flat tax

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flat tax

n.
An income tax having a single rate for all taxpayers regardless of income level and type.
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To date, few empirical tests have been conducted to determine any effect the proposed flat tax plans might have on the distribution of tax burden.
The flat tax plans would eliminate the deductibility of state and local taxes and would eliminate the current tax preference for tax-exempt municipal bonds, because federal taxes would no longer apply to the interest payments to individuals or corporations from corporate bonds.
Under the various flat tax plans, many forces might act to change the new equilibrium interest rate.
Of the flat tax plans they would have the most negative impact on the municipal bond market.
The opening salvos of the GOP Presidential campaign debate in Iowa reverberated in the nation's capital last week with the introduction of a series of rival federal flat tax plans and a GOP national commission report.