With Republicans set to control the White House, Senate, and House of Representatives in January, discussions about tax reform are gaining momentum.
President Joe Biden and first lady Jill Biden serve food at a "Friendsgiving" dinner with service members and their families in New York.FILE- In this June 15, 2018, file photo, twenty dollar bills are counted in North Andover, Mass.
With Republicans set to control the White House, Senate, and House of Representatives in January, discussions about tax reform are gaining momentum, including the possibility of implementing a flat tax system. A flat tax is a single percentage income tax rate applied to all taxpayers, regardless of income, and typically eliminates deductions and exemptions, according toThe United States operates under a progressive tax system with seven income brackets, where higher earners pay a higher percentage,Critics argue that a flat tax is regressive, as it imposes a larger financial burden on lower-income individuals and higher-income taxpayers find it easier to bear the cost, Investopedia reported.
President-elect Donald Trump will work with Congress to enact any tax system changes, a process potentially eased by Republican majorities in both chambers.. Only four states have enshrined this status in their constitutions. Proponents argue that flat taxes make states more competitive in attracting businesses.that this change increased tax compliance and revenue, with the contribution to the overall budget rising from 12.1% in 2000 to 17% by 2003.
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