and we should implement it immediately....
