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I have been asking for years for someone to explain in terms that anyone can understand why a single tax rate isn't a good thing. All I ever hear is, "It won't work." Never why it won't work.
What's wrong with throwing out the entire tax code, fix a 5 percent or 6 percent tax rate on everyone, every company, every CEO, etc.? Below a certain level no tax is paid.
The 5 percent tax could be divided among the federal, state, and local governments. It could be taken out over the year, like now, but there wouldn't be loopholes because there wouldn't be deductions.
Seems to me everyone would be paying his fair share. Will someone who knows please explain what is wrong with this idea?