[Answer] Flat Tax

Answer: A method of taxation where everybody pays the same rate; there is no
graduation in the rate structure.
Flat Tax
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Typically a flat tax applies the same tax rate to all taxpayers with no deductions or exemptions allowed but some politicians have proposed flat tax systems that keep certain deductions in place.
What is a Flat Tax? A flat tax refers to a tax system where a single tax rate is applied to all levels of income Annual Income Annual income is the total value of income earned during a fiscal year. Gross annual income refers to all earnings before any deductions are. This means that individuals with a low income are taxed at the same rate as individuals with a high income.
A flat tax is a taxation system whereby a uniform tax rate applies to all taxpayers irrespective of their income. Such a tax usually doesn’t provide any deduction or exemption to the taxpayers. As both rich and poor are taxed at the same rate under this system it draws a lot of flak for being anti-poor.
The “Flat Tax” The system that is typically referred to as the “Flat Tax” arrives at a consumption base by taxing wages and salaries but exempts investment income from taxation. You ca…

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