We believe the U.S. should adopt a Flat Tax Proposal for Individuals and Businesses. There should be no loopholes with a Flat Tax system. This is the simplest plan to remedy our federal fiscal crisis. Currently, corporations pay a disproportionately smaller amount of taxes relative to their profits. In fact the majority of taxpayers pay over 5 times more than corporations. A Flat Tax would simplify the tax code and make an even playing field for all Americans. Corporations in America are currently paying the least percentage of their income on taxes, roughly 5%. If they paid the same percentage as everyone else, the Federal government would actually receive more revenue. Creating a Flat Income Tax for corporations would benefit the middle class, who are currently paying almost one third of their income on taxes.
The current tax system penalizes the middle class by making them carry the majority of the tax burden. Meanwhile, corporations are rewarded with tax cuts and loopholes. This is widening the gap between the rich and the poor. The U.S. should profit from the success of corporations that earn large yields in the Stock Market.