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flat tax

flat tax in Culture

flat tax definition

A single tax rate that applies to everyone obligated to pay the tax. Sales taxes are flat taxes. There have been proposals to substitute a flat tax on income for the current graduated tax, which taxes higher incomes at a higher rate. Proponents argue that the flat tax is fair and simple. Opponents view it as a bonanza for the wealthy.

The American HeritageĀ® New Dictionary of Cultural Literacy, Third Edition
Copyright Ā© 2005 by Houghton Mifflin Company.
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