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Flat-rate tax
2.526 documents for Flat-rate tax
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The latest incarnation of a "single-rate sales tax" plan to remodel Utah's sales tax structure would provide significant new monies for transit projects in Utah's most populous counties. While that might be good news for Salt Lake City leaders who generally favor transit, there is some concern the flat-rate system would injure Utah's capital city by taking away sales tax generated by the LDS Church's downtown mall development.
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TABOR was enacted in Colorado in 1992 and quickly became the nation's leading state spending limitation. Colorado's TABOR includes a requirement of voter approval before higher state or local taxes or debts may be enacted, a ban on local income taxes and state property taxes, a flat-rate income tax, emergency reserves and comprehensive state and local spending limits tied to inflation increases and population growth. Any surplus revenues must be returned to taxpayers.
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HAMPDEN - For the second straight year, Hampden officials have proposed a municipal budget that keeps the property tax rate flat while still maintaining essential services. The budget of $6.99 million - $3.36 million of which is supported by town taxpayers - represents a slight increase in expenses but also reflects a loss of about $200,000 in state municipal revenue sharing.
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Republican presidential candidate Fred Thompson yesterday announced a plan to overhaul the federal tax code with a two-tier flat-rate system that he says will simplify taxes for tens of millions of Americans. His proposal contains two tax rates: 10 percent for joint filers with income of up to $100,000 and $50,000 for singles; and 25 percent on incomes above these amounts.
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BANGOR City councilors got their first look this week at the proposed 2011-12 municipal budget, a massive set of numbers that meets the councils goal of a zero tax increase for municipal spending. City Manager Catherine Conlow presented an overview of the budget before Mondays council meeting but did not go deep into specifics. The first workshop is scheduled for Thursday, but councilors and members of the public will have numerous opportunities to weigh in on the particulars before the council votes on the budget June 27.
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Tax reform Advocates of tax reform propose to substitute a flat rate income tax for the current tax system. Meanwhile, others believe that a retail sales tax would provide the needed revenue without relying on income taxes, and eliminate the need for an Internal Revenue Service.
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Up o now, Blackstone's authoring statement had envisioned some kind of two-tiered tax plan, where ordinary corporate compensation would be taxed at the 35% corporate rate, while high-risk investmentfund profits would be taxed at the 15% capital gains rate. Supply-side guru Arthur Laffer suggests that we embrace one simple flat-rate tax plan that would do away with false distinctions between corporate and capital gains tax rates and abolish the multiple tax on investors.
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Two state lawmakers pushing for a change in the Illinois income tax are smart to keep that issue separate from the current controversies in the capital. Illinois is faced with enough problems - from unpaid obligations and underfunded pension plans to a long-delayed construction plan and a budget implementation bill still awaiting passage nearly four months after the start of the fiscal year. It doesn't need a debate over fundamentally changing the tax system.
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For once, let's be willing to think outside the box. For instance, Michigan State economics professor Charles Ballard proposes eliminating the entire Michigan Business Tax, substituting for it a graduated income tax. He says our current flat rate income tax of 4.35 percent puts the tax rate on the first dollar of taxable income among the highest in the country. His calculations suggest a graduated income tax with a top rate of 7.9 percent could replace all current revenues from the MBT and flat rate income tax, and he adds that state income taxes are deductible on your federal tax bill - "tax exporting," he calls it. There's an old saw about taxes: "Don't tax him. Don't tax me. Tax that fellow behind the tree." Rather than thinking about how to shrug our own tax burden off on the other ...
