It's interesting to see the idea of some version of a Flat Tax gaining more popularity among Republican candidates. I don't want to debate whether or not you think we should move to a flat tax. I've not spent a lot of time researching the different proposals and for those that have, I am curious about the potential ripple effects that it would cause. Obviously it would be a really big change....presumably causing a significant reduction in IRS employees, accountants, closing most/all loopholes.
What are those ripple effects? Some would be good, but are there any unintended negative consequences? If charitable contributions are no longer tax deductible, does that doom charities? Do home prices fall if mortgage interest is no longer deductible? How many white collar professionals lose their jobs?
What are those ripple effects? Some would be good, but are there any unintended negative consequences? If charitable contributions are no longer tax deductible, does that doom charities? Do home prices fall if mortgage interest is no longer deductible? How many white collar professionals lose their jobs?
